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  Editor: Róbinson Rojas Sandford
On Planning for Development: The World Bank and Development Economics
Public Disclosure Authorized
Document 23244 - July 2001
Annual World Bank Conference on Development Economics 2000
Edited by Boris Pleskovic and Nicholas Stern
The World Bank - Washington, D.C.

Cover, Contents
Boris Pleskovic and Nicholas Stern
Mats Karlsson
Development Thinking at the Millenium
Joseph E. Stiglitz
A New Global Consensus on Helping the Poorest of the Poor
Jeffrey Sachs
Ten Years After The Road to a Free Economy:The Author's Self-Evaluation
Janos Kornai
New DevelopmentThinking
Consensus Building, Knowledge, and Conditionality
Paul Collier

Progress in poverty reduction depends primarily on policy and institutional changes in low-income countries. The World Bank's previous approach to inducing these changes relied on negotiated conditions on loans, or conditionality. The empirical evidence suggests that this approach was largely ineffective-where change occurred, it was chosen by governments rather than induced by conditions on loans. Various countervailing pressures undermine the effectiveness of loan conditionality. An alternative approach to inducing change is to empower, through knowledge and participation, domestic constituencies to make change. This approach is likely to be more effective in promoting policy change-and essential in promoting institutional change, now usually the frontier of economic reform. This shift in focus is part of the rationale for the Bank's Comprehensive Development Framework.

Development Strategies for the 21st Century
Dani Rodrik

The lesson of the 20th century is that successful development requires markets underpinned by solid public institutions-institutions that protect property rights, regulate market participants, maintain macroeconomic stability, provide social insurance, and manage conflict. A variety of institutional setups could serve these functions, but any imported blueprints should be filtered through local practice and needs. International rules and the loan conditionality imposed by international financial institutions ought to leave room for development policies to diverge from the dominant orthodoxies. Today's advanced industrial countries owe their success to having developed their own workable models of a mixed economy. Developing nations need to fashion their own brands. Economic development will ultimately derive from homegrown strategies, not imitation of U.S.-style capitalism.

Comments: Nancy Birdsall, Franqois Bourguignon, Fukunari Kimura

Rethinking Aid
Jan Willem Gunning
Beyond Rosenstein-Rodan: The Modern Theory of Coordination Problems in Development
Karla Hoff
Gustav Ranis
Charles C. Soludo
Crises and Recovery
Shaken and Stirred: Explaining Growth Volatility 
William Easterly, Roumeen Islam, and Joseph E. Stiglitz
Creative Destruction and Development: Institutions, Crises, and Restructuring
Ricardo J. Caballero and Mohamad L. Hammour

Creative destruction, driven by experimentation and the adoption of new products and processes when investment is sunk, is a core mechanism of development. Obstacles to this process are likely to be obstacles to progress in standards of living. Underdeveloped and politicized institutions are a major impediment to a well-functioning process of creative destruction. They result in sluggish creation, technological "sclerosis," and spurious reallocation of factors of production. These ills reflect the macroeconomic consequences of contracting failures in the presence of sunk investments. Recurrent crises are another major obstacle to creative destruction. The common inference that increasedl iquidationsd uringc risesr esulti n increasedr estructuringi s unwarranted.O n the contrary, there are indications that crises freeze the restructuring process, an effect associated with the tight financial market conditions that follow a contraction. This productivityc ost of recessionsa dds to the traditionalc osts of resourceu nderutilization

Abbijit V Banerjee
The East Asian Crisis--Two Years Later 
Eisuke Sakakibara
Andrew Berg
Mexico-Five Years After the Crisis 
Daniel Lederman, Ana Maria Menendez, Guillermo Perry, and Joseph E. Stiglitz
Alejandro Werner
Corporate Governance and Restructuring-Lessons from
Transition and
Ownership Structure, Legal Protections, and Corporate Governance 291
I. J. Alexander Dyck
Corporate Governance and Restructuring: Lessons from Transition Economies 331
Gegrard Roland
John S. Earle 353
Rafael La Porta 361
Social Security, Public and Private Savings
The Benefits of Flexible Funding: Implications for Pension Reform in an
Uncertain World
J. Michael Orszag and Peter R. Orszag
Household Saving in East Asia and Latin America: Inequality, Demographics,
and All That
Orazio P Attanasio and Miguel Szekely
  Robert Holzmann 439


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