"Where the mistakes were was in not having enough policy instruments to deal with the imbalance, " he said.
To cut inflation, the government has used a number of policy instruments to curb dollar inflows and slow demand.
Government, employers' organisations and labour unions consult each other about economic goals and on the policy instruments to be used.
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Authorities have been using monetary policy instruments to cool inflation rather than adjust an exchange rate which many consider to be undervalued.
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And such hard exchange-rate regimes do not offer suitable policy instruments for domestic economic management: Argentina's monetary policy was, in effect, made in Washington and was often inappropriate for Argentina's needs.
The principal aim of these policy instruments was to promote development, social empowerment (poverty alleviation) and environmental conservation through participatory or community-based management and exploitation or utilisation of forests and forest resources.
In recent years, the government of Uganda has introduced programmes and critical policy instruments that seek to eradicate poverty and illiteracy and thus to promote national development and transformation by making education accessible to all.
Which conditions (finance, science-policy interface, economic instruments, etc) should be created in order to stimulate effective action?
But the accountants say it's nothing compared with the mess that would occur if the numbers they assemble were used as instruments of public policy.
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Initially created as instruments of government policy, as illustrated by the great trading companies of the 17th and 18th centuries, Bakan argues that companies now exist purely to pursue profits with no interest or obligation to the societies in which they exist.
This is because the current legal and policy regimes under relevant international legal instruments, and especially the United Nations Convention on the Law of the Sea (UNCLOS) and the Convention on Biological Diversity, do not specifically deal with the conservation and sustainable and equitable use of the biodiversity of the deep seabed.
Then Reagan deployed what, then and now, are the two most powerful instruments of U.S. foreign policy: the growth potential of the U.S. economy, and a strong U.S. dollar.
Therefore, there were no instruments through which the government could conduct monetary or fiscal policy.
It is rare that foreign governments changed policy based on the application of US economic power alone, but in combination with the other instruments of national power, economics can be a very effective tool.
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