...This paper enters the poverty debate by assessing the impact that a series of pro growth policies have on inequality. The authors find that improvements in education and infrastructure and lower inflation levels would lead to both growth and progressive distributional change.
... See More + Instead, financial development, trade openness and decreases in the size of the government, all factors that would lead to faster growth, would be associated with increases in inequality. The authors assess whether the positive impact that these policies have on growth offsets the negative impact they have on inequality and find that while these policies are likely to be pro poor in the long run, they are also likely to lead to higher poverty in the short run.
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...loans to 62 countries during the 1980s, the authors examine the macroeconomic underpinnings... with macroeconomic conditionality they conclude that macroeconomic policy reform and improved macroeconomic performance are critical to successful implementation and sustainability
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...of government can cause problems for national macroeconomic control. This is because local... could thus jeopardize macroeconomic stability and a case can be made for centralizing the stabilization function.
... See More + This note discusses problems of macroeconomic control under
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...This report aims to show how macroeconomic policies create differential opportunities... category of analysis in macroeconomics; the implications of gender for macroeconomic...... See More + the first theme. Chapter one focuses on the macroeconomic cost to growth and development
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...justification and objectives, regulation can have potentially significant macroeconomic... analysis of the macroeconomic impact of regulation.
... See More + It first characterizes the stylized facts..., the paper studies the effects of regulation on economic growth and macroeconomic volatility
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Policy Research Working Paper WPS3469 JAN 01, 2005
Loayza, Norman V.; Oviedo, Ana Maria; Serven, Luis
...Due to the critical linkages between macroeconomic policy and trade liberalization, this paper discusses how the two should be conducted simultaneously.
... See More + To set the stage... allocation. The first macroeconomic policy to be considered explicitly, in sections
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...Much of Sub-Saharan Africa's post-independence macroeconomic history has been characterized by boom-bust cycles. Growth accelerations have been common, but short lived.
... See More + Weak...macroeconomic policy began to provide a source of stability that has helped sustain robust growth
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Policy Research Working Paper WPS6635 OCT 01, 2013
...inflation rate are two macroeconomic preconditions for implementing structural adjustment. He.... This paper is concerned with the identification of macroeconomic policies consistent
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...Uruguay's macroeconomic performance has improved in most respects since 1990, with real.... This assessment is organized in three parts. It covers the principal short-term macroeconomic issues...... See More + circumstances limit the effectiveness of short-term macroeconomic policy -- defined as recurrent
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Pre-2003 Economic or Sector Report 10639 APR 30, 1993
...A macroeconomic model was developed to simulate the regional consumption and production of patterns of a country and to evaluate the effects and interactions on the economy... See More + , macroeconomic transport simulator, full employment model, and models constructed by combining
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...A key question for stabilization programs concerns how governments get into fiscal difficulty in the first place. Accordingly, this paper is about fiscal policy issues that arise during such macroeconomic stabilization in developing economies.
... See More + Specifically
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...Over the last 20 years, macroeconomists have increasingly given attention to the role of gender in the macroeconomy and the implications of macro-level policies for gender equality.
... See More + This paper reviews the salient findings of that literature. Research shows that gender gaps in education, health, unpaid labor, employment, and wages affect the macroeconomy, influencing the rate of per capita GDP growth. The effects are transmitted via both the supply side of the economy, principally through labor productivity, and the demand side, through business spending, exports, saving, and the balance of payments. Theoretical perspectives influence which gender gaps are incorporated into models as well as how. For example, heterodox economists emphasize the demand and supply side in the short and long run, while neoclassical economists tend to focus on long-run supply-side effects. There is widespread agreement in the literature that greater gender equality in education and employment (proxied by labor force participation rates) stimulates long-run per capita growth. Improving women’s relative productivity through educational investments and facilitating their participation in paid labor serves several purposes. For example, assuming talent is equally distributed across men and women, a narrowing of gender gaps in education and employment contributes to higher average educational attainment and a more efficient allocation of labor. As educational attainment rises and women gain greater access to paid work, the opportunity cost of having additional children also rises, leading to a decline in fertility rates. Women’s bargaining power within the household rises at the same time. This increases their ability to allocate household spending in ways that benefit children, and as a result, economy-wide labor productivity growth. The weak link in this chain is that aggregate demand may be insufficient to absorb an increase in women’s relative labor supply. Demand-stimulating policies as well as other policy measures may be necessary to ensure women’s relative employment rate rises. Full employment policies can help to narrow the employment gap and well-targeted physical and social infrastructure investments have been found to promote women’s access to paid work. Finally, traditional monetary policy—that is, the use of interest rates to manage demand and by extension, inflation, has gender-related employment effects, and exchange rate policy also influences the gender wage gap. This area of policymaking has received much less attention than fiscal policy as a tool for promoting gender equality. The paper concludes with a discussion of areas for future research.
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...The short-term adjustment problem in developing countries involves both the improvement of the current account and the reduction of inflation. In both cases, the usual reason for adjustment is shown to be the fiscal deficit.
... See More + The article distinguishes primary adjustment costs, which are inevitable, from secondary costs, which result, for example, from failure to devalue or from real wage rigidity. The article then analyzes the effects of expenditure reduction and currency devaluation on various sectors of the economy. Reducing inflation involves both an inflation tax replacement and a price adjustment problem, and "heterodox" policies designed to deal with the latter are discussed. If the fiscal deficit cannot be reduced, the article argues, improving the current account may be at the cost of increasing inflation and likewise reducing inflation may be at the cost of worsening the current account.
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...Countries with more developed financial sectors, experience fewer fluctuations in real per capita output, consumption, and investment growth. But the manner in which the financial sector develops matters.
... See More + The relative importance of banks in the financial system is important in explaining consumption, and investment volatility. The proportion of credit provided to the private sector, best explains volatility of consumption, and output. The authors generate their main results using fixed-effects estimates with panel data from seventy countries for the years 1956-98. Their general findings suggest that the risk management, and information processing provided by banks, maybe especially important in reducing consumption, and investment volatility. The simple availability of credit to the private sector, probably helps smooth consumption, and GDP.
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Policy Research Working Paper WPS2487 NOV 30, 2000
...This publication consists of a set of papers prepared for a Senior Policy Seminar on "Intergovernmental Fiscal Relations in China", held in Dalian China in September 1994.
... See More + Thirty participants from China attended the seminar, including senior representatives from several provincial administrations. They were joined by senior officials from the International Monetary Fund (IMF), the World Bank, and by distinguished experts from India, the United States, Germany, and Canada. Comprehensive tax reforms were undertaken in China in January 1994 with a view to broadening the tax base and simplifying the system of tax sharing between central and provincial administrations. The seminar was designed to alert participants from all levels of the Chinese government to the major elements in a strategy for effective intergovernmental fiscal arrangements and to help build consensus for change. This book, which is intended to be of use to policymakers and practitioners, reviews the fundamental principles underlying a system of good intergovernmental fiscal relations; examines the development of the Chinese system of fiscal relations up to and including the reforms of January 1994; evaluates intergovernmental fiscal arrangements in a range of countries (both developed and developing countries) with the purpose of drawing lessons for China; and presents views of Chinese and foreign experts on China's fiscal relations problems. The book's primary focus is on center-state relationships and only briefly addresses state-local relationships.
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...By populism, this paper refers to an economic approach that emphasizes growth and income redistribution and deemphasizes the risks of inflation and deficit finance, external constraints and the reaction of economic agents to aggressive nonmarket policies.
... See More + It analyzes two instances of populism - Chile under Allende and Peru under Garcia. These experiences are described in detail, not as a righteous assertion of conservative economics, but as a warning that populist policies ultimately fail, and always at a frightening cost to the groups they were supposed to benefit. This paper explores the question of whether some variant of populist policies could succeed. It suggests that populist policies could succeed if they stayed clear of foreign exchange constraints, emphasized reactivation for a brief initial period, and then shifted to growth policies. Most important, expansionary policies must reflect awareness of capacity constraints and must rely for financing on an extremely orthodox fiscal policy and rigorous tax adminsitration. The paper concludes by warning that IMF-style policies, unconcerned with growth of social progress, may establish financial stability in the short run, but inevitably open the door to yet another round of destructive reaction in the form of populist policies.
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