Pro-Poor Fiscal Policy in the Globalized Economy

Raghbendra Jha

Chapter 2 in Pro-Poor Macroeconomics, 2006, pp 27-48 from Palgrave Macmillan

Abstract: Abstract The current phase of globalization has been characterized by increasing frequency of economic crises/downturns for developing countries. Several reasons can be advanced for this, including severe drought in agriculture-dependent economies, such as Zimbabwe, or a secular decline in the terms of trade for primary exporting countries, such as Zambia. However, the most important reason has been the inexorable march of the developing world to currency boards or dollarization — with consequent surrender of any semblance of an independent monetary policy — or, more likely, to flexible exchange rates preceded by long maintenance of unsustainable pegs.

Keywords: Gross Domestic Product; Fiscal Policy; Public Expenditure; Macroeconomic Policy; Fiscal Deficit (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:sopchp:978-0-230-62790-1_2

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DOI: 10.1057/9780230627901_2

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