The New Structuralist Macroeconomics and Income Inequality

Giovanni Cornia

Working Papers - Economics from Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa

Abstract: The paper compares and assesses the income inequality impact of three macroeconomic policy approaches, that is the theoretical Washington Consensus codified by John Williamson, the ‘real-life’ Washington Consensus and the structuralist macro approach which evolved during the last decade in several countries of Latin America, Sub-Saharan Africa and South East Asia, though not in those of the OECD and Eastern Europe. The paper argues that while the ‘real-life’ Washington Consensus raised income disparity in the countries which adopted such approach during the last three decades, the new structuralist macroeconomics helped reducing income inequality during the last decade in the countries that adopted such approach. The paper presents initial econometric evidence in this regard.

Keywords: macroeconomic policies; Washington Consensus; structuralist macroeconomics; income inequality; developing countries (search for similar items in EconPapers)
JEL-codes: D31 E44 E5 E61 E62 F32 (search for similar items in EconPapers)
Pages: 52 pages
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:frz:wpaper:wp2012_25.rdf

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