Chocs et redéfinition des objectifs macroéconomiques vers une redéfinition du rôle de l’État

Shocks and the Redefinition of Macroeconomic Objectives: Toward a New Role of the State

Christ Kahambwe, Jonathan Muya and Moïse Nsele

MPRA Paper from University Library of Munich, Germany

Abstract: his paper explores how both external and internal shocks act as catalysts for the reassessment of macroeconomic objectives and the redefinition of the role of the State in economic governance. In recent decades, a succession of economic crises—ranging from global financial disruptions to pandemics and commodity price volatility—has exposed the structural weaknesses and limitations of prevailing macroeconomic paradigms. These traditional frameworks, often centered on market efficiency and minimal state intervention, have proven insufficient in addressing systemic vulnerabilities and ensuring long-term stability, particularly in developing and resource-dependent economies. The paper argues that these shocks necessitate a paradigmatic shift in public policy orientation, whereby the State must evolve from a passive market facilitator into an active economic stabilizer and strategic investor. Drawing on empirical insights and theoretical frameworks, the authors analyze how governments can play a proactive role in strengthening economic resilience through counter-cyclical policies, strategic investment in public goods, and improved institutional capacity. Particular attention is given to the African context, where economic structures are often highly sensitive to exogenous shocks due to limited diversification, weak fiscal buffers, and overreliance on commodity exports. In such settings, the need for adaptive and forward-looking policy frameworks becomes even more pressing. The paper underscores the importance of redefining fiscal and monetary priorities, not only to manage shocks in the short term but also to lay the groundwork for inclusive and sustainable development. Furthermore, the authors emphasize the role of the State in promoting structural transformation through targeted support for key sectors, infrastructure development, and investments in human capital. A strategic public sector engagement, guided by clear macroeconomic objectives, can reduce socioeconomic inequalities and create the conditions for a more robust and self-reliant economy. In conclusion, the paper advocates for a recalibration of macroeconomic governance that places resilience, sustainability, and equity at the core of policy design. Such a transformation calls for rethinking the balance between markets and the State, not as a binary choice, but as a dynamic complementarity necessary for development in an increasingly uncertain and interdependent global economy.

Keywords: Macroeconomic shocks; public policy; State intervention; economic and resilience Structural transformation (search for similar items in EconPapers)
JEL-codes: E60 E61 H12 H54 O20 (search for similar items in EconPapers)
Date: 2025-07-30
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https://mpra.ub.uni-muenchen.de/125540/1/MPRA_paper_125538.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/125572/1/MPRA_paper_125538.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/125578/1/MPRA_paper_125538.pdf revised version (application/pdf)

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