UNDP Thematic Summary Report: Fiscal Policy
November 1, 2003By John Weekes, Centre for Development Policy and Research, School of Oriental & African Studies, London
From the Intro: Macroeconomic policies represent a key ‘entry point’ for the UNDP’s activities to foster human development. In the current context, macroeconomic policies are typically identified with short-term measures designed concerned with stabilizing the economy, and in the orthodox approach this is viewed as a prerequisite for growth. However, the ‘old Washington Consensus’ interpretation of stabilization, fixated on fiscal austerity and a rigid definition of price stability, has led to policy packages that at times run counter to generating long-term growth and human development. Many countries implementing such packages have failed to make a transition from stabilization to sustained growth.
Topics Include: Public Investment-led Growth, Growth and Distribution, Poverty Reduction versus Safety Nets, Exchange Rate Policy
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