Developmental macroeconomics: The critical role of public expenditure
- Author: United Nations
- Main Title: Economic and Social Survey of Asia and the Pacific 2013 , pp 137-173
- Publication Date: May 2013
- DOI: https://doi.org/10.18356/43a43bf6-en
- Language: English
Macroeconomic policies in successful developing countries primarily focused on economic growth, subject to the constraint that inflation remained tolerable and that the balance of payments remained manageable. However, the breakdown of the Bretton Woods system of fixed exchange rates and the oil price shocks in the 1970s and the subsequent debt crisis in Latin America provoked a shift in macroeconomic policy and the role of the State in which managing public finances and keeping inflation under check were considered both a necessary and sufficient condition for growth and for achieving poverty reduction. However, this has led to neglect of the developmental role of macroeconomic policies.
© United Nations
ISBN (PDF):
9789210560313
Book DOI:
https://doi.org/10.18356/078fbecb-en
Related Subject(s):
Economic and Social Development
Sustainable Development Goals:
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