The macro content of PRSPs: assessing the need for a more flexible macroeconomic policy framework.
Gottschalk, Ricardo (2005) The macro content of PRSPs: assessing the need for a more flexible macroeconomic policy framework. Development Policy Review, 23 (4). pp. 419-442. ISSN 0950-6764
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This article analyses the content of 15 Poverty Reduction Strategy Papers from a growth and poverty reduction perspective. Contrary to new trends in developed and middle-income countries, their policy frameworks lack the necessary flexibility to deal with external shocks and address macroeconomic volatility appropriately. Their fiscal and monetary policies are too narrowly focused on fiscal balance and price stability and consequently pay too little attention to economic fluctuations arising from external shocks, which have major effects on poverty and growth. To address these issues, the article proposes a set of policy measures, including avoidance of excessively tight inflation and fiscal targets (with provisions for fluctuations in commodity prices), more room for countercyclical policy and the adoption of permanent safety nets.
|Research Areas:||Business School > Economics and International Development|
|Deposited On:||10 May 2010 05:33|
|Last Modified:||14 Oct 2013 07:47|
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