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Fiscal Issues in Macroeconomic Stabilization: A Structuralist Perspective

In: Fiscal Issues in Adjustment in Developing Countries

Author

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  • Lance Taylor

    (Massachusetts Institute of Technology)

Abstract

This paper is about fiscal policy issues that arise during macroeconomic stabilization in developing economies. The empirical background comes from a recent study of stabilization episodes in 18 countries, organized by the World Institute for Development Economics Research (WIDER) in Helsinki. The results are reviewed in a summary monograph by Taylor (1988), and the country papers are available from WIDER. Fiscal policy cannot be described outside a macroeconomic framework. Section 1 sets out the basics, as they apply in the WIDER studies. Section 2 takes up three theories about the fiscal deficit — it may rise for political or structural reasons, or perhaps because the relevant authorities want to maximize revenue from the inflation tax. Section 3 is about the effects of deficit reduction, a central component of orthodox stabilization packages. Section 4 takes up other fiscal topics brought up in the WIDER country papers. Brief conclusions appear in Section 5.

Suggested Citation

  • Lance Taylor, 1993. "Fiscal Issues in Macroeconomic Stabilization: A Structuralist Perspective," Palgrave Macmillan Books, in: Riccardo Faini & Jaime Melo (ed.), Fiscal Issues in Adjustment in Developing Countries, pages 61-77, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22790-7_4
    DOI: 10.1007/978-1-349-22790-7_4
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