The New Structuralist Macroeconomics and Income Inequality
AbstractThe paper compares and assesses the income inequality impact of three macroeconomic policy approaches, that is the theoretical Washington Consensus codified by John Williamson, the ‘real-life’ Washington Consensus and the structuralist macro approach which evolved during the last decade in several countries of Latin America, Sub-Saharan Africa and South East Asia, though not in those of the OECD and Eastern Europe. The paper argues that while the ‘real-life’ Washington Consensus raised income disparity in the countries which adopted such approach during the last three decades, the new structuralist macroeconomics helped reducing income inequality during the last decade in the countries that adopted such approach. The paper presents initial econometric evidence in this regard.
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Bibliographic InfoPaper provided by Universita' degli Studi di Firenze, Dipartimento di Scienze dell'Economia e Dell'Impresa in its series Working Papers Series with number wp2012_25.rdf.
Length: 52 pages
Date of creation: 2012
Date of revision:
macroeconomic policies; Washington Consensus; structuralist macroeconomics; income inequality; developing countries;
Find related papers by JEL classification:
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
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