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The New Structuralist Macroeconomics and Income Inequality

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  • Giovanni Andrea Cornia

    ()
    (Dipartimento Scienze Economiche, Università degli studi di Firenze)

Abstract

The 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 Info

Paper provided by Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa in its series Working Papers - Economics with number wp2012_25.rdf.

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Length: 52 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:frz:wpaper:wp2012_25.rdf

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Keywords: macroeconomic policies; Washington Consensus; structuralist macroeconomics; income inequality; developing countries;

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  1. Rudiger Dornbusch & Sebastian Edwards, 1991. "Introduction to "The Macroeconomics of Populism in Latin America"," NBER Chapters, in: The Macroeconomics of Populism in Latin America, pages 1-4 National Bureau of Economic Research, Inc.
  2. Rodrik, Dani, 2003. "Growth Strategies," CEPR Discussion Papers 4100, C.E.P.R. Discussion Papers.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "From Financial Crash to Debt Crisis," NBER Working Papers 15795, National Bureau of Economic Research, Inc.
  4. Birdsall, Nancy & de la Torre, Augusto & Caicedo, Felipe Valencia, 2010. "The Washington consensus : assessing a damaged brand," Policy Research Working Paper Series 5316, The World Bank.
  5. Roberto Frenkel & Martin Rapetti, 2008. "Five years of competitive and stable real exchange rate in Argentina, 2002-2007," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(2), pages 215-226.
  6. Dornbusch, Rudiger & Edwards, Sebastian, 1989. "The macroeconomics of populism in Latin America," Policy Research Working Paper Series 316, The World Bank.
  7. Kevin Hjortshøj O'Rourke & Richard S. Grossman & Madalina A. Ursu, 2013. "A monthly stock exchange index for Ireland, 1864-1930," Economics Series Working Papers 120, University of Oxford, Department of Economics.
  8. Isabel Ortiz & Matthew Cummins, 2011. "Austerity Measures Threaten Children and Poor Households: Recent Evidence in Public Expenditures from 128 Developing Countries," Working papers 1107, UNICEF,Division of Policy and Strategy.
  9. Anders Aslund, 2009. "The East European Financial Crisis," CASE Network Studies and Analyses 0395, CASE-Center for Social and Economic Research.
  10. Paulo Gala, 2008. "Real exchange rate levels and economic development: theoretical analysis and econometric evidence," Cambridge Journal of Economics, Oxford University Press, vol. 32(2), pages 273-288, March.
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