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Macroeconomics of Fiscal Policy in Developing Countries

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Jha, Raghbendra ()

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Abstract

This paper considers some aspects of the effects of fiscal policy on macroeconomic adjustment in developing countries. First, the paper reviews the notion of the fiscal deficit in the partic ular context of developing countries. It then spells out the conditions under which the internal and external debts are sustainable and points out the role of the "twin deficits". The paper then presents some evidence on the sustainability of the internal and external deficits in the context of some developing countries. Finally the paper develops the theme of endogeneity of money supply to fiscal policy and international capital flows and points out the difficulties faced by stabilization policy under these conditions.

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Paper provided by Australian National University, Economics RSPAS in its series Departmental Working Papers with number 2001-05.

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Length: 54 pages
Date of creation: Apr 2001
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Handle: RePEc:pas:papers:2001-05

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  1. Uctum, Merih & Wickens, Michael R, 1997. "Debt and Deficit Ceilings, and Sustainability of Fiscal Policies: An Intertemporal Analysis," CEPR Discussion Papers 1612, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Jeffrey A. Frankel & Andrew K. Rose, 1996. "Currency Crashes in Emerging Markets: Empirical Indicators," NBER Working Papers 5437, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. William Easterly, 1999. "When is fiscal adjustment an illusion?," Economic Policy, CEPR, CES, MSH, vol. 14(28), pages 55-86, 04. [Downloadable!] (restricted)
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  4. Nigel Andrew Chalk & Richard Hemming, 2000. "Assessing Fiscal Sustainability in Theory and Practice," IMF Working Papers 00/81, International Monetary Fund.
  5. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  6. Bayoumi, Tamim & Masson, Paul R, 1998. "Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies: Ricardian Equivalence, Fiscal Stabilization and EMU," CEPR Discussion Papers 1984, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Trehan, Bharat & Walsh, Carl E, 1991. "Testing Intertemporal Budget Constraints: Theory and Applications to U.S. Federal Budget and Current Account Deficits," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(2), pages 206-23, May. [Downloadable!] (restricted)
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  8. Calvo, Guillermo A & Leiderman, Leonardo & Reinhart, Carmen M, 1996. "Inflows of Capital to Developing Countries in the 1990s," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 123-39, Spring. [Downloadable!] (restricted)
  9. Reisen, H, 1997. "Sustainable and Excessive Current Account Deficits," Research Paper 133, World Institute for Development Economics Research.
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  10. Sargent, Thomas J., 1999. "A primer on monetary and fiscal policy," Journal of Banking & Finance, Elsevier, vol. 23(10), pages 1463-1482, October. [Downloadable!] (restricted)
  11. Schuknecht, Ludger, 1999. "Fiscal policy cycles and the exchange rate regime in developing countries," European Journal of Political Economy, Elsevier, vol. 15(3), pages 569-580, September. [Downloadable!] (restricted)
  12. Easterly, William & Schmidt-Hebbel, Klaus, 1993. "Fiscal Deficits and Macroeconomic Performance in Developing Countries," World Bank Research Observer, Oxford University Press, vol. 8(2), pages 211-37, July.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Raghbendra Jha, 2001. "The Challenge of Fiscal Reform in India," ASARC Working Papers 2001-11, Australian National University, Australia South Asia Research Centre. [Downloadable!]
  2. Raghbendra Jha, 2002. "The downward rigidity of Indian interest rates," ASARC Working Papers 2002-01, Australian National University, Australia South Asia Research Centre. [Downloadable!]
  3. Muhammed Muqtada, 2003. "Macroeconomic stability, growth and employment: Issues and considerations beyond the Washington Consensus," Employment papers 48, International Labour Office. [Downloadable!]
  4. Raghbendra Jha, 2002. "Rural Poverty in India: Structure, determinants and suggestions for policy reform," ASARC Working Papers 2002-07, Australian National University, Australia South Asia Research Centre. [Downloadable!]
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