The Freetown Declaration: Countercyclical Policy for Africa
AbstractIn August 2009 the African finance ministers issued the Freetown Declaration, in which they committed their governments to “implement fiscal stimulus measures” to counter the effects of the international financial crisis on their economies.� This paper analyzes the feasibility of realizing this commitment. It considers the availability of policy instruments in the sub-Saharan countries for countercyclical intervention.� On the basis of this, the paper proposes a fiscal stimulus tailored to the conditions and constrains of the countries of the region.� In a majority of the countries the fiscal expansion could be financed domestically, in other countries governments would require additional external funding, and only for a few countries would a stimulus not be appropriate. >> Watch an interview with John Weeks on the economic basis ofsocial democracy
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Bibliographic InfoPaper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp237.
Date of creation: 2010
Date of revision:
Find related papers by JEL classification:
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa
This paper has been announced in the following NEP Reports:
- NEP-AFR-2010-10-02 (Africa)
- NEP-ALL-2010-10-02 (All new papers)
- NEP-MAC-2010-10-02 (Macroeconomics)
- NEP-PKE-2010-10-02 (Post Keynesian Economics)
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