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How Macroeconomic Policy Can Support Economic Development in Sub-Saharan African Countries

In: The Industrial Policy Revolution II

Author

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  • James Heintz

    (University of Massachusetts)

Abstract

Conventional wisdom has generally held that macroeconomic policy should create an enabling environment for industrial policy and should also maintain conditions which facilitate the structural transformations necessary for economic development. This includes a number of components: keeping exchange rates at levels that support, rather than undermine, industrial development; adopting monetary policies which maintain price and financial stability while insuring the availability of credit for productive investment; providing complementary public investments; and making sure that tax policies promote economic development. After macro policies set the scene, the interaction between macroeconomic and industrial strategies is fairly limited. Industrial policy manages the details of economic development within the environment and boundaries determined by macroeconomic management.

Suggested Citation

  • James Heintz, 2013. "How Macroeconomic Policy Can Support Economic Development in Sub-Saharan African Countries," International Economic Association Series, in: Joseph E. Stiglitz & Justin Lin Yifu & Ebrahim Patel (ed.), The Industrial Policy Revolution II, chapter 4, pages 201-215, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-33523-4_8
    DOI: 10.1057/9781137335234_8
    as

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