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Pro-Poor Fiscal Policy in the Globalized Economy

In: Pro-Poor Macroeconomics

Author

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  • Raghbendra Jha

Abstract

The current phase of globalization has been characterized by increasing frequency of economic crises/downturns for developing countries. Several reasons can be advanced for this, including severe drought in agriculture-dependent economies, such as Zimbabwe, or a secular decline in the terms of trade for primary exporting countries, such as Zambia. However, the most important reason has been the inexorable march of the developing world to currency boards or dollarization — with consequent surrender of any semblance of an independent monetary policy — or, more likely, to flexible exchange rates preceded by long maintenance of unsustainable pegs.

Suggested Citation

  • Raghbendra Jha, 2006. "Pro-Poor Fiscal Policy in the Globalized Economy," Social Policy in a Development Context, in: Giovanni Andrea Cornia (ed.), Pro-Poor Macroeconomics, chapter 2, pages 27-48, Palgrave Macmillan.
    • Handle: RePEc:pal:sopchp:978-0-230-62790-1_2
    DOI: 10.1057/9780230627901_2
    as

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