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Some Thoughts On The Role Of Fiscal Policy In Stabilisation And Structural Adjustment In Developing Countries

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  • BUITER, W.H.

Abstract

The paper analyzes the role of fiscal policy in the restoration of internal and external macroeconomic equilibrium and in achieving structural adjustment, i.e. major changes in the patterns of sectoral and intertemporal resource allocation. The focus is on developing and new industrial countries which are in need of both stabilization and structural adjustment. The external transfer problem and the associated internal fiscal and real resource transfer problems are analyzed with special emphasis on possible causes for the breakdown of the internal and external transfer processes. The concepts of national and public sector solvency are used to evaluate the mutual consistency and feasibility of fiscal, financial and monetary plans. Special attention is devoted to the inflation tax and to the links between the fiscal deficit and inflation.
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Suggested Citation

  • Buiter, W.H., 1988. "Some Thoughts On The Role Of Fiscal Policy In Stabilisation And Structural Adjustment In Developing Countries," Papers 312, London School of Economics - Centre for Labour Economics.
    • Handle: RePEc:fth:lseple:312
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    Cited by:

    1. Lisa M. Schineller, 1997. "An econometric model of capital flight from developing countries," International Finance Discussion Papers 579, Board of Governors of the Federal Reserve System (U.S.).
    2. Lisa M. Schineller, 1997. "A nonlinear econometric analysis of capital flight," International Finance Discussion Papers 594, Board of Governors of the Federal Reserve System (U.S.).
    3. Ajay Chhibber & Mansoor Dailami, 1993. "Fiscal Policy and Private Investment in Developing Countries: Recent Evidence on Key Selected Issues," Palgrave Macmillan Books, in: Riccardo Faini & Jaime Melo (ed.), Fiscal Issues in Adjustment in Developing Countries, pages 121-150, Palgrave Macmillan.
    4. Aldaba, Rafaelita M., 1994. "Foreign Direct Investment in the Philippines: A Reassessment," Research Paper Series RPS 1994-10, Philippine Institute for Development Studies.
    5. World Bank, 1991. "World Development Report 1991," World Bank Publications - Books, The World Bank Group, number 5974, April.
    6. Buiter, Willem H., 1993. "Public Debt in the USA: How Much, How Bad and Who Pays?," CEPR Discussion Papers 791, C.E.P.R. Discussion Papers.
    7. Fischer, Stanley & Easterly, William, 1990. "The Economic of the Government Budget Constraint," The World Bank Research Observer, World Bank, vol. 5(2), pages 127-142, July.
    8. Riccardo Faini & Jaime Melo, 1993. "Fiscal Issues in Adjustment: An Introduction," Palgrave Macmillan Books, in: Riccardo Faini & Jaime Melo (ed.), Fiscal Issues in Adjustment in Developing Countries, pages 1-19, Palgrave Macmillan.
    9. Islam, Roumeen & Wetzel, Deborah L., 1991. "The macroeconomics of public sector deficits : the case of Ghana," Policy Research Working Paper Series 672, The World Bank.

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