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- Title
Macroeconomic Adjustment and the Poor: Analytical Issues and Cross-Country Evidence.
- Authors
Agénor, Pierre-Richard
- Abstract
This paper studies the links between macroeconomic adjustment and poverty. The first part summarizes some of the recent evidence on poverty in the developing world. The second reviews the various channels through which macroeconomic policies affect the poor, whereas the third is devoted to the specific role of the labor market. It presents an analytical framework that captures some of the main features of the urban labor market in developing countries and studies the effects of fiscal adjustment on wages, employment, and poverty. The fourth part presents cross-country regressions linking various macroeconomic and structural variables to poverty. Higher levels and growth rates of per capita income, higher rates of real exchange rate depreciation, better health conditions, and a greater degree of commercial openness lower poverty, whereas inflation, greater income inequality, and macroeconomic volatility tend to increase it. Moreover, the impact of growth on poverty appears to be asymmetric; it seems to result from a significant relationship between episodes of increasing poverty and negative growth rates.
- Subjects
MACROECONOMICS; POVERTY; LABOR; EFFECT of inflation on income; LABOR market; LABOR supply; INCOME; GROWTH rate; FINANCIAL performance; PER capita; FOREIGN exchange rates; INTERNATIONAL banking industry; DEVELOPED countries; DEVELOPING countries; DUAL economy; EMERGING markets; BRADY bonds; MONETARY policy; CORPORATION reserves; COST allocation; STRANDED investment; ECONOMIC life of fixed assets; RESERVES (Accounting); TAX deductions; CAPITAL losses; INCOME inequality; WORLD Bank Group
- Publication
Journal of Economic Surveys, 2004, Vol 18, Issue 3, p351
- ISSN
0950-0804
- Publication type
Article
- DOI
10.1111/j.0950-0804.2004.00225.x