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Making Fiscal Space Happen!
Peter S. Heller, Menachem Katz, Xavier Debrun, Theo Thomas, Taline Koranchelian & Isabell Adenauer, World Economics, September 2006
Debt relief and the scaling up of aid to low-income countries should allow for increased fiscal space for expenditure programs to spur long-term growth and reduce poverty. But as discussed in Peter Heller’s article “Pity the Finance Minister” (
, Vol. 6, No. 4), designing a suitable medium-term fiscal framework that fosters a sustainable delivery of better public services and infrastructure while maintaining a credible commitment to fiscal prudence raises many challenges. This article first discusses what low-income countries can do to formulate fiscal policy frameworks that are ambitious in their goals for absorbing additional aid while maintaining longer-term sustainability of the expenditure programs and government finances. It then suggests the approaches required to manage the heightened fiscal policy risks associated with a scaled-up aid environment, including issues of coordination with monetary policy. And finally, the article discusses what institutional changes are needed if donors and countries are to facilitate the implementation of a higher level of aid-financed spending programs.
The Great Depression, the Great Recession and the Next Crisis
Chong-Yah Lim and Dr Hui-Ying Sng, World Economics, September 2011
Boosting Infrastructure Investments in Africa
Donald Kaberuka, World Economics, June 2011
Trade Out of Poverty
Peter Lilley, Clare Short, Sir Menzies Campbell and Michael Hastings, World Economics, June 2011
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