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Nissanke, Machiko (2019) 'Exploring macroeconomic frameworks conducive to structural transformation of sub-Saharan Economies.' Structural Change and Economic Dynamics, 48. pp. 103-116.

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Abstract

The conventional macroeconomic policy framework, with its focus on maintaining macro stability is inadequate for the purpose of accelerating the structural transformation of African economies. This ‘policy position’ paper explores an alternative framework, wherein macroeconomic policies are applied coherently to one another and in coordination with other policies, and a resolution of the short-run trade-off between the macroeconomic policy objectives of stabilisation and development is sought in terms of a long-term development approach for enhancing both aggregate demand and supply capacity as an anchor for navigating a path towards structural transformation. After presenting a working definition of structural transformation, the paper presents the core elements of such a framework and discusses the corresponding policy agenda under five headings. Using this agenda as a benchmark, it discusses how to approach the debates on fiscal, monetary and financial policies, avoiding the limitations of standard macroeconomic literature, in order to make those policies conducive to Africa’s structural transformation.

Item Type: Journal Article
Keywords: Structural Transformation, Macroeconomic Frameworks, African Development, Fiscal Sustainability and Legitimacy, Monetary and Financial Policy for Development
SOAS Departments & Centres: Departments and Subunits > Department of Economics
ISSN: 0954349X
Copyright Statement: © 2019. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
DOI (Digital Object Identifier): https://doi.org/10.1016/j.strueco.2018.07.005
Date Deposited: 22 Aug 2018 12:02
URI: http://eprints.soas.ac.uk/id/eprint/26304
Related URLs: https://doi.org ... eco.2018.07.005

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