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The global financial crisis has proved that economic realities are very different from the traditional assumptions of macroeconomics. Macroeconomic Policies for Emerging and Developing Economies provides a contemporary analytical account and discusses the current debates on the theory and practices of macroeconomic policies of developing economies emerging from the crisis. It deals with issues relating to openness, capital flows and exchange rate policies as well as macro-financial policies. It underscores two important points: the need to design a development strategy that takes into account the economic context of the countries concerned, and for well-regulated macro-financial policies that would help promote the objects of sustainable growth with price and financial stability. This engaging and unrivalled guide to macroeconomic policy goes beyond the standard macroeconomists’ tool kit of monetary, fiscal and exchange rate policies and includes topics such as development strategies and macro-financial policies.

Fiscal Policy: No Longer the Big Brother
Fiscal policy: No longer the big brother
The First Sip

Fiscal policy as the dominant part of MEP has often been viewed as essentially counter-cyclical, ever since the great economist John Maynard Keynes advocated large government spending over and above the revenue receipts to address the ill effects of the Great Depression of 1929–1930. Keynes also advocated the need for an international financial institution to provide finance and to address problems related to rehabilitation and development of countries that were devastated by the Second World War in Europe, and that are relatively poor and underdeveloped, as the Bretton Woods Conference archival materials reveal. The Keynesian idea of fiscal activism was picked up by policy thinkers and economists to recommend ...

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