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- W2497675360 abstract "Problems of fiscal control, or the lack of it, have been a central feature of African economic experience over the last two decades. Budgetary deficits in excess of 10 per cent of GDP have been common, with inflation rates in a number of countries reaching near hyperinflation levels. The proximate sources of these difficulties have been varied. Sometimes they have originated in revenue collapses following a breakdown of legitimacy due to civil war or predatory behaviour by the state. Sometimes they have been precipitated by external shocks that destabilized the fiscal authorities. Sometimes they resulted from a slow but protracted divergence between revenues and expenditures. Whatever their specific history, these excessive deficits have common consequences. They are widely perceived to be unsustainable, so that they signal the inevitability of radical change in the macroeconomic environment, and very possibly complementary changes in the microeconomic ‘rules of the game’ as well. The last decade has seen numerous programmes designed to achieve progressive reductions in the fiscal deficit. Apart from those countries which had previously suffered a revenue collapse, the emphasis has typically been on expenditure reduction rather than revenue enhancement (there has often been a related programme of tax reform, but this has usually been designed to be revenue neutral).KeywordsFiscal PolicyReal Exchange RateMoney SupplyMoney DemandNominal Exchange RateThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves." @default.
- W2497675360 created "2016-08-23" @default.
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- W2497675360 date "2000-01-01" @default.
- W2497675360 modified "2023-09-24" @default.
- W2497675360 title "The Cash-Budget as a Restraint: The Experience of Zambia" @default.
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- W2497675360 doi "https://doi.org/10.1007/978-1-349-15068-7_8" @default.
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