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Macroeconomic Policy in Fragile States - Oxford Scholarship Online
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Macroeconomic Policy in Fragile States

Ralph Chami, Raphael Espinoza, and Peter J. Montiel

Abstract

Setting macroeconomic policy is especially difficult in fragile states. Political legitimacy concerns are heightened, raising issues such as who the policymakers are, what incentives move them, and how the process of policymaking is likely to work under limited legitimacy and high uncertainty both about the macroeconomic environment and about policy effectiveness. In addition, fragility expands the range of policy objectives in ways that may constrain the attainment of standard macroeconomic objectives. Specifically, in the context of fragility policymakers also need to focus on measures to mi ... More

Keywords: fragile states, macroeconomic policy, governance, state capacity, accountability, structural adjustment programs, international organizations, International Monetary Fund (IMF)

Bibliographic Information

Print publication date: 2021 Print ISBN-13: 9780198853091
Published to Oxford Scholarship Online: February 2021 DOI:10.1093/oso/9780198853091.001.0001

Authors

Affiliations are at time of print publication.

Ralph Chami, editor
Assistant Director, International Monetary Fund

Raphael Espinoza, editor
Deputy Division Chief, International Monetary Fund

Peter J. Montiel, editor
Fairleigh S. Dickinson, Jr. '41 Professor of Economics, Williams College

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Contents

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1 Macroeconomic Policy Issues in Fragile States

Ralph Chami, Mattia Coppo, Raphael Espinoza, and Peter Montiel

2 Building Inclusive States

Daron Acemoglu and James A. Robinson

3 Transition Programs

Paul Collier

6 The Private Sector in Fragile Situations

Nabila Assaf, Michael Engman, Alexandros Ragoussis, and Sarthak Agrawal

7 The State of Finance in Fragile States

Adolfo Barajas, Ralph Chami, and Connel Fullenkamp

8 The Challenge of Macroeconomic Stabilization in Fragile States

Ralph Chami, Thomas F. Cosimano, Raphael Espinoza, and Peter Montiel

9 Fiscal Capacity and State Fragility

Timothy Besley and Hannes Mueller

10 Fiscal Policy in Fragile Situations

Gary Milante and Michael Woolcock

11 Building Fiscal Institutions in Fragile States

Katherine Baer, Sanjeev Gupta, Mario Mansour, and Sailendra Pattanayak

13 Monetary and Exchange Rate Policy in Fragile States

Christopher Adam and James Wilson

14 Exports, Exchange Regimes, and Fragility

Ibrahim Elbadawi, Raimundo Soto, and Isaac Z. Martínez

15 Do Financial Flows Make a Difference in Fragile States?

Ralph Chami, Ekkehard Ernst, Connel Fullenkamp, and Anne Oeking

16 Aid Effectiveness in Fragile States

Francesca G. Caselli and Andrea F. Presbitero

17 Assessing the Role of the IMF in Fragile States

Charles Collyns, Kevin Kuruc, and Shinji Takagi

18 Tailoring IMF-Supported Programs to Fragile and Conflict-Affected States’ Needs

Chris Lane, Rima Turk, Ermal Hitaj, and Paulomi Mehta

19 Macroeconomic Policy Challenges in Conflict and Post-Conflict Countries

Mark Griffiths, with Phil de Imus, Kareem Ismail, Gustavo Ramirez, Robert Tchaidze, and Ramzy Al Amine

20 Exiting Fragility

Enrique Gelbard, Giorgia Albertin, Lars Engstrom, Jose Gijon, and Clara Mira

End Matter