Fiscal Dominance and Policy Coordination in Developing Economies
Concepts, Evidence, and Institutional Lessons from Pakistan, Brazil, and Sub-Saharan Africa
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Fiscal Dominance and Policy Coordination in Developing Economies: Concepts, Evidence, and Institutional Lessons from Pakistan, Brazil, and Sub-Saharan Africa.Why do many emerging markets with independent central banks struggle to achieve inflation targets and stable growth? The answer lies in fiscal dominance-where monetary policy operates under fiscal constraints that fundamentally alter its effectiveness, reflecting limited tax capacity, shallow financial markets, and rigid political economy constraints.Recent challenges intensify this urgency: COVID-19's unprecedented fiscal expansions, cli...
Fiscal Dominance and Policy Coordination in Developing Economies: Concepts, Evidence, and Institutional Lessons from Pakistan, Brazil, and Sub-Saharan Africa.Why do many emerging markets with independent central banks struggle to achieve inflation targets and stable growth? The answer lies in fiscal dominance-where monetary policy operates under fiscal constraints that fundamentally alter its effectiveness, reflecting limited tax capacity, shallow financial markets, and rigid political economy constraints.Recent challenges intensify this urgency: COVID-19's unprecedented fiscal expansions, climate change pressures, digital currencies, and geopolitical tensions disrupting financing channels all strain fiscal-monetary relationships.This monograph develops the novel -backing rule framework to analyze these interactions systematically. Through theoretical modeling, numerical analysis, and detailed case studies of Pakistan, Brazil, and Ghana, it demonstrates how fiscal dominance operates in practice and illuminates paths toward improved macroeconomic stability in developing economies.
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