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Cambridge Journal of Economics 24:21-44 (2000)
Copyright © 2000 Cambridge Political Economy Society

Article

Fiscal crisis and fiscal reform in developing countries

J Toye

E. 10042-44, Palais des Nations, CH-1211, Geneva-10, Switzerland
E-mail: john.toye@unctad.org

Abstract

In recent years, policy-makers in developing countries have responded to crisis of macroeconomic instability with two sets of measures: conventional stabilisation policies and policies of economic liberalisation. The fiscal implications of this double agenda are set out, following three lines of enquiry. First, how can policies be kept consistent, when some liberalisation measures have large adverse fiscal consequences? Second, can a fiscal deficit be reduced without damaging the provision of public services vital for growth and poverty alleviation? Finally, since lack of tax revenue is usually the binding constraint on government intervention, how can this most easily be relaxed?

Key Words: Stabilisation • Liberalisation • Public expenditure • Taxation


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