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Attaining the Millennium Development Goals: the role of macroeconomic policies

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Purpose ‐ The purpose of this paper is to shed some light on the role of macroeconomic policy-mix in achieving the Millennium Development Goals (MDGs), especially the goal of poverty reduction. Design/methodology/approach ‐ The paper employs descriptive approach and provides an analytical narrative of historical experience. Findings ‐ It is argued that macroeconomic policy-mixes pursued by many developing countries as part of conditions to receive support from international financial institutions and the donor community have been largely restrictive. They have failed, in most cases, to generate high enough growth to have significant impacts on poverty reduction. The poverty reducing impact of growth has also been weakened by the rise in inequality due to associated policy reforms promoting market liberalization and deregulation. Practical implications ‐ The paper argues in favor of using full and productive employment, which is one of the core MDGs, as the goal of macroeconomic policies. Originality/value ‐ The paper argues that there should be refocusing of macroeconomic policies to align with MDGs.
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Keywords: Economic growth; Full employment; Inflation targeting; Macroeconomic policies; Macroeconomic stability; Macroeconomics; Millennium Development Goals; Poverty; Structural adjustment

Document Type: Research Article

Publication date: October 18, 2011

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