Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations

Introduction The social agenda is long-term in nature, in the sense that poverty alleviation along with a better distribution of income, wealth and opportunities are long-term goals. A sound macroeconomic policy, on the other hand, has to do largely with the consistent management of short-term p...

Descripción completa

Guardado en:

Detalles Bibliográficos
Otros Autores:	NU. CEPAL
Formato:	Texto
Lenguaje:	English
Publicado:	ECLAC 2014
Materias:	DESARROLLO SOSTENIBLE EMPLEO IGUALDAD PAISES EN DESARROLLO POLITICA ECONOMICA POLITICA SOCIAL SEGURIDAD SOCIAL ECONOMIA DEL BIENESTAR DEVELOPING COUNTRIES ECONOMIC POLICY EMPLOYMENT EQUALITY SOCIAL POLICY SOCIAL SECURITY SUSTAINABLE DEVELOPMENT WELFARE ECONOMICS
Acceso en línea:	http://hdl.handle.net/11362/7786
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai-11362-7786
record_format	dspace
spelling	oai-11362-77862020-09-28T15:41:27Z Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations NU. CEPAL DESARROLLO SOSTENIBLE EMPLEO IGUALDAD PAISES EN DESARROLLO POLITICA ECONOMICA POLITICA SOCIAL SEGURIDAD SOCIAL ECONOMIA DEL BIENESTAR DEVELOPING COUNTRIES ECONOMIC POLICY EMPLOYMENT EQUALITY SOCIAL POLICY SOCIAL SECURITY SUSTAINABLE DEVELOPMENT WELFARE ECONOMICS Introduction The social agenda is long-term in nature, in the sense that poverty alleviation along with a better distribution of income, wealth and opportunities are long-term goals. A sound macroeconomic policy, on the other hand, has to do largely with the consistent management of short-term policy instruments pursuing a sustainable and predictable pace for aggregate economic variables and major prices (wages, inflation, interest rates and exchange rates). In spite of the different arena and rationale in which they play, there are strong links between the two. First and most obvious, macroeconomic adjustment and structural reform are more likely to be sustainable when they are equitable. Second, social intervention —i.e., policies, programmes and reforms aimed at improving social performance in the long run—, needs stable funding which is not always available in view of macroeconomic constraints. Third, macroeconomic instability —especially episodes of recession or hyperinflation— increases poverty and inequality, while restoring macroeconomic equilibrium does not restore previous social balances. Finally, there is no unique macroeconomic policy mix to tackle a given situation, and the policy options may not be neutral from a social standpoint. Monetary, fiscal and exchange rate policies, together with structural reform, have major consequences for the social wellbeing of societies, not only in terms of protection against shocks and crises but also in terms of equity. Many, if not all, of the necessary social policies are of a domestic nature. This report thus concentrates on domestic strategies aimed at maximizing the linkages between consistent macroeconomic policies and social progress. Pursuing them, however, depends to a considerable extent on the international enabling environment in which the global financial system, the unsettled debt crisis and increasing ODA flows play a significant role. Countries operate in a world economy where market players everywhere immediately scrutinize domestic monetary, financial or fiscal policy decisions and the performance of exchange rate regimes of individual countries. Under these conditions, the room for manoeuvre of policymakers has become considerably constrained. Consequently, it is becoming increasingly complex to incorporate the social dimensions into such policy decisions, to the extent that external analysts consider that authorities are sacrificing sound macroeconomic policies. The main message of the report is that the expediency of short-term economic efficiency as embedded in much of the advice on macroeconomic stability needs to be tempered by long-term development objectives. The report starts with a short historical background which describes the ascendancy of macroeconomic policies over social development policies (chapter I). It continues with an evaluation of the relation between macroeconomic consistency and social effort (chapter II), and the importance of sustainable and stable growth for social progress (chapter III). The report then turns to the need for an equity-enhancing growth strategy (chapter IV) and an analysis of the priorities of social policies in an integrated approach to growth (chapter V). The final chapter adds some final institutional remarks. 2014-01-02T16:51:57Z 2014-01-02T16:51:57Z 2001-12 Texto Documento Completo 9211213398 http://hdl.handle.net/11362/7786 LC/L.1662-P en Serie Informes y Estudios Especiales 1 application/pdf ECLAC
institution	Cepal
collection	Cepal
language	English
topic	DESARROLLO SOSTENIBLE EMPLEO IGUALDAD PAISES EN DESARROLLO POLITICA ECONOMICA POLITICA SOCIAL SEGURIDAD SOCIAL ECONOMIA DEL BIENESTAR DEVELOPING COUNTRIES ECONOMIC POLICY EMPLOYMENT EQUALITY SOCIAL POLICY SOCIAL SECURITY SUSTAINABLE DEVELOPMENT WELFARE ECONOMICS
spellingShingle	DESARROLLO SOSTENIBLE EMPLEO IGUALDAD PAISES EN DESARROLLO POLITICA ECONOMICA POLITICA SOCIAL SEGURIDAD SOCIAL ECONOMIA DEL BIENESTAR DEVELOPING COUNTRIES ECONOMIC POLICY EMPLOYMENT EQUALITY SOCIAL POLICY SOCIAL SECURITY SUSTAINABLE DEVELOPMENT WELFARE ECONOMICS Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations
description	Introduction The social agenda is long-term in nature, in the sense that poverty alleviation along with a better distribution of income, wealth and opportunities are long-term goals. A sound macroeconomic policy, on the other hand, has to do largely with the consistent management of short-term policy instruments pursuing a sustainable and predictable pace for aggregate economic variables and major prices (wages, inflation, interest rates and exchange rates). In spite of the different arena and rationale in which they play, there are strong links between the two. First and most obvious, macroeconomic adjustment and structural reform are more likely to be sustainable when they are equitable. Second, social intervention —i.e., policies, programmes and reforms aimed at improving social performance in the long run—, needs stable funding which is not always available in view of macroeconomic constraints. Third, macroeconomic instability —especially episodes of recession or hyperinflation— increases poverty and inequality, while restoring macroeconomic equilibrium does not restore previous social balances. Finally, there is no unique macroeconomic policy mix to tackle a given situation, and the policy options may not be neutral from a social standpoint. Monetary, fiscal and exchange rate policies, together with structural reform, have major consequences for the social wellbeing of societies, not only in terms of protection against shocks and crises but also in terms of equity. Many, if not all, of the necessary social policies are of a domestic nature. This report thus concentrates on domestic strategies aimed at maximizing the linkages between consistent macroeconomic policies and social progress. Pursuing them, however, depends to a considerable extent on the international enabling environment in which the global financial system, the unsettled debt crisis and increasing ODA flows play a significant role. Countries operate in a world economy where market players everywhere immediately scrutinize domestic monetary, financial or fiscal policy decisions and the performance of exchange rate regimes of individual countries. Under these conditions, the room for manoeuvre of policymakers has become considerably constrained. Consequently, it is becoming increasingly complex to incorporate the social dimensions into such policy decisions, to the extent that external analysts consider that authorities are sacrificing sound macroeconomic policies. The main message of the report is that the expediency of short-term economic efficiency as embedded in much of the advice on macroeconomic stability needs to be tempered by long-term development objectives. The report starts with a short historical background which describes the ascendancy of macroeconomic policies over social development policies (chapter I). It continues with an evaluation of the relation between macroeconomic consistency and social effort (chapter II), and the importance of sustainable and stable growth for social progress (chapter III). The report then turns to the need for an equity-enhancing growth strategy (chapter IV) and an analysis of the priorities of social policies in an integrated approach to growth (chapter V). The final chapter adds some final institutional remarks.
author2	NU. CEPAL
author_facet	NU. CEPAL
format	Texto
title	Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations
title_short	Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations
title_full	Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations
title_fullStr	Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations
title_full_unstemmed	Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations
title_sort	social dimensions of macroeconomic policy: report of the executive committee on economic and social affairs of the united nations
publisher	ECLAC
publishDate	2014
url	http://hdl.handle.net/11362/7786
_version_	1718438775203299328

Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations

Ejemplares similares