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[IWS] ADB: FISCAL POLICY FOR INCLUSIVE GROWTH: AN OVERVIEW [11 December 2014]
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Asian Development Bank (ADB)
ADB Economics Working Paper Series No. 423
FISCAL POLICY FOR INCLUSIVE GROWTH: AN OVERVIEW [11 December 2014]
by Estrada, Gemma B.; Lee, Sang-Hyop, Park, Donghyun
[full-text, 31 pages]
Sustained rapid growth during the past few decades has sharply lifted general living standards across Asia. However, inequality has risen in the region alongside rapid economic growth.
The paper argues that rising inequality in developing Asia strengthens the case for a government response, and fiscal policy is one of the most suitable policy instruments to promote a more equitable society that provides opportunities for all. The region has trailed other parts of the world in equity-promoting fiscal expenditures, namely education, health care, and social protection, and thus the region needs to do more. Expanding public expenditures without sufficiently raising fiscal resources can, however, jeopardize fiscal sustainability. The key challenge is using fiscal policy to foster equity while maintaining fiscal sustainability.
Public Spending for Inclusive Growth
Fiscal Resources to Foster Inclusive Growth
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