Description
Book SynopsisThis key textbook provides a fresh introduction to macroeconomics in developing countries.
It presents the main elements of 20th century macroeconomics and shows how the models produced for industrialised societies need to be modified for various groups of less developed countries. It is designed for those who start with little or no economics but need to understand the issues involved in the stabilizing of national income and the price level, and in keeping a sustainable balance of payments. It focuses on a number of measures designed to create stability including fiscal policy, the exchange rate, wages and interest rates. There are several case studies of policy experiments conducted since the mid 1970s.
The book will be essential reading for graduate students from developing countries and all students taking courses on development economics.
Table of ContentsPart 1 Purposes and concepts: meaning and purposes of economic stabilization; national income, product and expenditure; money and the balance of payments; exchange rates and international money. Part 2 Standard models for stabilization: Keynesian and monetarist approaches; managing the external balance. Part 3 Models for developing countries: relevant differences among types of economy; structuralism - model or attitude of mind?. Part 4 International approaches to stabilization: commodity-price stabilization; earnings compensation and insurance; debt and borrowing. Part 5 Domestic instruments of stabilization: stabilization targets and instruments; fiscal rules; choosing exchange-rate regimes and policies; wage policies; interest-rate policies; adjusting from gross imbalance. Part 6 Case-studies and conclusions: some recent experiments and experiences; concluding lessons.
