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Open-economy macroeconomics for developing countries /
Akhtar Hossain, Anis Chowdhury.
imprint
Cheltenham, UK ; Northampton, MA : Elgar Pub., 1998.
description
xi, 252 p. : ill.
ISBN
1858982278
format(s)
Book
Holdings
More Details
added author
imprint
Cheltenham, UK ; Northampton, MA : Elgar Pub., 1998.
isbn
1858982278
catalogue key
2456479
 
Includes bibliographical references and index.
A Look Inside
About the Author
Author Affiliation
Akhtar Hossain is Senior Lecturer in Economics at the University of Newcastle, Australia Anis Chowdhury is Associate Professor of Economics at the University of Western Sydney, Macarthur, Australia
Summaries
Main Description
The teaching of macroeconomics has had to change in recent years to take account of the ever-increasing integration of the world economy, with countries more open to foreign investment and capital flows, and vulnerable to exchange rate movements and capital flight. Hossain and Chowdhury have written an exciting new macro-text for the 21st century reflecting these issues, which will be invaluable to teachers and students world-wide. A.P. Thirlwall, University of Kent at Canterbury, UK Hossain and Chowdhury have produced a thoughtful, informative and well-written introduction to macroeconomic theory and policy for developing countries. Their book should be a welcome complement to some of the more comprehensive economic development textbooks now being used, especially for advanced undergraduate and graduate economics students. Michael P. Todaro, New York University and Research Division of The Population Council, New York, US The book by Hossain and Chowdhury deals with an important subject, namely the adjustment and policy problems faced by developing countries in the fiscal, monetary and macroeconomic sectors in a global economy. The authors explain in a straightforward and balanced way the opportunities, particularly for smaller developing countries, arising from increasing interdependence with global markets, as well as their vulnerability with regard to external shocks and volatility of capital flows. This is done with a minimum use of highly technical mathematics so that this book should be highly accessible to students and the general reader. The book fills a definite gap in the development literature to the best of my knowledge nothing serving quite the same purpose exists at the moment. H.W. Singer, University of Sussex, UK Open-Economy Macroeconomics for Developing Countries focuses on fiscal, monetary and exchange rate issues of importance to less developed economies. The book argues that the dichotomy between the short-term macroeconomic stabilization goal and the long-term economic growth objective commonly found in developing countries policy framework is inappropriate. The authors report empirical evidence to support the proposition that macroeconomic stability is a pre-requisite for sustained economic growth and the root of macroeconomic instability in developing countries lies in the government budget deficits. The book discusses the stabilization tools available to deal with capital flows, supply shocks and the effects of financial deregulation. It opens with a discussion of macroeconomic policy problems for open developing economies and an historical overview of the international institutions such as IMF, GATT and UNCTAD. The authors then provide a comprehensive review of macroeconomic models which are popularly used to analyse policy dilemmas related to internal and external balances of open economies. Having reviewed the institutional and theoretical framework, the authors assess the macroeconomic impact of financial deregulation, capital flows and foreign investment. They address the debt crisis, financial instability, capital flight, currency substitution and exchange rate arrangements. The authors also consider more general issues such as the political economy of macroeconomic management and the institutional framework that may enhance credibility and effectiveness of macroeconomic policy. In conclusion, they stress that the openness of an economy itself acts as a constraint on macroeconomic mismanagement and hence may enhance economic growth. This comprehensive book will be an important addition to the literature, and will be of use to advanced undergraduates and graduates of development economics, development studies and financial and monetary economics.
Table of Contents
List of tablesp. vi
List of figuresp. viii
Prefacep. x
Openness and macroeconomic performancep. 1
Open-economy macroeconomics - concepts, issues and institutionsp. 11
Open-economy macro modelsp. 48
Foreign capital and economic growthp. 80
Debt crisis and capital flightp. 118
Budget deficits, inflation and balance of paymentsp. 131
Money growth, inflation and monetary policyp. 156
Exchange rate policyp. 201
The political economy of macroeconomic management: the need for institutional changep. 214
Bibliographyp. 227
Indexp. 243
Table of Contents provided by Syndetics. All Rights Reserved.

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