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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.
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