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- DescriptionOpen-Ecomy Macroecomics for Developing Countries focuses on fiscal, monetary and exchange rate issues of importance to less developed ecomies. The book argues that the dichotomy between the short-term macroecomic stabilization goal and the long-term ecomic growth objective commonly found in developing countries' policy framework is inappropriate. The authors report empirical evidence to support the proposition that macroecomic stability is a pre-requisite for sustained ecomic growth and the root of macroecomic 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 macroecomic policy problems for open developing ecomies and an historical overview of the international institutions such as IMF, GATT and UNCTAD. The authors then provide a comprehensive review of macroecomic models which are popularly used to analyse policy dilemmas related to internal and external balances of open ecomies. Having reviewed the institutional and theoretical framework, the authors assess the macroecomic 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 ecomy of macroecomic management and the institutional framework that may enhance credibility and effectiveness of macroecomic policy. In conclusion, they stress that the openness of an ecomy itself acts as a constraint on macroecomic mismanagement and hence may enhance ecomic growth. This comprehensive book will be an important addition to the literature, and will be of use to advanced undergraduates and graduates of development ecomics, development studies and financial and monetary ecomics.
- Author BiographyAkhand Akhtar Hossain, Associate Professor of Economics, The University of Newcastle, Australia and Anis Chowdhury, formerly Professor of Economics, School of Economics and Finance, University of Western Sydney, Australia and Managing Editor, Journal of the Asia Pacific Economy
- Author(s)Akhand Akhtar Hossain,Anis Chowdhury
- PublisherEdward Elgar Publishing Ltd
- Date of Publication25/05/2000
- SubjectEconomics: Professional & General
- Series TitleElgar Textbooks
- Place of PublicationCheltenham
- Country of PublicationUnited Kingdom
- ImprintEdward Elgar Publishing Ltd
- Content Notefigs.tabs.
- Weight835 g
- Width234 mm
- Height156 mm
- Spine1270 mm
- Edition StatementNew edition
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