Open-Economy Macroeconomics for Developing Countries
Produktdetaljer
Biographical note
Akhand 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<i>'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.'</i>
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.