- Author: Peter J. Montiel
- ISBN: 9780521780605
- Publication date: April 2003
- Pages: 456
This book is a rigorous, yet nonmathematical analysis of key
macroeconomic issues faced by emerging economies. The first part
develops an analytical framework that can be used as a workhorse model
to study short-run macroeconomic issues of stabilization and adjustment
in such economies, comparable to the IS-LM framework widely used in
intermediate-level macroeconomics textbooks for industrial countries.
The rest of the book considers fiscal issues, financial sector issues,
and issues concerning exchange rate regimes and policies. In the fiscal
area, the focus is on the formulation of intertemporal policies, i.e.
fiscal sustainability, seigniorage, and the roles of central bank
independence and privatization of public enterprises in achieving fiscal
credibility. The analysis of the financial sector examines its role in
promoting welfare and growth. Finally, the book explores recent
developments in the theory of appropriate exchange rate regimes and
management, and provides an overview of currency crises.
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