The economics of adjustment and growth / Pierre-Richard Agénor.

Format:

Book

Author/Creator:

Agénor, Pierre-Richard, author.

Language:

English

Subjects (All):

Economic development.

Physical Description:

1 online resource (784 pages)

Edition:

1st ed.

Place of Publication:

Cambridge, Massachusetts : Harvard University Press, [2004]

Summary:

This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth.

Contents:

Cover

Title Page

Copyright

Dedication

Contents

Acknowledgments

Introduction and Overview

Chapter 1. Budget Constraints and Aggregate Accounts

1.1. Production, Income, and Expenditure

1.2. A Consistency Accounting Matrix

1.3. Identities and Budget Constraints

1.4. Social Accounting Matrices

1.5. Summary

Chapter 2. Consumption, Saving, and Investment

2.1. Consumption and Saving

2.2. Investment

2.3. Summary

Appendix-Income Uncertainty and Precautionary Saving

Chapter 3. Fiscal Deficits, Public Debt, and the Current Account

3.1. Structure of Public Finances

3.2. The Government Budget Constraint

3.3. Assessing the Stance of Fiscal Policy

3.4. Deficit Rules, Budget Ceilings, and Fiscal Transparency

3.5. Fiscal Imbalances and External Deficits

3.6. Consistency and Sustainability

3.7. Sustainability and Solvency Constraints

3.8. Commodity Price Shocks and Deficits

3.9. Can Fiscal Austerity Be Expansionary?

3.10. Summary

Chapter 4. The Financial System and Monetary Policy

4.1. The Financial System

4.2. Money Demand

4.3. Indirect Instruments of Monetary Policy

4.4. Credit Rationing

4.5. The Transmission of Monetary Policy

4.6. Monetary Policy: Inflation Targeting

4.7. Monetary Policy in a Dollarized Economy

4.8. Summary

Appendix-Inflation Targeting with Forward-Looking Expectations

Chapter 5. Exchange Rate Regimes

5.1. The Nature of Exchange Rate Regimes

5.2. Evidence on Exchange Rate Regimes

5.3. Choosing an Exchange Rate Regime

5.4. Trade-offs and Exchange Rate Credibility

5.5. Exchange Rates and the Trade Balance

5.6. Devaluation with Imported Inputs

5.7. Summary

Chapter 6. Inflation and Disinflation Programs

6.1. Sources of Inflation

6.2. Nominal Anchors in Disinflation.

6.3. Disinflation: The Role of Credibility

6.4. Two Stabilization Experiments

6.5. Summary

Appendix-Inflation Persistence and Policy Credibility

Chapter 7. Capital Inflows: Causes and Policy Responses

7.1. Capital Flows: Recent Evidence

7.2. How Volatile Are Capital Flows?

7.3. Domestic and External Factors

7.4. Macroeconomic Effects of Capital Inflows

7.5. External Shocks and Capital Flows

7.6. Policy Responses to Capital Inflows

7.7. Summary

Appendix-Measuring the Degree of Capital Mobility

Chapter 8. Financial Crises and Financial Volatility

8.1. Sources of Exchange Rate Crises

8.2. Currency Crises: Three Case Studies

8.3. Banking and Currency Crises

8.4. Predicting Financial Crises

8.5. Financial Volatility: Sources and Effects

8.6. Coping with Financial Volatility

8.7. Summary

Appendix-The Mechanics of Speculative Attacks and Interest Rate Defense

Chapter 9. Policy Tools for Macroeconomic Analysis

9.1. Assessing Business Cycle Regularities

9.2. Financial Programming

9.3. The World Bank RMSM Model

9.4. The Merged Model and RMSM-X

9.5. Three-Gap Models

9.6. The 1-2-3 Model

9.7. Lags and the Adjustment Process

9.8. Summary

Appendix-Money Demand and Cointegration

Chapter 10. Growth, Poverty, and Inequality: Some Basic Facts

10.1. A Long-Run Perspective

10.2. The Power of Compounding

10.3. Some Basic Facts

10.4. Summary

Appendix-Common Measures of Poverty and Inequality

Chapter 11. Growth and Technological Progress: The Solow-Swan Model

11.1. Basic Structure and Assumptions

11.2. The Dynamics of Capital and Output

11.3. A Digression on Low-Income Traps

11.4. Population, Savings, and Output

11.5. The Speed of Adjustment

11.6. Model Predictions and Empirical Facts

11.7. Summary.

Appendix-Dynamics of k, the Output Effect of s, and the Speed of Adjustment

Chapter 12. Knowledge, Human Capital, and Endogenous Growth

12.1. The Accumulation of Knowledge

12.2. Human Capital and Returns to Scale

12.3. Human Capital and Public Policy

12.4. Other Determinants of Growth

12.5. Summary

Appendix-Determinants and Costs of Corruption

Chapter 13. The Determinants of Economic Growth: An Empirical Overview

13.1. Growth Accounting

13.2. The East Asian "Miracle"

13.3. Growth Regressions and Convergence

13.4. The Empirics of Growth

13.5. The Econometric Evidence: Overview

13.6. Catching Up or Falling Behind?

13.7. Summary

Appendix-Growth Accounting with Increasing Returns

Chapter 14. Trade and Labor Market Reforms

14.1. Trade Liberalization

14.2. Trade and Regional Integration

14.3. Reforming Labor Markets

14.4. Summary

Appendix-Reforming Price Incentives in Agriculture

Chapter 15. Fiscal Adjustment and Financial Sector Reforms

15.1. Fiscal Adjustment

15.2. Pension Reform

15.3. Interest Rate Liberalization

15.4. Sources of Financial Fragility

15.5. Strengthening Financial Systems

15.6. Summary

Appendix-Structural Policy Indices

Chapter 16. Aid, External Debt, and Growth

16.1. The Effects of Foreign Aid

16.2. Growth, Debt, and Fiscal Adjustment

16.3. The Debt Overhang and the Debt Laffer Curve

16.4. Measuring the Debt Burden

16.5. Debt Rescheduling and Debt Relief

16.6. Summary

Appendix-The Theory of Stages in the Balance of Payments

Chapter 17. Sequencing, Gradualism, and the Political Economy of Adjustment

17.1. Stabilization and Structural Adjustment

17.2. The Order of Liberalization

17.3. Sequencing and Labor Market Reforms

17.4. Political Constraints and Reforms

17.5. Shock Treatment or Gradual Approach?.

17.6. Summary

Appendix-Calculating the Welfare Effects of Reform

Referencess

Figure Credits

Index.

Notes:

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9780674265608

0674265602

OCLC:

1385452715