Macroeconomics for Developing Countries

Macroeconomics for Developing Countries

Macroeconomics for Developing Countries

Macroeconomics for Developing Countries

Synopsis

Macroeconomics for Developing Countriespresents a comprehensive and rigorous study of the tools of macroeconomic analysis. At the same time, it examines the debate over whether developing economies should have a completely different framework for dealing with macroeconomic problems. The book includes:

• Alternative macroeconomic models of developing countries;

• Theories of inflation and the balance of payments;

• Internal and external debt;

• Evaluations of IMF stabilization packages.

Excerpt

Macroeconomics for developing countries has recently become important in the curricula of many universities. This subject, however, is usually taught at an advanced level either in graduate school or in a ‘Topics’ course at the senior undergraduate level.

The rationale for this philosophy seems to be twofold. On the one hand, it is felt that students should have a thorough grounding in the basic tools of economic analysis before they study specialised topics such as less developed country (LDC) macroeconomics. Second, most of the material on ldc macroeconomics is available in esoteric papers in specialised journals and is therefore inaccessible to undergraduate students.

In writing this book I have tried to bridge both these gaps. Students working through this book should be able to pick up the tools of modern macroeconomic analysis at the same time as they learn about the special macro issues confronting developing countries. It then becomes possible to present the advanced material pertaining to ldc macroeconomics as relatively straightforward extensions of the tools of analysis already learnt.

In doing this I have tried to make the treatment of both the macroeconomic analysis and the special problems of developing countries exhaustive. We begin with elementary tools of macro analysis. in Part I of the book we develop the tools of analysis of the closed economy, and in Part ii the open economy is studied. a good part of this material is common to ‘standard’ intermediate macro courses. However, issues of relevance to developing countries are brought up in key instances.

In Part iii we study some alternative views of ldc macroeconomics that have gained considerable prominence and respectability of late. We follow this up in Part iv with a review of some key policy questions confronting developing countries. the material in this part harks back to a long-held belief of ldc macroeconomic theory that long-term growth rather than short-term stabilisation is the key question facing developing countries.

This book can be used in a variety of courses on macroeconomics. Parts I and ii can be used for a ‘standard’ one-semester course on intermediate macroeconomics. in a one-semester ‘Topics’ course, Parts iii and iv and

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