Development macroeconomics. 2nd. ed.

Development Macroeconomics was hailed on its publication in 1996 for providing a clear, rigorous, and long-needed synthesis of recent work in the field. This revised edition brings that achievement up to date. Addressing an audience of policy-oriented economists and theorists, graduate students, and advanced undergraduates, Pierre-Richard Agénor and Peter Montiel review and assess the burgeoning research done in the past two decades, paying special attention in this new edition to issues that have recently gained in importance among developing countries, such as the interaction between macroeconomic policies and long-term growth, the political economy of macroeconomic reform, the management of capital inflows, and currency crises.

As Agénor and Montiel show, development macroeconomics has become a vital subdiscipline of macroeconomics. In the past, general macroeconomic perspectives on developing countries were divided into the ideologically charged categories of "monetarist" or "structuralist", but a vast literature has since developed that treats the problems of developing countries with the analytical tools of modern macroeconomics. The authors'coherent and rigorous treatment presents this new analysis and empirical work in an unusually lucid and unified way. It includes extensive empirical material describing the characteristics of the developing-country macroeconomic context. It explores how the analytical tools of modern macroeconomics can be adapted to accommodate such characteristics, and it uses the resulting models to analyze a diverse set of macroeconomic issues that developing countries have confronted in recent years. This is a crucial book for anyone wishing to understand this rapidly changing field.

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Introduction and overview

Scope of Development Macroeconomics
PART I. MACROECONOMIC RELASHIONSHIP AND MARKET STRUCTURE
Aggragate Accounts, Production, and Market Structure
Behavioral Functions

PART II. SHORT-RUN MACROECONOMIC POLICIES
Sources of Macroeconomic Fluctuations
Fiscal Deficit, Public Solvency, and the Macroeconomy
Financial Markets, Capital Mobility, and Monetary Policy
Exchange Rate Regimes: Evidence and Credibility Aspects
Exchange Rate Management: Contractionary Devaluation and Real Exchange Rate Rules
Stabilization and the Labor Market

PART III. THEORY, EVIDENCE, AND EMPIRICAL MODELS
An Overview of Stabilization Programs
Inflation and Short-Run Dynamics
Analytical Issues in Disinflation Programs
Empirical Models of Stabilization

PART IV. EXTERNAL DEBT, CAPITAL FLOWS, AND CURRENCY CRISES
The Debt Crises of 1980s
Capital Inflows: Macroeconomic Effects and Policy Responses
Speculative Attacks and Exchange Rate Crises

PART V. GROWTH, STUCTURAL REFORMS, AND POLICAL ECONOMY
Macroeconomic Policies and Long-Term Growth
Trade, Financial, and Exchange Market Reforms
The Political Economy of Stabilization and Adjustment
Sequencing and Speed of Reforms
Epilogue
References
Index of names
Index of Subject