Macroeconomics in Emerging Markets
Cambridge University Press
Edition: 2, 6/16/2011
EAN 9780521733045, ISBN10: 0521733049
Paperback, 778 pages, 25.4 x 17.8 x 4.5 cm
Language: English
The macroeconomic experience of emerging and developing economies has tended to be quite different from that of industrial countries. Compared to industrial countries, emerging and developing economies have tended to be much more unstable, with more severe boom/bust cycles, episodes of high inflation and a variety of financial crises. This textbook describes how the standard macroeconomic models that are used in industrial countries can be modified to help understand this experience and how institutional and policy reforms in emerging and developing economies may affect their future macroeconomic performance. This second edition differs from the first in offering: extensive new material on themes such as fiscal institutions, inflation targeting, emergent market crises, and the Great Recession; numerous application boxes; end-of-chapter questions; references for each chapter; more diagrams, less taxonomy, and a more reader-friendly narrative; and enhanced integration of all parts of the work.
Preface
Part I. The Macroeconomic Framework
1. Introduction and overview
2. Concepts and definitions
the macroeconomic accounts
3. Short-run macroeconomics and long-run growth
Part II. A Benchmark Macroeconomic Model
4. The aggregate production function, the labor market, and aggregate supply
5. Aggregate demand and goods market equilibrium
6. Financial markets
7. Short-run macroeconomic equilibrium
8. Medium-run macroeconomic equilibrium
Part III. Public Finance and Macroeconomic Performance
9. The intertemporal budget constraint of the public sector
10. Sovereign risk premia
11. Fiscal institutions
12. Privatization
13. High inflation and inflation stabilization
Part IV. Monetary Institutions and Monetary Policy
14. Monetary institutions
15. Inflation targeting
Part V. Exchange Rate Management
16. Equilibrium real exchange rates
17. The benchmark model with floating exchange rates
18. Exchange rate regimes
19. Managing an officially-determined rate
Part VI. The Financial Sector and Macroeconomic Performance
20. Finance, welfare, and growth
21. Financial repression
22. Financial reform
23. The benchmark model with banks
24. Coping with capital inflows
Part VII. Varieties of Emerging-Market Crises
25. Sovereign debt crises
26. Banking crises
27. Currency crises and crisis interactions
28. Lessons from the emerging market crises of the nineties
29. Lessons from the great recession.