The Economics of Adjustment and Growth

Front Cover
Academic Press, 2000 - 731 pages
The Economics of Adjustment and Growth moves the study of macroeconomics for developing economies away from the traditional static approach and toward a more dynamic, growth-oriented framework. Pierre-Richard Agénor presents an analysis of policy issues involved in designing economic adjustment programs in developing countries and structural reform policies aimed at fostering economic growth. Emphasizing the need to take into account the structural features of these countries, his work dwells on the considerable body of analytical research and empirical evidence of the past two decades in academic circles and international organizations. It provides cutting-edge analysis of many current real-world issues, such as financial crises and the role of trade integration in fostering economic growth. Overall the book offers an impressive overview of the macroeconomic and structural adjustment issues facing developing economies today.
 

Contents

Introduction and Overview
1
Fiscal Deficits Public Debt and the Current Account
80
Sustainability and the Solvency Constraint
108
Summary
114
Exchange Rate Regimes
121
Policy TradeOffs and Exchange Rate Credibility
135
Inflation and Disinflation
162
Causes and Policy Responses
204
Summary
415
The Dynamics of Capital and Output
425
Population Savings and SteadyState Output
432
Model Predictions and Empirical Facts
438
Knowledge Human Capital and Endogenous Growth
446
Fiscal and Financial Sector Reforms
554
Adjustment and External Debt in LowIncome Countries
590
Sequencing Gradualism and the Political Economy
620

Currency Crises and Financial Volatility
240
Aggregate Accounts Budget Constraints
302
National Income Identities and Budget Constraints
309
An Intertemporal Framework
327
Summary
334
Policy Tools for Macroeconomic Analysis
336
Some Basic Facts
398
The Informal Sector and The Urban Labor Market
640
Informal Financial Markets
658
Exchange Market Unification
668
References
684
Index
719
124
721
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