Macroeconomics in Emerging Markets

Front Cover
Cambridge University Press, Apr 10, 2003 - Business & Economics - 445 pages
This book is a rigorous, yet nonmathematical analysis of key macroeconomic issues faced by emerging economies. The first part develops an analytical framework that can be used as a workhorse model to study short-run macroeconomic issues of stabilization and adjustment in such economies, comparable to the IS-LM framework widely used in intermediate-level macroeconomics textbooks for industrial countries. The rest of the book considers fiscal issues, financial sector issues, and issues concerning exchange rate regimes and policies. In the fiscal area, the focus is on the formulation of intertemporal policies, i.e. fiscal sustainability, seigniorage, and the roles of central bank independence and privatization of public enterprises in achieving fiscal credibility. The analysis of the financial sector examines its role in promoting welfare and growth. Finally, the book explores recent developments in the theory of appropriate exchange rate regimes and management, and provides an overview of currency crises.
 

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Contents

Macroeconomics and Development
19
Equilibrium in Financial Markets
42
ShortRun Macroeconomic Equilibrium
70
MediumTerm Macroeconomic Equilibrium
88
The Intertemporal Budget Constraint of the Public Sector
105
High Inflation
124
Public Sector Debt
147
Central Bank
160
Financial Reform Public Policy and Financial Crises
239
Financial Openness and the Sequencing of Financial Reform
261
Coping with Capital Inflows
282
Equilibrium Real Exchange Rates
311
Exchange Rate Regimes
333
Managing an Officially Determined Exchange Rate
359
Banking Crises and Exchange Rate Crises in Emerging Economies
376
References
429

Privatization
175
Financial Repression
214

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