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Development Macroeconomics
Fourth Edition
-
Language:
English
Published/Copyright:
2015
About this book
The global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased their exposure to external shocks, both real and financial. This new edition of Development Macroeconomics has been fully revised to address the more open and less stable environment in which developing countries operate today.
Describing the latest advances in this rapidly changing field, the book features expanded coverage of public debt and the management of capital inflows as well as new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, currency unions, and the choice of an exchange-rate regime. A new chapter on dynamic stochastic general equilibrium (DSGE) models with financial frictions has been added to reflect how the financial crisis has reshaped our thinking on the role of such frictions in generating and propagating real and financial shocks. The book also discusses the role of macroprudential regulation, both independently and through its interactions with monetary policy, in preserving financial and macroeconomic stability.
Now in its fourth edition, Development Macroeconomics remains the definitive textbook on the macroeconomics of developing countries.
- The most authoritative book on the subject—now fully revised and expanded
- Features new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, and much more
- Comes with online supplements on informal financial markets, stabilization programs, the solution of DSGE models with financial frictions, and exchange rate crises
Author / Editor information
Pierre-Richard Agénor is the Hallsworth Professor of International Macroeconomics and Development Economics at the University of Manchester. Peter J. Montiel is the Fairleigh S. Dickinson Jr. '41 Professor of Economics at Williams College.
Reviews
"Development Macroeconomics continues to set the standard for graduate textbooks in the field. In this hugely impressive new edition, Pierre-Richard Agénor and Peter Montiel bring their already superb text bang up to date, introducing new insights and techniques to economists wanting to understand the macroeconomics of developing countries in the post-crisis global economy. It will go straight to the top of my reading list."—Christopher Adam, University of Oxford
"This updated and extended edition of Agénor and Montiel's excellent book includes in-depth analyses of pertinent issues put to the fore by the global financial crisis, and of the policy dilemmas arising from the growing exposure to external real and financial shocks associated with globalization. Development Macroeconomics remains the essential reference for scholars, graduate students, and practitioners interested in the macroeconomic challenges that developing countries continue to face."—Joshua Aizenman, University of Southern California
"Simply the best macroeconomic textbook for developing economies on the market today."—Olivier Blanchard, International Monetary Fund
"Macroeconomics is not just for macroeconomists. Crisis avoidance, low volatility, and price stability are essential for poverty reduction. Agénor and Montiel's new edition of Development Macroeconomics is a must-reference for development economists and practitioners the world over."—Nora Lustig, Tulane University
"This continues to be the best treatise on macroeconomic theory and policy in emerging countries. It is profound and comprehensive. It looks at historical experiences with great care and extracts useful lessons for the future. This is a must-read for anyone interested in the economics of the future."—Sebastian Edwards, University of California, Los Angeles
"This updated and extended edition of Agénor and Montiel's excellent book includes in-depth analyses of pertinent issues put to the fore by the global financial crisis, and of the policy dilemmas arising from the growing exposure to external real and financial shocks associated with globalization. Development Macroeconomics remains the essential reference for scholars, graduate students, and practitioners interested in the macroeconomic challenges that developing countries continue to face."—Joshua Aizenman, University of Southern California
"Simply the best macroeconomic textbook for developing economies on the market today."—Olivier Blanchard, International Monetary Fund
"Macroeconomics is not just for macroeconomists. Crisis avoidance, low volatility, and price stability are essential for poverty reduction. Agénor and Montiel's new edition of Development Macroeconomics is a must-reference for development economists and practitioners the world over."—Nora Lustig, Tulane University
"This continues to be the best treatise on macroeconomic theory and policy in emerging countries. It is profound and comprehensive. It looks at historical experiences with great care and extracts useful lessons for the future. This is a must-read for anyone interested in the economics of the future."—Sebastian Edwards, University of California, Los Angeles
Topics
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Frontmatter
i -
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Contents
vii -
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Preface to the Fourth Edition
xix -
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Introduction and Overview
1 - Part I: Macroeconomic Accounts, Market Structure, and Behavioral Functions
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Chapter 1. Economic Structure and Aggregate Accounts
12 -
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Chapter 2. Behavioral Functions
52 - Part II: Financial Policies
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Chapter 3. The Government Budget and Fiscal Management
78 -
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Chapter 4. Macroeconomic Effects of Fiscal Policy
109 -
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Chapter 5. Financial Markets and the Monetary Transmission Mechanism
144 -
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Chapter 6. A Framework for Monetary Policy Analysis
182 -
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Chapter 7. Inflation Targeting, Macroeconomic Stability, and Financial Stability
224 -
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Chapter 8. Choosing an Exchange-Rate Regime I: Credibility, Flexibility, and Welfare
262 -
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Chapter 9. Choosing an Exchange-Rate Regime II: The Role of Shocks, Contractionary Effects, and Moral Hazard
295 - Part III: Inflation Stabilization and Applied Models for Monetary Policy Analysis
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Chapter 10. Inflation and Short-Run Dynamics
331 -
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Chapter 11. Analytical Issues in Disinflation Programs
381 -
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Chapter 12. Dynamic Stochastic Equilibrium Models with Financial Frictions
441 - Part IV: Financial Openness, Capital Flows, and Financial Crises
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Chapter 13. Financial Integration and Capital Flows
476 -
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Chapter 14. Exchange-Rate Crises and Sudden Stops
514 -
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Chapter 15. Banking Crises and Twin Crises
550 -
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Chapter 16. Sovereign Debt Crises
572 - Part V: Growth, Structural Reforms, and Political Economy
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Chapter 17. Macroeconomic Policies and Growth
602 -
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Chapter 18. Trade Liberalization, Financial-Sector Reforms, and Sequencing
640 -
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Chapter 19. The Political Economy of Adjustment
675 -
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Epilogue
697 -
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References
701 -
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Index of Names
741 -
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Index of Subjects
751
Publishing information
Pages and Images/Illustrations in book
eBook published on:
July 28, 2015
eBook ISBN:
9781400866267
Edition:
Fourth Edition
Pages and Images/Illustrations in book
eBook ISBN:
9781400866267
Keywords for this book
Exchange rate; Inflation; Central bank; Developed country; Interest rate; Devaluation; Investment; Monetary policy; Real interest rate; Currency; Inflation targeting; Tax; Economy; Depreciation; Macroeconomics; Currency crisis; Real wages; Indexation; Real versus nominal value (economics); Liberalization; Long run and short run; Marshall–Lerner condition; Fiscal policy; Nominal interest rate; Exchange-rate regime; Credit rationing; Inflationary bias; Tight Monetary Policy; Government budget balance; Inflation tax; Economic equilibrium; Asset; Crowding out (economics); Efficiency wage; Fiscal adjustment; Bank run; Substitution effect; Externality; Price controls; Monetarism; Policy; Real business-cycle theory; Disinflation; Cost Of Funds; Supply (economics); Fear of floating; Adjustable Peg; Excess burden of taxation; Precautionary savings; Debt; Market liquidity; Net interest margin; Financial accelerator; High-yield debt; Credit (finance); Capital control; AK model; Unemployment; Risk premium; Taylor rule; Rate Trigger; Fiscal gap; Core inflation; Optimal tax; Speculation; Deadweight loss; Information asymmetry; Macroprudential regulation; Monetary authority; Structural adjustment
Audience(s) for this book
For an expert adult audience, including professional development and academic research
