The Macroeconomics of Developing Countries: An Intermediate Textbook
This book provides a comprehensive discussion of the exogenous factors and macroeconomic policies that affect the business cycle, long term growth, and the distribution of income in developing countries
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Oxford
Oxford University Press, Incorporated
2020
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| Schlagworte: | |
| Zusammenfassung: | This book provides a comprehensive discussion of the exogenous factors and macroeconomic policies that affect the business cycle, long term growth, and the distribution of income in developing countries |
| Beschreibung: | 1 Online-Ressource (416 Seiten) |
| ISBN: | 9780192598684 |
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| 505 | 8 | |a Cover -- The Macroeconomics of Developing Countries: An Intermediate Textbook -- Copyright -- Dedication -- Preface -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- PART I: CONTEXT AND INSTRUMENTS OF STANDARD MACROECONOMICS: An Overview -- 1: Genesis, Context, Focus, and Accounting Relations of Standard Macroeconomics -- 1.1 Genesis and Focus of Macroeconomics -- Field of investigation and historical genesis -- Supply-side macroeconomics of potential growth over the long term -- Demand-side macroeconomic models of determination of the level of income over the short term -- Interaction between short- and long-term macroeconomics -- Representation of the functioning of the macroeconomy -- 1.2 Macroeconomic Accounting Relationships: A Reminder -- Accounting relations concerning GDP formation, uses and distribution -- Accounting relations concerning the balance of payments -- Accumulation and macro financial account -- 1.3 Measurement of National Account Aggregates -- 1.4 Evolution of Theoretical Approaches to Short-term Macroeconomics: A Bird's-eye View -- Classical macroeconomics -- Keynesian macroeconomics -- The neoclassical synthesis -- The revival of monetarism -- New classical macroeconomics -- Structuralist macroeconomics -- 1.5 Concluding Remarks -- References -- Suggested further reading -- 2: Long-term Supply-side Macro Models of Potential Growth -- 2.1 Long-term Growth: A Recent Phenomenon, still Poorly Understood -- 2.2 Stylized Facts about the GDP Growth Phenomenon -- Pace of growth -- Pattern of growth -- Growth instability and the business cycle -- Growth financing and the volatility of financial markets -- Growth and income inequality -- Growth convergence -- 2.3 Is GDP Growth the only Overarching Economic and Social Objective? -- 2.4 Underlying Causes of Long-term Growth: A Taxonomy of the Main Theories -- Luck | |
| 505 | 8 | |a Geography -- Institutions -- Culture -- Persistence of early evolutionary advantages -- 2.5 Classical Development Theory: A Reminder of its Main Insights -- Linear stages of growth -- Structural change and growth: the Lewis model -- Externalities, learning by doing, and increasing returns in the Lewis model -- Coordination failures and the Big Push theory -- 2.6 Exogenous Growth: The Harrod-Domar Model -- Growth of GDP -- Growth of GDP per capita -- Dynamic properties -- Poverty traps -- 2.7 Exogenous Growth: The Solow Model -- Historical background -- Basic features of the Solow model -- Solow's decomposition of the relative contribution to growth of each production factor -- Dynamic properties of the Solow model: the case of growth without technical progress -- Dynamic properties of the Solow model: the case of growth with technical progress -- Effect of a rise in the savings rate -- Optimal savings and golden rule -- Implications of the Solow model for convergence -- Advantages and limitations of the Solow model -- 2.8 The Enlarged Exogenous Solow Model of Mankiw-Romer-Weil -- 2.9 Endogenous Growth Models -- The Romer model of monopolistic competition with rents as a reward to innovation -- Aghion and Howitt's model of Schumpeterian creative destruction -- The endogenous unified growth theory -- 2.10 Comparing the Features and Predictions of the above Models -- 2.11 Concluding Remarks -- References -- Suggested further reading -- 3: Demand-side Models of Short-term Income Formation -- 3.1 The Consumption Function -- The Keynesian current income hypothesis -- The life-cycle income hypothesis -- The permanent income hypothesis -- A general neoclassical formulation of the consumption function -- 3.2 The Investment Function -- The accelerator approach -- The optimal capital stock approach -- The role of other explanatory variables | |
| 505 | 8 | |a 3.3 The Money Demand Function -- 3.4 The Keynesian Model of Aggregate Demand -- Standard analysis -- Impact of an increase in public expenditure -- Effect of a tax cut -- Conditions for the success of an expansionary fiscal policy -- 3.5 The IS-LM Model -- The goods market and the derivation of the IS (investment-saving) schedule -- Impact of fiscal policy on the IS schedule -- The money market and the derivation of the LM schedule -- Impact of monetary policy on the LM schedule -- Combining the IS and LM schedules in the IS-LM model -- Impact of fiscal policy on the income level and interest rate -- Impact of monetary policy on the income level and interest rate -- Interaction between monetary and fiscal policy -- Exogenous shocks in the IS-LM model -- 3.6 The AD-AS Model of Aggregate Demand and Supply -- Derivation of the AD schedule from the IS-LM model -- Slope and shifts of the AD schedule -- Derivation and shifts of the aggregate supply AS schedule -- AD-AS equilibrium, exogenous shocks, and the impact of policy interventions -- Effects of an expansionary monetary policy -- Effect of a decrease of autonomous demand -- Effect of an exogenous supply shock -- Differences of interpretation of the impact of policies when relying on a dynamic AS schedule -- 3.7 The Mundell-Fleming model -- Derivation of the BP schedule -- Formulation of the Mundell-Fleming model -- Impact of an expansionary fiscal policy under a flexible exchange rate regime -- Effects of an expansionary monetary policy under a flexible exchange rate regime -- Effects of an expansionary fiscal policy under a fixed exchange rate -- Effects of an expansionary monetary policy under a fixed exchange rate regime -- 3.8 Concluding Remarks -- References -- Suggested further reading -- PART II: ECONOMIC STRUCTURE AND LONG-TERM GROWTH IN DEVELOPING COUNTRIES. | |
| 505 | 8 | |a 4: Genesis of Development Macroeconomics and National Accounts in Developing Countries -- 4.1 Genesis of Development Macroeconomics in Low- income Countries -- 4.2 The Informal Economy and National Accounting Issues in Developing Countries -- A widespread self-consumption -- A not uncommon resort to bartering -- Unilateral unremunerated transactions -- A large monetized sector with unrecorded transactions -- 4.3 Statistical Errors in the Estimation of Economic Aggregates and the Impact of Policies -- High temporal-spatial price volatility -- A large volume of mixed-incomes -- Relative weight of public and private transfers -- The importance of migrant remittances -- 4.4 Accounting Problems in Estimating the Uses of GDP -- Changes in inventories -- Self-consumption and consumption volatility -- Unrecorded exports and imports -- Overall GDP estimation issues -- 4.5 Concluding Remarks -- References -- Suggested further reading -- 5: Long-term Growth and Inequality in Economies Relying on Land and Natural Resources -- 5.1 Resource Abundance and its Impact on Shortand Long-term Growth -- 5.2 Causes of the Economic Problems Faced by Resource-Rich Countries -- Falling and historically unstable terms of trade -- Nature of the production process in the resource sector -- Dutch Disease effects -- Impact of Dutch Disease on inequality and growth -- Political economy effects -- 5.3 A Neoclassical Long-term Growth Model in Countries Dependent on Non-reproducible Resources -- 5.4 Policies to Moderate the Problems of Resource-rich Countries -- 5.5 Concluding Remarks -- References -- Suggested further reading -- 6: Growth in Dualistic Economies with a Rigid Food Supply -- 6.1 Sources of Food Supply Rigidity in Developing Countries -- Limited modernization of agriculture when farmland per agricultural worker falls | |
| 505 | 8 | |a Infrastructural, climatic, and terms of trade effects -- Institutional factors and distributional conflicts -- Lack of incentive goods -- 6.2 Kalecki's Dual Economy Model -- 6.3 Concluding Remarks -- References -- Suggested further reading -- 7: Rapid Population Growth and Long-term Development -- 7.1 Long-term Population Dynamics -- 7.2 Population Growth during the Five Stages of the Demographic Transition -- 7.3 Population Growth and Economic Development -- Classical and neo-Malthusian theories -- Theories negating a negative relation between population and economic growth, or positing a positive relation between them -- Non-Malthusian theories positing a negative relation -- 7.4 Concluding Remarks -- References -- Suggested further reading -- 8: Long-term Growth in Developing Countries with a Large Informal Sector -- 8.1 Definition, Size, Composition, and Features of the Informal Sector -- 8.2 Interaction between the Formal and the Informal Economy -- 8.3 Causes of Informality -- 8.4 How does Informality Affect Economic Growth? -- Informal sector firms as victims of over-regulation -- Informal sector firms as a burden to the economy -- The dual economy view -- 8.5 The Loayza Model on the Impact of Informality on Growth -- 8.6 Measures to Improve the Productivity of the Informal Economy -- 8.7 Concluding Remarks -- References -- Suggested Further Reading -- 9: Balance of Payments-constrained Growth -- 9.1 Structural Features of the External Sector of Developing Countries -- 9.2 Current Account Balance and Growth: The Thirlwall Model -- Derivation of the Thirlwall model -- 9.3 Concluding Remarks -- References -- Suggested further reading -- 10: External Financing, Gap Models of Growth, and the Macroeconomics of Relying on Foreign Resources -- 10.1 Structure of Credit and Foreign Exchange Markets | |
| 505 | 8 | |a 10.2 The One-gap Model: the Revised Minimum Standard Model | |
| 520 | 3 | |a This book provides a comprehensive discussion of the exogenous factors and macroeconomic policies that affect the business cycle, long term growth, and the distribution of income in developing countries | |
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Datensatz im Suchindex
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| contents | Cover -- The Macroeconomics of Developing Countries: An Intermediate Textbook -- Copyright -- Dedication -- Preface -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- PART I: CONTEXT AND INSTRUMENTS OF STANDARD MACROECONOMICS: An Overview -- 1: Genesis, Context, Focus, and Accounting Relations of Standard Macroeconomics -- 1.1 Genesis and Focus of Macroeconomics -- Field of investigation and historical genesis -- Supply-side macroeconomics of potential growth over the long term -- Demand-side macroeconomic models of determination of the level of income over the short term -- Interaction between short- and long-term macroeconomics -- Representation of the functioning of the macroeconomy -- 1.2 Macroeconomic Accounting Relationships: A Reminder -- Accounting relations concerning GDP formation, uses and distribution -- Accounting relations concerning the balance of payments -- Accumulation and macro financial account -- 1.3 Measurement of National Account Aggregates -- 1.4 Evolution of Theoretical Approaches to Short-term Macroeconomics: A Bird's-eye View -- Classical macroeconomics -- Keynesian macroeconomics -- The neoclassical synthesis -- The revival of monetarism -- New classical macroeconomics -- Structuralist macroeconomics -- 1.5 Concluding Remarks -- References -- Suggested further reading -- 2: Long-term Supply-side Macro Models of Potential Growth -- 2.1 Long-term Growth: A Recent Phenomenon, still Poorly Understood -- 2.2 Stylized Facts about the GDP Growth Phenomenon -- Pace of growth -- Pattern of growth -- Growth instability and the business cycle -- Growth financing and the volatility of financial markets -- Growth and income inequality -- Growth convergence -- 2.3 Is GDP Growth the only Overarching Economic and Social Objective? -- 2.4 Underlying Causes of Long-term Growth: A Taxonomy of the Main Theories -- Luck Geography -- Institutions -- Culture -- Persistence of early evolutionary advantages -- 2.5 Classical Development Theory: A Reminder of its Main Insights -- Linear stages of growth -- Structural change and growth: the Lewis model -- Externalities, learning by doing, and increasing returns in the Lewis model -- Coordination failures and the Big Push theory -- 2.6 Exogenous Growth: The Harrod-Domar Model -- Growth of GDP -- Growth of GDP per capita -- Dynamic properties -- Poverty traps -- 2.7 Exogenous Growth: The Solow Model -- Historical background -- Basic features of the Solow model -- Solow's decomposition of the relative contribution to growth of each production factor -- Dynamic properties of the Solow model: the case of growth without technical progress -- Dynamic properties of the Solow model: the case of growth with technical progress -- Effect of a rise in the savings rate -- Optimal savings and golden rule -- Implications of the Solow model for convergence -- Advantages and limitations of the Solow model -- 2.8 The Enlarged Exogenous Solow Model of Mankiw-Romer-Weil -- 2.9 Endogenous Growth Models -- The Romer model of monopolistic competition with rents as a reward to innovation -- Aghion and Howitt's model of Schumpeterian creative destruction -- The endogenous unified growth theory -- 2.10 Comparing the Features and Predictions of the above Models -- 2.11 Concluding Remarks -- References -- Suggested further reading -- 3: Demand-side Models of Short-term Income Formation -- 3.1 The Consumption Function -- The Keynesian current income hypothesis -- The life-cycle income hypothesis -- The permanent income hypothesis -- A general neoclassical formulation of the consumption function -- 3.2 The Investment Function -- The accelerator approach -- The optimal capital stock approach -- The role of other explanatory variables 3.3 The Money Demand Function -- 3.4 The Keynesian Model of Aggregate Demand -- Standard analysis -- Impact of an increase in public expenditure -- Effect of a tax cut -- Conditions for the success of an expansionary fiscal policy -- 3.5 The IS-LM Model -- The goods market and the derivation of the IS (investment-saving) schedule -- Impact of fiscal policy on the IS schedule -- The money market and the derivation of the LM schedule -- Impact of monetary policy on the LM schedule -- Combining the IS and LM schedules in the IS-LM model -- Impact of fiscal policy on the income level and interest rate -- Impact of monetary policy on the income level and interest rate -- Interaction between monetary and fiscal policy -- Exogenous shocks in the IS-LM model -- 3.6 The AD-AS Model of Aggregate Demand and Supply -- Derivation of the AD schedule from the IS-LM model -- Slope and shifts of the AD schedule -- Derivation and shifts of the aggregate supply AS schedule -- AD-AS equilibrium, exogenous shocks, and the impact of policy interventions -- Effects of an expansionary monetary policy -- Effect of a decrease of autonomous demand -- Effect of an exogenous supply shock -- Differences of interpretation of the impact of policies when relying on a dynamic AS schedule -- 3.7 The Mundell-Fleming model -- Derivation of the BP schedule -- Formulation of the Mundell-Fleming model -- Impact of an expansionary fiscal policy under a flexible exchange rate regime -- Effects of an expansionary monetary policy under a flexible exchange rate regime -- Effects of an expansionary fiscal policy under a fixed exchange rate -- Effects of an expansionary monetary policy under a fixed exchange rate regime -- 3.8 Concluding Remarks -- References -- Suggested further reading -- PART II: ECONOMIC STRUCTURE AND LONG-TERM GROWTH IN DEVELOPING COUNTRIES. 4: Genesis of Development Macroeconomics and National Accounts in Developing Countries -- 4.1 Genesis of Development Macroeconomics in Low- income Countries -- 4.2 The Informal Economy and National Accounting Issues in Developing Countries -- A widespread self-consumption -- A not uncommon resort to bartering -- Unilateral unremunerated transactions -- A large monetized sector with unrecorded transactions -- 4.3 Statistical Errors in the Estimation of Economic Aggregates and the Impact of Policies -- High temporal-spatial price volatility -- A large volume of mixed-incomes -- Relative weight of public and private transfers -- The importance of migrant remittances -- 4.4 Accounting Problems in Estimating the Uses of GDP -- Changes in inventories -- Self-consumption and consumption volatility -- Unrecorded exports and imports -- Overall GDP estimation issues -- 4.5 Concluding Remarks -- References -- Suggested further reading -- 5: Long-term Growth and Inequality in Economies Relying on Land and Natural Resources -- 5.1 Resource Abundance and its Impact on Shortand Long-term Growth -- 5.2 Causes of the Economic Problems Faced by Resource-Rich Countries -- Falling and historically unstable terms of trade -- Nature of the production process in the resource sector -- Dutch Disease effects -- Impact of Dutch Disease on inequality and growth -- Political economy effects -- 5.3 A Neoclassical Long-term Growth Model in Countries Dependent on Non-reproducible Resources -- 5.4 Policies to Moderate the Problems of Resource-rich Countries -- 5.5 Concluding Remarks -- References -- Suggested further reading -- 6: Growth in Dualistic Economies with a Rigid Food Supply -- 6.1 Sources of Food Supply Rigidity in Developing Countries -- Limited modernization of agriculture when farmland per agricultural worker falls Infrastructural, climatic, and terms of trade effects -- Institutional factors and distributional conflicts -- Lack of incentive goods -- 6.2 Kalecki's Dual Economy Model -- 6.3 Concluding Remarks -- References -- Suggested further reading -- 7: Rapid Population Growth and Long-term Development -- 7.1 Long-term Population Dynamics -- 7.2 Population Growth during the Five Stages of the Demographic Transition -- 7.3 Population Growth and Economic Development -- Classical and neo-Malthusian theories -- Theories negating a negative relation between population and economic growth, or positing a positive relation between them -- Non-Malthusian theories positing a negative relation -- 7.4 Concluding Remarks -- References -- Suggested further reading -- 8: Long-term Growth in Developing Countries with a Large Informal Sector -- 8.1 Definition, Size, Composition, and Features of the Informal Sector -- 8.2 Interaction between the Formal and the Informal Economy -- 8.3 Causes of Informality -- 8.4 How does Informality Affect Economic Growth? -- Informal sector firms as victims of over-regulation -- Informal sector firms as a burden to the economy -- The dual economy view -- 8.5 The Loayza Model on the Impact of Informality on Growth -- 8.6 Measures to Improve the Productivity of the Informal Economy -- 8.7 Concluding Remarks -- References -- Suggested Further Reading -- 9: Balance of Payments-constrained Growth -- 9.1 Structural Features of the External Sector of Developing Countries -- 9.2 Current Account Balance and Growth: The Thirlwall Model -- Derivation of the Thirlwall model -- 9.3 Concluding Remarks -- References -- Suggested further reading -- 10: External Financing, Gap Models of Growth, and the Macroeconomics of Relying on Foreign Resources -- 10.1 Structure of Credit and Foreign Exchange Markets 10.2 The One-gap Model: the Revised Minimum Standard Model |
| ctrlnum | (ZDB-30-PQE)EBC6132398 (ZDB-30-PAD)EBC6132398 (ZDB-89-EBL)EBL6132398 (OCoLC)1145564843 (DE-599)BVBBV048410143 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
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code="b">Oxford University Press, Incorporated</subfield><subfield code="c">2020</subfield></datafield><datafield tag="264" ind1=" " ind2="4"><subfield code="c">©2020</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (416 Seiten)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">Cover -- The Macroeconomics of Developing Countries: An Intermediate Textbook -- Copyright -- Dedication -- Preface -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- PART I: CONTEXT AND INSTRUMENTS OF STANDARD MACROECONOMICS: An Overview -- 1: Genesis, Context, Focus, and Accounting Relations of Standard Macroeconomics -- 1.1 Genesis and Focus of Macroeconomics -- Field of investigation and historical genesis -- Supply-side macroeconomics of potential growth over the long term -- Demand-side macroeconomic models of determination of the level of income over the short term -- Interaction between short- and long-term macroeconomics -- Representation of the functioning of the macroeconomy -- 1.2 Macroeconomic Accounting Relationships: A Reminder -- Accounting relations concerning GDP formation, uses and distribution -- Accounting relations concerning the balance of payments -- Accumulation and macro financial account -- 1.3 Measurement of National Account Aggregates -- 1.4 Evolution of Theoretical Approaches to Short-term Macroeconomics: A Bird's-eye View -- Classical macroeconomics -- Keynesian macroeconomics -- The neoclassical synthesis -- The revival of monetarism -- New classical macroeconomics -- Structuralist macroeconomics -- 1.5 Concluding Remarks -- References -- Suggested further reading -- 2: Long-term Supply-side Macro Models of Potential Growth -- 2.1 Long-term Growth: A Recent Phenomenon, still Poorly Understood -- 2.2 Stylized Facts about the GDP Growth Phenomenon -- Pace of growth -- Pattern of growth -- Growth instability and the business cycle -- Growth financing and the volatility of financial markets -- Growth and income inequality -- Growth convergence -- 2.3 Is GDP Growth the only Overarching Economic and Social Objective? -- 2.4 Underlying Causes of Long-term Growth: A Taxonomy of the Main Theories -- Luck</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">Geography -- Institutions -- Culture -- Persistence of early evolutionary advantages -- 2.5 Classical Development Theory: A Reminder of its Main Insights -- Linear stages of growth -- Structural change and growth: the Lewis model -- Externalities, learning by doing, and increasing returns in the Lewis model -- Coordination failures and the Big Push theory -- 2.6 Exogenous Growth: The Harrod-Domar Model -- Growth of GDP -- Growth of GDP per capita -- Dynamic properties -- Poverty traps -- 2.7 Exogenous Growth: The Solow Model -- Historical background -- Basic features of the Solow model -- Solow's decomposition of the relative contribution to growth of each production factor -- Dynamic properties of the Solow model: the case of growth without technical progress -- Dynamic properties of the Solow model: the case of growth with technical progress -- Effect of a rise in the savings rate -- Optimal savings and golden rule -- Implications of the Solow model for convergence -- Advantages and limitations of the Solow model -- 2.8 The Enlarged Exogenous Solow Model of Mankiw-Romer-Weil -- 2.9 Endogenous Growth Models -- The Romer model of monopolistic competition with rents as a reward to innovation -- Aghion and Howitt's model of Schumpeterian creative destruction -- The endogenous unified growth theory -- 2.10 Comparing the Features and Predictions of the above Models -- 2.11 Concluding Remarks -- References -- Suggested further reading -- 3: Demand-side Models of Short-term Income Formation -- 3.1 The Consumption Function -- The Keynesian current income hypothesis -- The life-cycle income hypothesis -- The permanent income hypothesis -- A general neoclassical formulation of the consumption function -- 3.2 The Investment Function -- The accelerator approach -- The optimal capital stock approach -- The role of other explanatory variables</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">3.3 The Money Demand Function -- 3.4 The Keynesian Model of Aggregate Demand -- Standard analysis -- Impact of an increase in public expenditure -- Effect of a tax cut -- Conditions for the success of an expansionary fiscal policy -- 3.5 The IS-LM Model -- The goods market and the derivation of the IS (investment-saving) schedule -- Impact of fiscal policy on the IS schedule -- The money market and the derivation of the LM schedule -- Impact of monetary policy on the LM schedule -- Combining the IS and LM schedules in the IS-LM model -- Impact of fiscal policy on the income level and interest rate -- Impact of monetary policy on the income level and interest rate -- Interaction between monetary and fiscal policy -- Exogenous shocks in the IS-LM model -- 3.6 The AD-AS Model of Aggregate Demand and Supply -- Derivation of the AD schedule from the IS-LM model -- Slope and shifts of the AD schedule -- Derivation and shifts of the aggregate supply AS schedule -- AD-AS equilibrium, exogenous shocks, and the impact of policy interventions -- Effects of an expansionary monetary policy -- Effect of a decrease of autonomous demand -- Effect of an exogenous supply shock -- Differences of interpretation of the impact of policies when relying on a dynamic AS schedule -- 3.7 The Mundell-Fleming model -- Derivation of the BP schedule -- Formulation of the Mundell-Fleming model -- Impact of an expansionary fiscal policy under a flexible exchange rate regime -- Effects of an expansionary monetary policy under a flexible exchange rate regime -- Effects of an expansionary fiscal policy under a fixed exchange rate -- Effects of an expansionary monetary policy under a fixed exchange rate regime -- 3.8 Concluding Remarks -- References -- Suggested further reading -- PART II: ECONOMIC STRUCTURE AND LONG-TERM GROWTH IN DEVELOPING COUNTRIES.</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">4: Genesis of Development Macroeconomics and National Accounts in Developing Countries -- 4.1 Genesis of Development Macroeconomics in Low- income Countries -- 4.2 The Informal Economy and National Accounting Issues in Developing Countries -- A widespread self-consumption -- A not uncommon resort to bartering -- Unilateral unremunerated transactions -- A large monetized sector with unrecorded transactions -- 4.3 Statistical Errors in the Estimation of Economic Aggregates and the Impact of Policies -- High temporal-spatial price volatility -- A large volume of mixed-incomes -- Relative weight of public and private transfers -- The importance of migrant remittances -- 4.4 Accounting Problems in Estimating the Uses of GDP -- Changes in inventories -- Self-consumption and consumption volatility -- Unrecorded exports and imports -- Overall GDP estimation issues -- 4.5 Concluding Remarks -- References -- Suggested further reading -- 5: Long-term Growth and Inequality in Economies Relying on Land and Natural Resources -- 5.1 Resource Abundance and its Impact on Shortand Long-term Growth -- 5.2 Causes of the Economic Problems Faced by Resource-Rich Countries -- Falling and historically unstable terms of trade -- Nature of the production process in the resource sector -- Dutch Disease effects -- Impact of Dutch Disease on inequality and growth -- Political economy effects -- 5.3 A Neoclassical Long-term Growth Model in Countries Dependent on Non-reproducible Resources -- 5.4 Policies to Moderate the Problems of Resource-rich Countries -- 5.5 Concluding Remarks -- References -- Suggested further reading -- 6: Growth in Dualistic Economies with a Rigid Food Supply -- 6.1 Sources of Food Supply Rigidity in Developing Countries -- Limited modernization of agriculture when farmland per agricultural worker falls</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">Infrastructural, climatic, and terms of trade effects -- Institutional factors and distributional conflicts -- Lack of incentive goods -- 6.2 Kalecki's Dual Economy Model -- 6.3 Concluding Remarks -- References -- Suggested further reading -- 7: Rapid Population Growth and Long-term Development -- 7.1 Long-term Population Dynamics -- 7.2 Population Growth during the Five Stages of the Demographic Transition -- 7.3 Population Growth and Economic Development -- Classical and neo-Malthusian theories -- Theories negating a negative relation between population and economic growth, or positing a positive relation between them -- Non-Malthusian theories positing a negative relation -- 7.4 Concluding Remarks -- References -- Suggested further reading -- 8: Long-term Growth in Developing Countries with a Large Informal Sector -- 8.1 Definition, Size, Composition, and Features of the Informal Sector -- 8.2 Interaction between the Formal and the Informal Economy -- 8.3 Causes of Informality -- 8.4 How does Informality Affect Economic Growth? -- Informal sector firms as victims of over-regulation -- Informal sector firms as a burden to the economy -- The dual economy view -- 8.5 The Loayza Model on the Impact of Informality on Growth -- 8.6 Measures to Improve the Productivity of the Informal Economy -- 8.7 Concluding Remarks -- References -- Suggested Further Reading -- 9: Balance of Payments-constrained Growth -- 9.1 Structural Features of the External Sector of Developing Countries -- 9.2 Current Account Balance and Growth: The Thirlwall Model -- Derivation of the Thirlwall model -- 9.3 Concluding Remarks -- References -- Suggested further reading -- 10: External Financing, Gap Models of Growth, and the Macroeconomics of Relying on Foreign Resources -- 10.1 Structure of Credit and Foreign Exchange Markets</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">10.2 The One-gap Model: the Revised Minimum Standard Model</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">This book provides a comprehensive discussion of the exogenous factors and macroeconomic policies that affect the business cycle, long term growth, and the distribution of income in developing countries</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Macroeconomics</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Makroökonomie</subfield><subfield code="0">(DE-588)4037174-8</subfield><subfield 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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| geographic | Entwicklungsländer (DE-588)4014954-7 gnd |
| geographic_facet | Entwicklungsländer |
| id | DE-604.BV048410143 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:24:41Z |
| indexdate | 2024-07-10T09:37:26Z |
| institution | BVB |
| isbn | 9780192598684 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033788605 |
| oclc_num | 1145564843 |
| open_access_boolean | |
| physical | 1 Online-Ressource (416 Seiten) |
| psigel | ZDB-30-PQE |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | Oxford University Press, Incorporated |
| record_format | marc |
| spelling | Cornia, Giovanni Andrea Verfasser aut The Macroeconomics of Developing Countries An Intermediate Textbook Oxford Oxford University Press, Incorporated 2020 ©2020 1 Online-Ressource (416 Seiten) txt rdacontent c rdamedia cr rdacarrier Cover -- The Macroeconomics of Developing Countries: An Intermediate Textbook -- Copyright -- Dedication -- Preface -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- PART I: CONTEXT AND INSTRUMENTS OF STANDARD MACROECONOMICS: An Overview -- 1: Genesis, Context, Focus, and Accounting Relations of Standard Macroeconomics -- 1.1 Genesis and Focus of Macroeconomics -- Field of investigation and historical genesis -- Supply-side macroeconomics of potential growth over the long term -- Demand-side macroeconomic models of determination of the level of income over the short term -- Interaction between short- and long-term macroeconomics -- Representation of the functioning of the macroeconomy -- 1.2 Macroeconomic Accounting Relationships: A Reminder -- Accounting relations concerning GDP formation, uses and distribution -- Accounting relations concerning the balance of payments -- Accumulation and macro financial account -- 1.3 Measurement of National Account Aggregates -- 1.4 Evolution of Theoretical Approaches to Short-term Macroeconomics: A Bird's-eye View -- Classical macroeconomics -- Keynesian macroeconomics -- The neoclassical synthesis -- The revival of monetarism -- New classical macroeconomics -- Structuralist macroeconomics -- 1.5 Concluding Remarks -- References -- Suggested further reading -- 2: Long-term Supply-side Macro Models of Potential Growth -- 2.1 Long-term Growth: A Recent Phenomenon, still Poorly Understood -- 2.2 Stylized Facts about the GDP Growth Phenomenon -- Pace of growth -- Pattern of growth -- Growth instability and the business cycle -- Growth financing and the volatility of financial markets -- Growth and income inequality -- Growth convergence -- 2.3 Is GDP Growth the only Overarching Economic and Social Objective? -- 2.4 Underlying Causes of Long-term Growth: A Taxonomy of the Main Theories -- Luck Geography -- Institutions -- Culture -- Persistence of early evolutionary advantages -- 2.5 Classical Development Theory: A Reminder of its Main Insights -- Linear stages of growth -- Structural change and growth: the Lewis model -- Externalities, learning by doing, and increasing returns in the Lewis model -- Coordination failures and the Big Push theory -- 2.6 Exogenous Growth: The Harrod-Domar Model -- Growth of GDP -- Growth of GDP per capita -- Dynamic properties -- Poverty traps -- 2.7 Exogenous Growth: The Solow Model -- Historical background -- Basic features of the Solow model -- Solow's decomposition of the relative contribution to growth of each production factor -- Dynamic properties of the Solow model: the case of growth without technical progress -- Dynamic properties of the Solow model: the case of growth with technical progress -- Effect of a rise in the savings rate -- Optimal savings and golden rule -- Implications of the Solow model for convergence -- Advantages and limitations of the Solow model -- 2.8 The Enlarged Exogenous Solow Model of Mankiw-Romer-Weil -- 2.9 Endogenous Growth Models -- The Romer model of monopolistic competition with rents as a reward to innovation -- Aghion and Howitt's model of Schumpeterian creative destruction -- The endogenous unified growth theory -- 2.10 Comparing the Features and Predictions of the above Models -- 2.11 Concluding Remarks -- References -- Suggested further reading -- 3: Demand-side Models of Short-term Income Formation -- 3.1 The Consumption Function -- The Keynesian current income hypothesis -- The life-cycle income hypothesis -- The permanent income hypothesis -- A general neoclassical formulation of the consumption function -- 3.2 The Investment Function -- The accelerator approach -- The optimal capital stock approach -- The role of other explanatory variables 3.3 The Money Demand Function -- 3.4 The Keynesian Model of Aggregate Demand -- Standard analysis -- Impact of an increase in public expenditure -- Effect of a tax cut -- Conditions for the success of an expansionary fiscal policy -- 3.5 The IS-LM Model -- The goods market and the derivation of the IS (investment-saving) schedule -- Impact of fiscal policy on the IS schedule -- The money market and the derivation of the LM schedule -- Impact of monetary policy on the LM schedule -- Combining the IS and LM schedules in the IS-LM model -- Impact of fiscal policy on the income level and interest rate -- Impact of monetary policy on the income level and interest rate -- Interaction between monetary and fiscal policy -- Exogenous shocks in the IS-LM model -- 3.6 The AD-AS Model of Aggregate Demand and Supply -- Derivation of the AD schedule from the IS-LM model -- Slope and shifts of the AD schedule -- Derivation and shifts of the aggregate supply AS schedule -- AD-AS equilibrium, exogenous shocks, and the impact of policy interventions -- Effects of an expansionary monetary policy -- Effect of a decrease of autonomous demand -- Effect of an exogenous supply shock -- Differences of interpretation of the impact of policies when relying on a dynamic AS schedule -- 3.7 The Mundell-Fleming model -- Derivation of the BP schedule -- Formulation of the Mundell-Fleming model -- Impact of an expansionary fiscal policy under a flexible exchange rate regime -- Effects of an expansionary monetary policy under a flexible exchange rate regime -- Effects of an expansionary fiscal policy under a fixed exchange rate -- Effects of an expansionary monetary policy under a fixed exchange rate regime -- 3.8 Concluding Remarks -- References -- Suggested further reading -- PART II: ECONOMIC STRUCTURE AND LONG-TERM GROWTH IN DEVELOPING COUNTRIES. 4: Genesis of Development Macroeconomics and National Accounts in Developing Countries -- 4.1 Genesis of Development Macroeconomics in Low- income Countries -- 4.2 The Informal Economy and National Accounting Issues in Developing Countries -- A widespread self-consumption -- A not uncommon resort to bartering -- Unilateral unremunerated transactions -- A large monetized sector with unrecorded transactions -- 4.3 Statistical Errors in the Estimation of Economic Aggregates and the Impact of Policies -- High temporal-spatial price volatility -- A large volume of mixed-incomes -- Relative weight of public and private transfers -- The importance of migrant remittances -- 4.4 Accounting Problems in Estimating the Uses of GDP -- Changes in inventories -- Self-consumption and consumption volatility -- Unrecorded exports and imports -- Overall GDP estimation issues -- 4.5 Concluding Remarks -- References -- Suggested further reading -- 5: Long-term Growth and Inequality in Economies Relying on Land and Natural Resources -- 5.1 Resource Abundance and its Impact on Shortand Long-term Growth -- 5.2 Causes of the Economic Problems Faced by Resource-Rich Countries -- Falling and historically unstable terms of trade -- Nature of the production process in the resource sector -- Dutch Disease effects -- Impact of Dutch Disease on inequality and growth -- Political economy effects -- 5.3 A Neoclassical Long-term Growth Model in Countries Dependent on Non-reproducible Resources -- 5.4 Policies to Moderate the Problems of Resource-rich Countries -- 5.5 Concluding Remarks -- References -- Suggested further reading -- 6: Growth in Dualistic Economies with a Rigid Food Supply -- 6.1 Sources of Food Supply Rigidity in Developing Countries -- Limited modernization of agriculture when farmland per agricultural worker falls Infrastructural, climatic, and terms of trade effects -- Institutional factors and distributional conflicts -- Lack of incentive goods -- 6.2 Kalecki's Dual Economy Model -- 6.3 Concluding Remarks -- References -- Suggested further reading -- 7: Rapid Population Growth and Long-term Development -- 7.1 Long-term Population Dynamics -- 7.2 Population Growth during the Five Stages of the Demographic Transition -- 7.3 Population Growth and Economic Development -- Classical and neo-Malthusian theories -- Theories negating a negative relation between population and economic growth, or positing a positive relation between them -- Non-Malthusian theories positing a negative relation -- 7.4 Concluding Remarks -- References -- Suggested further reading -- 8: Long-term Growth in Developing Countries with a Large Informal Sector -- 8.1 Definition, Size, Composition, and Features of the Informal Sector -- 8.2 Interaction between the Formal and the Informal Economy -- 8.3 Causes of Informality -- 8.4 How does Informality Affect Economic Growth? -- Informal sector firms as victims of over-regulation -- Informal sector firms as a burden to the economy -- The dual economy view -- 8.5 The Loayza Model on the Impact of Informality on Growth -- 8.6 Measures to Improve the Productivity of the Informal Economy -- 8.7 Concluding Remarks -- References -- Suggested Further Reading -- 9: Balance of Payments-constrained Growth -- 9.1 Structural Features of the External Sector of Developing Countries -- 9.2 Current Account Balance and Growth: The Thirlwall Model -- Derivation of the Thirlwall model -- 9.3 Concluding Remarks -- References -- Suggested further reading -- 10: External Financing, Gap Models of Growth, and the Macroeconomics of Relying on Foreign Resources -- 10.1 Structure of Credit and Foreign Exchange Markets 10.2 The One-gap Model: the Revised Minimum Standard Model This book provides a comprehensive discussion of the exogenous factors and macroeconomic policies that affect the business cycle, long term growth, and the distribution of income in developing countries Macroeconomics Makroökonomie (DE-588)4037174-8 gnd rswk-swf Entwicklungsländer (DE-588)4014954-7 gnd rswk-swf Electronic books (DE-588)4123623-3 Lehrbuch gnd-content Entwicklungsländer (DE-588)4014954-7 g Makroökonomie (DE-588)4037174-8 s DE-604 Erscheint auch als Druck-Ausgabe Cornia, Giovanni Andrea The Macroeconomics of Developing Countries Oxford : Oxford University Press, Incorporated,c2020 9780198856672 |
| spellingShingle | Cornia, Giovanni Andrea The Macroeconomics of Developing Countries An Intermediate Textbook Cover -- The Macroeconomics of Developing Countries: An Intermediate Textbook -- Copyright -- Dedication -- Preface -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- PART I: CONTEXT AND INSTRUMENTS OF STANDARD MACROECONOMICS: An Overview -- 1: Genesis, Context, Focus, and Accounting Relations of Standard Macroeconomics -- 1.1 Genesis and Focus of Macroeconomics -- Field of investigation and historical genesis -- Supply-side macroeconomics of potential growth over the long term -- Demand-side macroeconomic models of determination of the level of income over the short term -- Interaction between short- and long-term macroeconomics -- Representation of the functioning of the macroeconomy -- 1.2 Macroeconomic Accounting Relationships: A Reminder -- Accounting relations concerning GDP formation, uses and distribution -- Accounting relations concerning the balance of payments -- Accumulation and macro financial account -- 1.3 Measurement of National Account Aggregates -- 1.4 Evolution of Theoretical Approaches to Short-term Macroeconomics: A Bird's-eye View -- Classical macroeconomics -- Keynesian macroeconomics -- The neoclassical synthesis -- The revival of monetarism -- New classical macroeconomics -- Structuralist macroeconomics -- 1.5 Concluding Remarks -- References -- Suggested further reading -- 2: Long-term Supply-side Macro Models of Potential Growth -- 2.1 Long-term Growth: A Recent Phenomenon, still Poorly Understood -- 2.2 Stylized Facts about the GDP Growth Phenomenon -- Pace of growth -- Pattern of growth -- Growth instability and the business cycle -- Growth financing and the volatility of financial markets -- Growth and income inequality -- Growth convergence -- 2.3 Is GDP Growth the only Overarching Economic and Social Objective? -- 2.4 Underlying Causes of Long-term Growth: A Taxonomy of the Main Theories -- Luck Geography -- Institutions -- Culture -- Persistence of early evolutionary advantages -- 2.5 Classical Development Theory: A Reminder of its Main Insights -- Linear stages of growth -- Structural change and growth: the Lewis model -- Externalities, learning by doing, and increasing returns in the Lewis model -- Coordination failures and the Big Push theory -- 2.6 Exogenous Growth: The Harrod-Domar Model -- Growth of GDP -- Growth of GDP per capita -- Dynamic properties -- Poverty traps -- 2.7 Exogenous Growth: The Solow Model -- Historical background -- Basic features of the Solow model -- Solow's decomposition of the relative contribution to growth of each production factor -- Dynamic properties of the Solow model: the case of growth without technical progress -- Dynamic properties of the Solow model: the case of growth with technical progress -- Effect of a rise in the savings rate -- Optimal savings and golden rule -- Implications of the Solow model for convergence -- Advantages and limitations of the Solow model -- 2.8 The Enlarged Exogenous Solow Model of Mankiw-Romer-Weil -- 2.9 Endogenous Growth Models -- The Romer model of monopolistic competition with rents as a reward to innovation -- Aghion and Howitt's model of Schumpeterian creative destruction -- The endogenous unified growth theory -- 2.10 Comparing the Features and Predictions of the above Models -- 2.11 Concluding Remarks -- References -- Suggested further reading -- 3: Demand-side Models of Short-term Income Formation -- 3.1 The Consumption Function -- The Keynesian current income hypothesis -- The life-cycle income hypothesis -- The permanent income hypothesis -- A general neoclassical formulation of the consumption function -- 3.2 The Investment Function -- The accelerator approach -- The optimal capital stock approach -- The role of other explanatory variables 3.3 The Money Demand Function -- 3.4 The Keynesian Model of Aggregate Demand -- Standard analysis -- Impact of an increase in public expenditure -- Effect of a tax cut -- Conditions for the success of an expansionary fiscal policy -- 3.5 The IS-LM Model -- The goods market and the derivation of the IS (investment-saving) schedule -- Impact of fiscal policy on the IS schedule -- The money market and the derivation of the LM schedule -- Impact of monetary policy on the LM schedule -- Combining the IS and LM schedules in the IS-LM model -- Impact of fiscal policy on the income level and interest rate -- Impact of monetary policy on the income level and interest rate -- Interaction between monetary and fiscal policy -- Exogenous shocks in the IS-LM model -- 3.6 The AD-AS Model of Aggregate Demand and Supply -- Derivation of the AD schedule from the IS-LM model -- Slope and shifts of the AD schedule -- Derivation and shifts of the aggregate supply AS schedule -- AD-AS equilibrium, exogenous shocks, and the impact of policy interventions -- Effects of an expansionary monetary policy -- Effect of a decrease of autonomous demand -- Effect of an exogenous supply shock -- Differences of interpretation of the impact of policies when relying on a dynamic AS schedule -- 3.7 The Mundell-Fleming model -- Derivation of the BP schedule -- Formulation of the Mundell-Fleming model -- Impact of an expansionary fiscal policy under a flexible exchange rate regime -- Effects of an expansionary monetary policy under a flexible exchange rate regime -- Effects of an expansionary fiscal policy under a fixed exchange rate -- Effects of an expansionary monetary policy under a fixed exchange rate regime -- 3.8 Concluding Remarks -- References -- Suggested further reading -- PART II: ECONOMIC STRUCTURE AND LONG-TERM GROWTH IN DEVELOPING COUNTRIES. 4: Genesis of Development Macroeconomics and National Accounts in Developing Countries -- 4.1 Genesis of Development Macroeconomics in Low- income Countries -- 4.2 The Informal Economy and National Accounting Issues in Developing Countries -- A widespread self-consumption -- A not uncommon resort to bartering -- Unilateral unremunerated transactions -- A large monetized sector with unrecorded transactions -- 4.3 Statistical Errors in the Estimation of Economic Aggregates and the Impact of Policies -- High temporal-spatial price volatility -- A large volume of mixed-incomes -- Relative weight of public and private transfers -- The importance of migrant remittances -- 4.4 Accounting Problems in Estimating the Uses of GDP -- Changes in inventories -- Self-consumption and consumption volatility -- Unrecorded exports and imports -- Overall GDP estimation issues -- 4.5 Concluding Remarks -- References -- Suggested further reading -- 5: Long-term Growth and Inequality in Economies Relying on Land and Natural Resources -- 5.1 Resource Abundance and its Impact on Shortand Long-term Growth -- 5.2 Causes of the Economic Problems Faced by Resource-Rich Countries -- Falling and historically unstable terms of trade -- Nature of the production process in the resource sector -- Dutch Disease effects -- Impact of Dutch Disease on inequality and growth -- Political economy effects -- 5.3 A Neoclassical Long-term Growth Model in Countries Dependent on Non-reproducible Resources -- 5.4 Policies to Moderate the Problems of Resource-rich Countries -- 5.5 Concluding Remarks -- References -- Suggested further reading -- 6: Growth in Dualistic Economies with a Rigid Food Supply -- 6.1 Sources of Food Supply Rigidity in Developing Countries -- Limited modernization of agriculture when farmland per agricultural worker falls Infrastructural, climatic, and terms of trade effects -- Institutional factors and distributional conflicts -- Lack of incentive goods -- 6.2 Kalecki's Dual Economy Model -- 6.3 Concluding Remarks -- References -- Suggested further reading -- 7: Rapid Population Growth and Long-term Development -- 7.1 Long-term Population Dynamics -- 7.2 Population Growth during the Five Stages of the Demographic Transition -- 7.3 Population Growth and Economic Development -- Classical and neo-Malthusian theories -- Theories negating a negative relation between population and economic growth, or positing a positive relation between them -- Non-Malthusian theories positing a negative relation -- 7.4 Concluding Remarks -- References -- Suggested further reading -- 8: Long-term Growth in Developing Countries with a Large Informal Sector -- 8.1 Definition, Size, Composition, and Features of the Informal Sector -- 8.2 Interaction between the Formal and the Informal Economy -- 8.3 Causes of Informality -- 8.4 How does Informality Affect Economic Growth? -- Informal sector firms as victims of over-regulation -- Informal sector firms as a burden to the economy -- The dual economy view -- 8.5 The Loayza Model on the Impact of Informality on Growth -- 8.6 Measures to Improve the Productivity of the Informal Economy -- 8.7 Concluding Remarks -- References -- Suggested Further Reading -- 9: Balance of Payments-constrained Growth -- 9.1 Structural Features of the External Sector of Developing Countries -- 9.2 Current Account Balance and Growth: The Thirlwall Model -- Derivation of the Thirlwall model -- 9.3 Concluding Remarks -- References -- Suggested further reading -- 10: External Financing, Gap Models of Growth, and the Macroeconomics of Relying on Foreign Resources -- 10.1 Structure of Credit and Foreign Exchange Markets 10.2 The One-gap Model: the Revised Minimum Standard Model Macroeconomics Makroökonomie (DE-588)4037174-8 gnd |
| subject_GND | (DE-588)4037174-8 (DE-588)4014954-7 (DE-588)4123623-3 |
| title | The Macroeconomics of Developing Countries An Intermediate Textbook |
| title_auth | The Macroeconomics of Developing Countries An Intermediate Textbook |
| title_exact_search | The Macroeconomics of Developing Countries An Intermediate Textbook |
| title_exact_search_txtP | The Macroeconomics of Developing Countries An Intermediate Textbook |
| title_full | The Macroeconomics of Developing Countries An Intermediate Textbook |
| title_fullStr | The Macroeconomics of Developing Countries An Intermediate Textbook |
| title_full_unstemmed | The Macroeconomics of Developing Countries An Intermediate Textbook |
| title_short | The Macroeconomics of Developing Countries |
| title_sort | the macroeconomics of developing countries an intermediate textbook |
| title_sub | An Intermediate Textbook |
| topic | Macroeconomics Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Macroeconomics Makroökonomie Entwicklungsländer Lehrbuch |
| work_keys_str_mv | AT corniagiovanniandrea themacroeconomicsofdevelopingcountriesanintermediatetextbook |