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9780198286202

Controlled Open Economies A Neoclassical Approach to Structuralism

by ; ; ; ;
  • ISBN13:

    9780198286202

  • ISBN10:

    0198286201

  • Format: Hardcover
  • Copyright: 1991-01-17
  • Publisher: Oxford University Press
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List Price: $104.53

Summary

This book develops macroeconomic theory for small open economies characterized by the sort of controls which make much of existing neoclassical economics inapplicable to developing countries. It distinguishes between sustainable combinations of policies and incompatible control regimes. The authors analyze the changes needed to maintain compatibility and the consequences of failing to do so. They also consider optimal investments in response to a temporary shock. The second half of the book contains an analysis of two temporary trade shocks in Africa, in both compatible and incompatible control regimes, demonstrating the applicability of the theory. It shows that in a compatible regime, the regime and the fiscal response to changes in revenue may make the reaction to a shock grossly inefficient. Under incompatibility, an economy exposed to a negative shock may go into steep decline, while responses to conventional policies may be reversed.

Table of Contents

Acknowledgementsp. v
Introductionp. 1
The Theory of Controlled Open Economiesp. 5
Compatible Control Regimesp. 7
Appendix Compatible: Trade and Fiscal Policies: the Modelp. 44
Incompatible Control Regimesp. 88
The Theory of a Temporary Windfall in a Controlled Economyp. 97
Two African Applicationsp. 141
An Application to the Kenyan Coffee Boom of 1975-1983p. 143
the Computable General Equilibrium Modelp. 258
An Application to the Tanzanian Economic Decline of 1975-1984p. 311
Macroeconomic Experience Comparedp. 337
Conclusion: And a Manifestop. 349
Referencesp. 354
Indexp. 359
Table of Contents provided by Publisher. All Rights Reserved.

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