The Open Economy

Tools for Policymakers in Developing Countries

By: Rudiger Dornbusch (Editor), F. Leslie C. H. Helmers (Editor)

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Paperback | 1 May 1988

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428 Pages

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22.86 x 15.24 x 2.41

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This book is a teaching manual in non-technical language for policy-makers in developing countries. At the request of the Economic Development Institute of the World Bank, the editors assembled fourteen economists to write about the issues facing an open economy. The book focuses on policy instruments, their use and their constraints. Case studies of economic policy in various developing countries - including Argentina, Brazil, Indonesia, Korea, and Mexico - illustrate the problems and solutions.

Industry Reviews

"Outstanding in its demonstration of the policy relevance of open economy macroeconomics."--Thomas A. McGahagan, University of Pittsburgh at Johnstown "Well-written and provide[s] very good material for undergraduate courses in international economics or international political economy....A most useful compilation."--The Economic Journal "A good book...as an introduction to conventional theory of open economy for developing countries."--Studies in Comparative International Development "Outstanding in its demonstration of the policy relevance of open economy macroeconomics."--Thomas A. McGahagan, University of Pittsburgh at Johnstown "Well-written and provide[s] very good material for undergraduate courses in international economics or international political economy....A most useful compilation."--The Economic Journal "A good book...as an introduction to conventional theory of open economy for developing countries."--Studies in Comparative International Development

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Preface	p. ix
Introduction	p. 1
Policy Issues and the Main Policy Tools	p. 2
Country Studies	p. 7
Not Policy Miracles	p. 9
Note	p. 9
The Real Exchange Rate	p. 10
The Real Exchange Rate as the Price of Foreign Exchange	p. 11
Analysis of the Real Exchange Rate	p. 12
Expenditure Reducing and Expenditure Switching	p. 16
Floating and Fixed Exchange Rates	p. 19
Effects of Changes in the Real Exchange Rate	p. 26
Notes	p. 32
Policy Issues and the Main Policy Tools
Balance of Payments Issues	p. 37
An Overview of Linkages	p. 37
Basic Accounting Concepts	p. 42
Policy Instruments	p. 45
Determinants of Growth	p. 49
Some Mistakes To Be Avoided	p. 51
Notes	p. 52
External Shocks and Domestic Policy Responses	p. 54
Anatomy of External Shocks	p. 54
Policy Response to External Shocks	p. 64
Additional Problems	p. 74
Conclusions	p. 78
Overvaluation and Trade Balance	p. 80
Effects of Overvaluation	p. 80
Definitions of the Real Exchange Rate	p. 82
Effects of Disturbances	p. 86
Goods, Factor, and Asset Markets	p. 91
Country Experiences	p. 96
Exchange Rate Rules	p. 101
Undervaluation	p. 104
Notes	p. 107
Devaluation and Inflation	p. 108
Exchange Rate Arrangements	p. 108
Exchange Rate Indicators	p. 114
How Does Devaluation Work?	p. 117
Assets Market Problems	p. 121
Devaluation and High Inflation	p. 122
Notes	p. 127
Multiple Exchange Rates, Capital Controls, and Commercial Policy	p. 128
Overview of Policy Alternatives	p. 129
Multiple Exchange Rates and Trade Taxes	p. 132
Quantitative Restrictions	p. 140
Capital Controls	p. 144
Dual Exchange Rates	p. 148
Conclusions	p. 154
Jamaica in the 1970s	p. 155
Capital Flight	p. 157
Black Markets for Foreign Exchange	p. 158
Selected Bibliography	p. 160
Notes	p. 163
Exchange Reserves as Shock Absorbers	p. 165
Reserve Composition	p. 167
Purpose of Holding Reserves	p. 172
The Norm for the Reserve Stock	p. 175
Speed of Adjustment	p. 178
Conclusions	p. 182
Glossary	p. 184
Selected Bibliography	p. 185
Notes	p. 185
External Borrowing and Debt Management	p. 187
History of Capital Movements	p. 188
The First Oil Price Shock	p. 196
The Second Oil Price Shock	p. 202
Coping with the Debt Crisis	p. 205
Prospects for New Capital Flows	p. 210
Policy Lessons	p. 217
Debt Dynamics	p. 220
Selected Bibliography	p. 221
Notes	p. 222
Opening Up: Liberalization with Stabilization	p. 223
Sequence of Liberalization Measures	p. 224
Liberalization of Trade	p. 230
Liberalization of Financial Markets	p. 237
Stabilization from High Inflation	p. 239
Selected Bibliography	p. 246
Notes	p. 247
Policymaking and Economic Policy in Small Developing Countries	p. 249
Some Simple Demographic Facts	p. 250
Demography's Hidden Curse	p. 251
Professionalism	p. 254
The Lessons of Experience	p. 256
Notes	p. 263
Country Studies
Argentina	p. 267
Foreign Terms of Trade and Commercial Policies	p. 271
Short-Term Cycles and the External Sector	p. 275
The Real Exchange Rate for Exports	p. 277
Speculation and Hyperinflation	p. 282
Notes	p. 283
Brazil	p. 285
From Coffee Valorization to External Debt	p. 285
Indexation Issues	p. 288
Balance of Payments Policies	p. 295
Conclusions	p. 304
Selected Bibliography	p. 306
Indonesia	p. 307
Historical Overview	p. 307
A Tale of Three Devaluations	p. 317
Trade Policy	p. 324
Conclusions	p. 328
The Real Exchange Rate and the Index of International Competitiveness	p. 329
Notes	p. 333
Korea	p. 336
Exports as an Engine of Growth	p. 337
Disadvantages of the Strategy	p. 341
Conclusions	p. 345
Selected Bibliography	p. 346
Notes	p. 347
Mexico	p. 348
From 1935 to 1982	p. 348
Industrialization and Trade Policy	p. 355
Exchange Rates from the Mid-1920s to 1982	p. 358
Budget Deficits and Inflation	p. 362
Recent Policies	p. 364
Selected Bibliography	p. 368
Notes	p. 369
Appendixes
Sources of Current Data	p. 373
National Accounting Identities	p. 375
Gross Domestic Product and Gross National Product	p. 375
The Balance of Payments Equation	p. 380
Examples of the Basic Balance of Payments Equation	p. 384
Notes	p. 390
Real-Exchange-Rate Indexes	p. 392
Effective Protection	p. 398
Index	p. 405
Table of Contents provided by Syndetics. All Rights Reserved.

The Open Economy

Tools for Policymakers in Developing Countries

At a Glance

Paperback

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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