| Description |
1 online resource |
| Series |
Routledge Studies in Development Economics |
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Routledge studies in development economics.
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| Contents |
Cover; Title; Copyright; Contents; List of figures; List of tables; Preface; PART I Growth and constraints; 1 Theoretical traditions and the method; Not neoclassical; Differences from Keynesian and development economics; The method; Summary; 2 Some definitions and productive sophistication; A classification of countries; Productive sophistication and wages; The "Lewis turning point"; Summary; 3 Demand-led growth; Supply-determined growth; Growth determined by aggregate demand; Development and technical progress; Investment and technical progress; Summary; 4 Foreign constraint |
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Capacity constraint and distribution of incomeForeign constraint and exchange rate; Fall in the equilibrium growth rate; Elasticities as endogenous variables; Summary; 5 Value and price of the exchange rate; Exchange-rate regime; The long-term equilibrium of the exchange rate; Value and price of foreign currency; Which of the three equilibriums?; Summary; 6 Overvaluation and access to the markets; Tendency to overvaluation; An overview of the causes of overvaluation; Summary; 7 The Dutch disease; The concept of the Dutch disease; Two equilibrium exchange rates |
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The severity of the Dutch diseaseExtended concept of the Dutch disease; The Dutch disease and deindustrialization; Why not specialize in commodities?; The Dutch disease and the natural resource curse; 8 Domestic, not foreign savings; Foreign savings; Foreign savings and exchange rate appreciation; Rate of substitution of foreign for domestic savings; Summary; 9 Inflation, interest, and exchange rate appreciation; Some comments on the theory of inflation; Exchange rates, inflation, and real wage; Rational expectations and inflation; Exchange rate anchor policy |
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High interest rate levels and appreciationCarry trade causing appreciation; Budget deficits and overappreciation; Summary; 10 Balance-of-payment crises; Neoclassical explanations; Foreign savings and financial crises; Summary; 11 The closing of the model; The Keynesian-structuralist model of growth; Dutch disease and deindustrialization; Excessive capital inflows; Exchange rate overvaluation and falling behind; What about the supply constraints?; An alternative graphic closing; Summary; PART II Policymaking; 12 Wage, export, or balanced-led?; Domestic-led strategy; Balanced strategy |
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Export-led strategyExport-led strategy as a transition; Reducing inequalities without reducing the profit rate; Summary; 13 Neutralizing the Dutch disease; Neutralization; Who pays for the neutralization?; Second-best forms of neutralization; Difficulties; Financial consequences of neutralization; Summary; 14 Exchange rate policy; The triangle of impossibilities; Fix or float?; Exchange rate policy; Summary; 15 The transition to a high-development regime; Breaking the low-growth equilibrium; Reindustrialization; Recovery of real wages; Investment and domestic savings; Summary |
| Summary |
Developmental Macroeconomics: Access to Demand, the Exchange Rate and Growth offers a new approach to development economics and macroeconomics. It is a Keynesian-structuralist approach to economics applied to middle income countries that emphasizes the strategic role of demand in creating investment opportunities that are essential to economic development. It also explores crucial links between short-term full employment and financial stability with medium term growth. While this book emphasizes the central role played by the exchange rate it does not ignore other macroeconomic prices (the int |
| Bibliography |
Includes bibliographical references and index |
| Notes |
Print version record |
| Subject |
Development economics.
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Macroeconomics.
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Foreign exchange rates -- Developing countries
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Economic development -- Developing countries
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BUSINESS & ECONOMICS -- Economics -- Macroeconomics.
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POLITICAL SCIENCE -- Economic Conditions.
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Development economics
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Economic development
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Foreign exchange rates
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Macroeconomics
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Developing countries
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| Form |
Electronic book
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| Author |
Pereira, Luiz Carlos Bresser
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Oreiro, José Luís
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Marconi, Nelson
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| ISBN |
1136664548 |
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9781136664540 |
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9780203583500 |
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0203583507 |
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