Development And Stabilization In Small Open Economies

Author : DeLisle Worrell
Publisher : Taylor & Francis
Page : 391 pages
File Size : 52,6 Mb
Release : 2023-01-06
Category : Political Science
ISBN : 9781000824544

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Development and Stabilization in Small Open Economies by DeLisle Worrell Pdf

This book analyses and explains the nature of the economies of small countries and territories. It includes an assessment of material prosperity in 41 small open economies worldwide, with case studies focusing on the Caribbean and Central America, with a review of the development of their economies in recent decades. The volume recommends a suite of economic policy tools for the management of these economies, demonstrating how these may best be employed in economies that live and breathe through international commerce. Among observations of interest is the fact that the devaluation of the local currency of a small nation makes the country worse off; even a currency that maintains its value is little more than a trophy, of little value if it is not readily convertible into US dollars. Also, that while government policies affect international competitiveness and a small country's growth prospects, more important is how governments use additional resources to improve the quality of health and educational services. Moreover, economic windfalls such as the discovery of mineral resources seldom bring prosperity commensurate with their economic value, and never in the short run. The volume will offer invaluable information and analysis to researchers and policy makers investigating small open economies.

Author : DeLisle Worrell
Publisher : Unknown
Page : 28 pages
File Size : 47,7 Mb
Release : 2012
Category : States, Small
ISBN : 1567081584

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Policies for Stabilization and Growth in Small Very Open Economies by DeLisle Worrell Pdf

Author : Ronald Findlay,Stanislaw Wellisz
Publisher : World Bank Publications
Page : 364 pages
File Size : 52,5 Mb
Release : 1993
Category : Business & Economics
ISBN : 0195208803

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Five Small Open Economies by Ronald Findlay,Stanislaw Wellisz Pdf

Mauritius, a multiethnic society, has turned to manufactured exports and tourism as an alternative to reliance on sugar production. Malta overcame the shock of losing a British naval base and has grown rapidly.

Author : Daniel Lederman,Justin T. Lesniak
Publisher : World Bank Publications
Page : 132 pages
File Size : 42,8 Mb
Release : 2017-11-08
Category : Business & Economics
ISBN : 9781464810435

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Open and Nimble by Daniel Lederman,Justin T. Lesniak Pdf

Does economic size matter for economic development outcomes? If so are current policies adequately addressing the role of size in the development process? Using working age population as a proxy for country size, Open and Nimble, systematically analyzes what makes small economies unique. Small economies are not necessarily prone to underdevelopment and in fact can achieve very high income levels. Small economies, however, do tend to be highly open to both international trade and foreign direct investment, have highly specialized export structures, and have large government expenditures relative to their Gross Domestic Product. The export structures of small economies are concentrated in a few products or services and in a small number of export destinations. In turn, this export concentration is associated with terms of trade volatility, which combined with high exposure to international trade, implies that small economies tend to face more volatility on average as external volatility permeates national economic life. Yet small economies tend to compensate for their export concentration by being nimble in the sense of being able to change their production and export structure relatively quickly over time. Moreover, limited territory plays a role in shaping how economies are affected by natural disasters, even when the probability of facing such disasters is not necessarily higher among small than among large economies. The combination of large governments with macroeconomic volatility seems to be associated with low national savings rates in small economies. This combination could be a challenge for long-term growth if productivity growth and foreign investment do not compensate for low domestic savings. The book finishes with some thoughts on how policy makers can respond to these issues through coordinated investments and regional integration efforts, as well as fiscal policy reforms aimed at both increasing public savings and conducting countercyclical fiscal policies.

Author : Stephen J. Turnovsky
Publisher : Cambridge University Press
Page : 255 pages
File Size : 50,9 Mb
Release : 2009-08-20
Category : Business & Economics
ISBN : 9780521764759

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Capital Accumulation and Economic Growth in a Small Open Economy by Stephen J. Turnovsky Pdf

An investigation of the process of economic growth in a small open economy by one of the world's leading economists.

Author : István Kónya
Publisher : Springer
Page : 209 pages
File Size : 46,7 Mb
Release : 2018-01-24
Category : Political Science
ISBN : 9783319693170

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Economic Growth in Small Open Economies by István Kónya Pdf

This book studies the economic growth and development of four Visegrad economies (Czech Republic, Hungary, Poland and Slovakia) between 1995-2014. The author uses a neoclassical growth model with distortions (wedges) to identify the main sources of economic growth for each of these countries including employment, human capital, capital accumulation and TFP growth. The first part of the book is structured around the concept of production function, factor inputs and growth accounting, and the second part of the book looks at selected problems related to economic developments of the analysed countries. This book combines empirical facts, data analysis and macroeconomic modelling and will appeal to those interested in convergence and growth in general, and analysts and researchers studying the Visegrad countries in particular.

Author : Michael Howard
Publisher : Bloomsbury Publishing USA
Page : 206 pages
File Size : 49,8 Mb
Release : 1992-11-24
Category : Business & Economics
ISBN : 9780313067334

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Public Finance in Small Open Economies by Michael Howard Pdf

This book presents an analysis of Caribbean fiscal problems, with particular emphasis on the relationship between high levels of public expenditure and balance of payments problems. The study examines deficit financing, public expenditure growth, and IMF stabilization policies. Other issues raised relate to income distribution and problems of taxation and tax reform. The work focuses on Jamaica, Guyana, Barbados, and Trinidad and Tobago. The economies of the Organization of Eastern Caribbean States are also considered. This work will interest scholars in economics and economic policy-making, especially those in developing countries.

Author : Akhtar Hossain,Anis Chowdhury
Publisher : Edward Elgar Publishing
Page : 0 pages
File Size : 46,5 Mb
Release : 1998
Category : Developing countries
ISBN : 1840644532

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Open-economy Macroeconomics for Developing Countries by Akhtar Hossain,Anis Chowdhury Pdf

The authors (economics, U. of Newcastle, Australia and U. of Western Sydney, Australia, respectively) argue that there is no dichotomy between short-term macroeconomic stabilization and long-term economic growth. They attempt to show that macroeconomic stability is a prerequisite for sustained growth and the root of macroeconomic instability in developing countries lies in the government budget deficits. Annotation copyrighted by Book News, Inc., Portland, OR

Author : International Monetary Fund. Communications Department
Publisher : International Monetary Fund
Page : 72 pages
File Size : 54,7 Mb
Release : 2023-06
Category : Business & Economics
ISBN : 9798400240997

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Finance and Development, June 2023 by International Monetary Fund. Communications Department Pdf

In this issue, we focus on the forces disrupting the established international trade order, such as Russia’s war on Ukraine and geopolitical fragmentation. We also look at how global trade is being reshaped by technology and policy priorities, such as climate change and equality.

Author : Matt Benge
Publisher : Unknown
Page : 44 pages
File Size : 41,8 Mb
Release : 1998
Category : Economic development
ISBN : UCSD:31822026225573

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Growth in a Small Open Economy by Matt Benge Pdf

Author : Carlos A. Vegh
Publisher : MIT Press
Page : 911 pages
File Size : 48,8 Mb
Release : 2013-08-30
Category : Business & Economics
ISBN : 9780262018906

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Open Economy Macroeconomics in Developing Countries by Carlos A. Vegh Pdf

A comprehensive and rigorous text that shows how a basic open economy model can be extended to answer important macroeconomic questions that arise in emerging markets. This rigorous and comprehensive textbook develops a basic small open economy model and shows how it can be extended to answer many important macroeconomic questions that arise in emerging markets and developing economies, particularly those regarding monetary, fiscal, and exchange rate issues. Eschewing the complex calibrated models on which the field of international finance increasingly relies, the book teaches the reader how to think in terms of simple models and grasp the fundamentals of open economy macroeconomics. After analyzing the standard intertemporal small open economy model, the book introduces frictions such as imperfect capital markets, intertemporal distortions, and nontradable goods, into the basic model in order to shed light on the economy's response to different shocks. The book then introduces money into the model to analyze the real effects of monetary and exchange rate policy. It then applies these theoretical tools to a variety of important macroeconomic issues relevant to developing countries (and, in a world of continuing financial crisis, to industrial countries as well), including the use of a nominal interest rate as a main policy instrument, the relative merits of flexible and predetermined exchange rate regimes, and the targeting of “real anchors.” Finally, the book analyzes in detail specific topics such as inflation stabilization, “dollarization,” balance of payments crises, and, inspired by recent events, financial crises. Each chapter includes boxes with relevant empirical evidence and ends with exercises. The book is suitable for use in graduate courses in development economics, international finance, and macroeconomics.

Author : Martin F. J. Prachowny
Publisher : Lexington, Mass ; Toronto : Lexington Books c 1975.
Page : 168 pages
File Size : 53,8 Mb
Release : 1975
Category : Political Science
ISBN : UOM:39015005561074

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Small Open Economies by Martin F. J. Prachowny Pdf

Author : Alvin G. Wint
Publisher : Unknown
Page : 252 pages
File Size : 40,9 Mb
Release : 2003
Category : Business & Economics
ISBN : 9766401322

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Competitiveness in Small Developing Economies by Alvin G. Wint Pdf

Possibly no group is more conscious of the challenges created by the increasing integration of markets for capital, labour, products and information than small, developing economies. Policy makers from these economies have sought a two-track response to this integration. One response lies in increasing lobbying efforts for these economies to be accorded special, or more equitable treatment in market integration discussions. The second response lies in improving the competitiveness of their economies. It is this second response that provides the subject matter for this book. It explores the challenges and opportunities associated increasing competitiveness in small, developing economies based on research conducted in the Caribbean. The topics covered indicate the breadth of activity that is required to enhance. competitiveness. At the macro-policy level, the book explores the key drivers of competitiveness, examines the role of exchange rate regimes and of government policy, considers the implications sovereignty, and assesses the extent to which competitiveness likely to be improved by attracting foreign direct investment. At the level of private-sector enterprise the book reports

Author : Carlos A Vaegh Gramont,Carlos A Vgh Gramont,Carlos A Vegh
Publisher : Unknown
Page : 911 pages
File Size : 55,7 Mb
Release : 2024-07-01
Category : Electronic
ISBN : 0262316897

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Open Economy Macroeconomics in Developing Countries by Carlos A Vaegh Gramont,Carlos A Vgh Gramont,Carlos A Vegh Pdf

This rigorous and comprehensive textbook develops a basic small open economy model and shows how it can be extended to answer many important macroeconomic questions that arise in emerging markets and developing economies, particularly those regarding monetary, fiscal, and exchange rate issues. Eschewing the complex calibrated models on which the field of international finance increasingly relies, the book teaches the reader how to think in terms of simple models and grasp the fundamentals of open economy macroeconomics. After analyzing the standard intertemporal small open economy model, the book introduces frictions such as imperfect capital markets, intertemporal distortions, and nontradable goods, into the basic model in order to shed light on the economy's response to different shocks. The book then introduces money into the model to analyze the real effects of monetary and exchange rate policy. It then applies these theoretical tools to a variety of important macroeconomic issues relevant to developing countries (and, in a world of continuing financial crisis, to industrial countries as well), including the use of a nominal interest rate as a main policy instrument, the relative merits of flexible and predetermined exchange rate regimes, and the targeting of "real anchors." Finally, the book analyzes in detail specific topics such as inflation stabilization, "dollarization," balance of payments crises, and, inspired by recent events, financial crises. Each chapter includes boxes with relevant empirical evidence and ends with exercises. The book is suitable for use in graduate courses in development economics, international finance, and macroeconomics.

Author : Robert E. Looney
Publisher : Unknown
Page : 500 pages
File Size : 43,7 Mb
Release : 2020-09-28
Category : Caribbean Area
ISBN : 0367210487

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Handbook of Caribbean Economies by Robert E. Looney Pdf

Introduction / Robert E. Looney -- An alternative policy approach to growth and stabilization in small open economies / DeLisle Worrell -- Impacts of climate change on Caribbean economies / Masaō I. Ashtine -- Caribbean energy security : regional profile and challenges to integration / David Goldwyn and Cory Gill -- The Caribbean holds its own in global tourism competition / DeLisle Worrell -- CARICOM and that vexing issue of size and viability / Patsy Lewis -- Debt and fiscal constraints / Lester Henry -- Crime, violence, and drugs in the Caribbean / Sherill V. C. Morris-Francis -- It's complicated : the Caribbean's relationship to white-collar crime / Kristina Hinds -- Caribbean natural disasters and country/regional responses / Robert E. Looney -- Why and how to use fiscal policy to target the exchange rate / DeLisle Worrell -- Venezuela : the descent into a 'soft state' / Anthony P. Maingot -- The external economic relations of the Caribbean : the United States and Europe Union compared / Ginelle Greene-Dewasmes and Tony Heron -- China's increasing influence in Central America and the Caribbean / Richard L. Bernal -- Regional cooperation in Latin America and the Caribbean : new challenges and agendas / Cintia Quiliconi and Renato Rivera Rhon -- The Puerto Rican economy / Brad Setser and Sergio Marxuach -- Haiti / Wenche Iren Huge -- The Cuban economy : socialist stagnation with Caribbean characteristics / Richard E. Feinberg -- Trinidad and Tobago / Lester Henry -- Belize / Victor Bulmer-Thomas -- Guyana and the advent of world-class petroleum finds / Clive Y. Thomas -- Development and underperformance in the Barbados economy, 1946-2018 / DeLisle Worrell -- Suriname / Scott B. MacDonald -- The Bahamas : facing a period of climate change and slow growth / Robert E. Looney -- The Cayman Islands / Scott B. MacDonald -- Guadeloupe and Martinique in the Caribbean Basin : a comparative analysis of models and trajectories / Alain Maurin and Patrick Kent Watson -- French Guiana patterns of growth and development / Paul Rosele Chim -- The Dominican Republic / Susan Pozo and Antonio María Giraldi -- The Jamaican economy : a Caribbean success story at last? / Keith Collister and Robert E. Looney -- The Dutch Caribbean / Scott B. MacDonald.