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This important book is a teaching manual, in nontechnical language, on policymaking in developing countries. Written at the request of the Economic Development Institute of the World Bank, the papers focus on policy instruments, their use and constraints, and provide case studies of economic policy in Argentina, Brazil, Indonesia, Korea, and Mexico to illustrate basic problems and possible solutions.

Tabla de contenidos provista por Syndetics

• Preface(p. ix)
• 1. Introduction(p. 1)
• 1. Policy Issues and the Main Policy Tools(p. 2)
• 2. Country Studies(p. 7)
• 3. Not Policy Miracles(p. 9)
• Note(p. 9)
• 2. The Real Exchange Rate(p. 10)
• 1. The Real Exchange Rate as the Price of Foreign Exchange(p. 11)
• 2. Analysis of the Real Exchange Rate(p. 12)
• 3. Expenditure Reducing and Expenditure Switching(p. 16)
• 4. Floating and Fixed Exchange Rates(p. 19)
• 5. Effects of Changes in the Real Exchange Rate(p. 26)
• Notes(p. 32)
• Part I. Policy Issues and the Main Policy Tools
• 3. Balance of Payments Issues(p. 37)
• 1. An Overview of Linkages(p. 37)
• 2. Basic Accounting Concepts(p. 42)
• 3. Policy Instruments(p. 45)
• 4. Determinants of Growth(p. 49)
• 5. Some Mistakes To Be Avoided(p. 51)
• Notes(p. 52)
• 4. External Shocks and Domestic Policy Responses(p. 54)
• 1. Anatomy of External Shocks(p. 54)
• 2. Policy Response to External Shocks(p. 64)
• 3. Additional Problems(p. 74)
• 4. Conclusions(p. 78)
• 5. Overvaluation and Trade Balance(p. 80)
• 1. Effects of Overvaluation(p. 80)
• 2. Definitions of the Real Exchange Rate(p. 82)
• 3. Effects of Disturbances(p. 86)
• 4. Goods, Factor, and Asset Markets(p. 91)
• 5. Country Experiences(p. 96)
• 6. Exchange Rate Rules(p. 101)
• 7. Undervaluation(p. 104)
• Notes(p. 107)
• 6. Devaluation and Inflation(p. 108)
• 1. Exchange Rate Arrangements(p. 108)
• 2. Exchange Rate Indicators(p. 114)
• 3. How Does Devaluation Work?(p. 117)
• 4. Assets Market Problems(p. 121)
• 5. Devaluation and High Inflation(p. 122)
• Notes(p. 127)
• 7. Multiple Exchange Rates, Capital Controls, and Commercial Policy(p. 128)
• 1. Overview of Policy Alternatives(p. 129)
• 2. Multiple Exchange Rates and Trade Taxes(p. 132)
• 3. Quantitative Restrictions(p. 140)
• 4. Capital Controls(p. 144)
• 5. Dual Exchange Rates(p. 148)
• 6. Conclusions(p. 154)
• Appendix 1. Jamaica in the 1970s(p. 155)
• Appendix 2. Capital Flight(p. 157)
• Appendix 3. Black Markets for Foreign Exchange(p. 158)
• Selected Bibliography(p. 160)
• Notes(p. 163)
• 8. Exchange Reserves as Shock Absorbers(p. 165)
• 1. Reserve Composition(p. 167)
• 2. Purpose of Holding Reserves(p. 172)
• 3. The Norm for the Reserve Stock(p. 175)
• 4. Speed of Adjustment(p. 178)
• 5. Conclusions(p. 182)
• Glossary(p. 184)
• Selected Bibliography(p. 185)
• Notes(p. 185)
• 9. External Borrowing and Debt Management(p. 187)
• 1. History of Capital Movements(p. 188)
• 2. The First Oil Price Shock(p. 196)
• 3. The Second Oil Price Shock(p. 202)
• 4. Coping with the Debt Crisis(p. 205)
• 5. Prospects for New Capital Flows(p. 210)
• 6. Policy Lessons(p. 217)
• Appendix Debt Dynamics(p. 220)
• Selected Bibliography(p. 221)
• Notes(p. 222)
• 10. Opening Up: Liberalization with Stabilization(p. 223)
• 1. Sequence of Liberalization Measures(p. 224)
• 2. Liberalization of Trade(p. 230)
• 3. Liberalization of Financial Markets(p. 237)
• 4. Stabilization from High Inflation(p. 239)
• Selected Bibliography(p. 246)
• Notes(p. 247)
• 11. Policymaking and Economic Policy in Small Developing Countries(p. 249)
• 1. Some Simple Demographic Facts(p. 250)
• 2. Demography's Hidden Curse(p. 251)
• 3. Professionalism(p. 254)
• 4. The Lessons of Experience(p. 256)
• Notes(p. 263)
• Part II. Country Studies
• 12. Argentina(p. 267)
• 1. Foreign Terms of Trade and Commercial Policies(p. 271)
• 2. Short-Term Cycles and the External Sector(p. 275)
• 3. The Real Exchange Rate for Exports(p. 277)
• 4. Speculation and Hyperinflation(p. 282)
• Notes(p. 283)
• 13. Brazil(p. 285)
• 1. From Coffee Valorization to External Debt(p. 285)
• 2. Indexation Issues(p. 288)
• 3. Balance of Payments Policies(p. 295)
• 4. Conclusions(p. 304)
• Selected Bibliography(p. 306)
• 14. Indonesia(p. 307)
• 1. Historical Overview(p. 307)
• 2. A Tale of Three Devaluations(p. 317)
• 3. Trade Policy(p. 324)
• 4. Conclusions(p. 328)
• Appendix The Real Exchange Rate and the Index of International Competitiveness(p. 329)
• Notes(p. 333)
• 15. Korea(p. 336)
• 1. Exports as an Engine of Growth(p. 337)
• 2. Disadvantages of the Strategy(p. 341)
• 3. Conclusions(p. 345)
• Selected Bibliography(p. 346)
• Notes(p. 347)
• 16. Mexico(p. 348)
• 1. From 1935 to 1982(p. 348)
• 2. Industrialization and Trade Policy(p. 355)
• 3. Exchange Rates from the Mid-1920s to 1982(p. 358)
• 4. Budget Deficits and Inflation(p. 362)
• 5. Recent Policies(p. 364)
• Selected Bibliography(p. 368)
• Notes(p. 369)
• Appendixes
• A. Sources of Current Data(p. 373)
• B. National Accounting Identities(p. 375)
• 1. Gross Domestic Product and Gross National Product(p. 375)
• 2. The Balance of Payments Equation(p. 380)
• 3. Examples of the Basic Balance of Payments Equation(p. 384)
• Notes(p. 390)
• C. Real-Exchange-Rate Indexes(p. 392)
• D. Effective Protection(p. 398)
• Index(p. 405)

Notas de autor provistas por Syndetics

Rudiger Dornbusch is at Massachusetts Institute of Technology. F. Leslie C. H. Helmers is former Chief of Studies at the World Bank.