Economics

DEVELOPMENT MACROECONOMICS

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Asignificant analytical literature began to develop in the early 1970s to address a succession of macroeconomic woes that afflicted developing countries. By the 1980s, this literature had reached a level of rigor and sophistication comparable to that characteristic of macroeconomic analysis for high- income countries. However, these developments were not typically reflected in standard textbooks in macroeconomics (or open-economy macroeconomics), where the analysis was generally conducted with analytical frameworks designed for high- income economies. When issues relevant to developing countries were raised, there was often no attempt to adapt the theoretical framework to the particular conditions and structural characteristics of such countries.
The first three editions of Development Macroeconomics attempted to fill this gap. Their objective was to present a coherent, rigorous, and comprehensive overview of the analytical literature in this area. They reviewed attempts to formulate and adapt standard macroeconomic analysis to incorporate particular features and conditions characteristic of developing economies, and used a variety of analytical models to examine macroeconomic policy issues of concern to those countries. The analytical material was supplemented with empirical evidence on behavioral assumptions as well as on the effects of macroeconomic policies in developing countries.
The third edition was published in 2008, and was largely written during 2006 and early 2007. At the time, the Great Moderation was still ongoing in high-income countries, and the first indications of trouble in the U.S. housing market were just beginning to appear. For most developing countries the decade of the 2000s had been a prosperous one up to that point, with many countries experiencing rapid growth, low inflation, and favorable performance in their external accounts. Those positive outcomes were the results of the structural and macroeconomic reforms implemented during the 1990s (described in earlier editions of this book) as well as a very favorable external environment. Macroeconomic stabilization issues therefore tended to move to the background of policy concerns, giving way to concerns with structural issues such as poverty and income distribution, unemployment, reform of the legal system and the civil service, and improvements in accountability and transparency of government operations

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Detail Information

Series Title

DEVELOPMENT MACROECONOMICS

Call Number

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Publisher

USA : Princeton University Press., 2015

Collation

1-793

Language

English

ISBN/ISSN

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Classification

NONE

Content Type

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Media Type

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Carrier Type

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Edition

4th Edition

Subject(s)

Economics

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