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Controlled Open Economies: A Neoclassical Approach to Structuralism
     

Controlled Open Economies: A Neoclassical Approach to Structuralism

by David Bevan, Paul Collier, Jan W. Gunning, Arne Bigsten, Paul Horsnell (With)
 

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This book develops macroeconomic theory for small open economies characterized by the sort of controls which make much of existing neoclassical economics inapplicable to developing countries. It distinguishes between sustainable combinations of policies and incompatible control regimes. The authors analyze the changes needed to maintain compatibility and the

Overview

This book develops macroeconomic theory for small open economies characterized by the sort of controls which make much of existing neoclassical economics inapplicable to developing countries. It distinguishes between sustainable combinations of policies and incompatible control regimes. The authors analyze the changes needed to maintain compatibility and the consequences of failing to do so. They also consider optimal investments in response to a temporary shock. The second half of the book contains an analysis of two temporary trade shocks in Africa, in both compatible and incompatible control regimes, demonstrating the applicability of the theory. It shows that in a compatible regime, the regime and the fiscal response to changes in revenue may make the reaction to a shock grossly inefficient. Under incompatibility, an economy exposed to a negative shock may go into steep decline, while responses to conventional policies may be reversed.

Editorial Reviews

From the Publisher
"This book is a valuable contribution to development economics and...to the economic theory of socialist decline and transition from socialism."—Journal of Development Economics

"An important study of the impact of state action on the rural poor."—Economic Journal

Product Details

ISBN-13:
9780198287834
Publisher:
Oxford University Press, USA
Publication date:
12/29/1994
Pages:
384
Product dimensions:
6.19(w) x 9.19(h) x 0.88(d)
Lexile:
1400L (what's this?)

Meet the Author

both at Oxford University

Free University, Amsterdam

University of Gothenberg

Oxford University

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