Macroeconomics in Emerging Markets

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Summary

This second edition textbook shows how macroeconomic models for industrial countries may be applied to emerging and developing economies.

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Preface
The Macroeconomic Framework
Introduction and overview
Concepts and definitions: the macroeconomic accounts
Short-run macroeconomics and long-run growth
A Benchmark Macroeconomic Model
The aggregate production function, the labor market, and aggregate supply
Aggregate demand and goods market equilibrium
Financial markets
Short-run macroeconomic equilibrium
Medium-run macroeconomic equilibrium
Public Finance and Macroeconomic Performance
The intertemporal budget constraint of the public sector
Sovereign risk premia
Fiscal institutions
Privatization
High inflation and inflation stabilization
Monetary Institutions and Monetary Policy
Monetary institutions
Inflation targeting
Exchange Rate Management
Equilibrium real exchange rates
The benchmark model with floating exchange rates
Exchange rate regimes
Managing an officially-determined rate
The Financial Sector and Macroeconomic Performance
Finance, welfare, and growth
Financial repression
Financial reform
The benchmark model with banks
Coping with capital inflows
Varieties of Emerging-Market Crises
Sovereign debt crises
Banking crises
Currency crises and crisis interactions
Lessons from the emerging market crises of the nineties
Lessons from the great recession
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