دانلود کتاب Developmental Macroeconomics: New Developmentalism as a Growth Strategy

فهرست مطالب :

Cover
Title
Copyright
Contents
List of figures
List of tables
Preface
PART I Growth and constraints
1 Theoretical traditions and the method
Not neoclassical
Differences from Keynesian and development economics
The method
Summary
2 Some definitions and productive sophistication
A classification of countries
Productive sophistication and wages
The “Lewis turning point”
Summary
3 Demand-led growth
Supply-determined growth
Growth determined by aggregate demand
Development and technical progress
Investment and technical progress
Summary
4 Foreign constraint
Capacity constraint and distribution of income
Foreign constraint and exchange rate
Fall in the equilibrium growth rate
Elasticities as endogenous variables
Summary
5 Value and price of the exchange rate
Exchange-rate regime
The long-term equilibrium of the exchange rate
Value and price of foreign currency
Which of the three equilibriums?
Summary
6 Overvaluation and access to the markets
Tendency to overvaluation
An overview of the causes of overvaluation
Summary
7 The Dutch disease
The concept of the Dutch disease
Two equilibrium exchange rates
The severity of the Dutch disease
Extended concept of the Dutch disease
The Dutch disease and deindustrialization
Why not specialize in commodities?
The Dutch disease and the natural resource curse
8 Domestic, not foreign savings
Foreign savings
Foreign savings and exchange rate appreciation
Rate of substitution of foreign for domestic savings
Summary
9 Inflation, interest, and exchange rate appreciation
Some comments on the theory of inflation
Exchange rates, inflation, and real wage
Rational expectations and inflation
Exchange rate anchor policy
High interest rate levels and appreciation
Carry trade causing appreciation
Budget deficits and overappreciation
Summary
10 Balance-of-payment crises
Neoclassical explanations
Foreign savings and financial crises
Summary
11 The closing of the model
The Keynesian–structuralist model of growth
Dutch disease and deindustrialization
Excessive capital inflows
Exchange rate overvaluation and falling behind
What about the supply constraints?
An alternative graphic closing
Summary
PART II Policymaking
12 Wage, export, or balanced-led?
Domestic-led strategy
Balanced strategy
Export-led strategy
Export-led strategy as a transition
Reducing inequalities without reducing the profit rate
Summary
13 Neutralizing the Dutch disease
Neutralization
Who pays for the neutralization?
Second-best forms of neutralization
Difficulties
Financial consequences of neutralization
Summary
14 Exchange rate policy
The triangle of impossibilities
Fix or float?
Exchange rate policy
Summary
15 The transition to a high-development regime
Breaking the low-growth equilibrium
Reindustrialization
Recovery of real wages
Investment and domestic savings
Summary
16 Political economy of the once-and-for-all devaluation
Why would workers accept a reduction in wages?
Preference for immediate consumption
Summary
17 Comparing and summing up
Development strategy
Macroeconomic policy
References
Index