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This book presents research that applies contemporary monetary theory and state-of-the-art econometric methods to the analysis of the monetary and financial aspects of the Indian economy and the impact of monetary policy on economic performance. Indian monetary policy has attracted significant attention from Indian and international macroeconomists over the last several years. Interest in how monetary policy influences economic performance and how monetary policy is conducted in India is growing. The prospects for further financial sector reform and ongoing inflation in India have sparked new interest in the role of money and monetary policy in India among economists, policy makers and students alike. The book should also interest economists outside India because it studies monetary economics in a major emerging market economy and makes advances in the analysis of how financial market imperfections and structural constraints influence the effects of monetary policy.
This paper reviews the theoretical literature on the question of how long-term international capital movements depend on the international distribution of technology. It focuses on long-term investment flows, as these are more affected by international differences in technologies than short-term financial flows. International capital movements are investigated in the context of various technology specifications, ranging from models with only one common technology to those with multiple and endogenous technologies. The paper demonstrates that the theoretical specification of technology is crucial to the prediction of the size and direction of international capital movements.
The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.
In this volume, a group of distinguished economists and political scientists analyze the political economy of European integration, evaluating recent developments in European monetary and fiscal policy. They consider the current situation, as well as the prospects for an Integrated Europe. The book is unique in combining perspectives from economics and political science and provides an in-depth analysis of the new European institutions. The book will be of great interest to observers, scholars, and students of European economic and political affairs, macroeconomic policy, institutional analysis, and comparative and international political economy. Published in conjunction with "Politics and Institutions in an Integrated Europe" by the same editors.
Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns [1960], de Long and Summers [1986], Moore and Zarnovitz [1986]). However, i...
This book brings together cutting edge contributions in the fields of international economics, micro theory, welfare economics and econometrics, with contributions from Donald R. Davis, Avinash K. Dixit, Tadashi Inoue, Ronald W. Jones, Dale W. Jorgenson, K. Rao Kadiyala, Murray C. Kemp, Kenneth M. Kletzer, Anne O. Krueger, Mukul Majumdar, Daniel McFadden, Lionel McKenzie, James R. Melvin, James C. Moore, Takashi Negishi, Yoshihiko Otani, Raymond Riezman, Paul A. Samuelson, Joaquim Silvestre and Marie Thursby.
For almost thirty years, Brookings Papers on Economic Activity (BPEA) has provided academic and business economists, government officials, and members of the financial and business communities with timely research of current economic issues. Contents include: Articles GEORGE A. AKERLOF, ANDREW K. ROSE, JANET L. YELLEN, and HELGA HESSENIUS East Germany in from the Cold: The Economic Aftermath of Currency Union ROBERT J. BARRO and XAVIER SALA-I-MARTIN Convergence across States and Regions BARRY BOSWORTH, GARY BURTLESS, and JOHN SABELHAUS The Decline in Saving: Some Microeconomic Evidence ALLEN B. FRANKEL and JOHN D. MONTGOMERY Financial Structure: An International Perspective Report ROBERT Z. LAWRENCE Efficient or Exclusionist? The Import Behavior of Japanese Corporate Groups
The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.
A survey of fiscal policy under the restrictions of a single monetary policy and the Stability Pact.