Controlled open economies : a neoclassical approach to structuralism

Author(s)

Bibliographic Information

Controlled open economies : a neoclassical approach to structuralism

David Bevan, Paul Collier, Jan Gunning with Arne Bigsten and Paul Horsnell

Clarendon Press, 1990

  • : pbk

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Note

Bibliogrpy: p. [354]-357

Includes index

Description and Table of Contents

Volume

ISBN 9780198286202

Description

This book, a companion volume to "Peasants and Governments" by the same authors, 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. Many developing countries not only have complex control regimes, but are subject to periodic, powerful trade shocks. Unless offset by policy changes shocks can make the control regime incompatible. The authors analyse the changes needed to maintain compatibility and the consequences of failing to do so. They also consider the optimal time path of investment in response to a temporary shock and how this path is affected by controls. 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 is shown that in a compatible regime, both that regime itself 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 a steep decline, while responses to conventional policies can be perverse.

Table of Contents

  • Part 1 The theory of controlled open economies: compatible control regimes
  • compatible trade and fiscal policies - the model
  • incompatible control regimes
  • Monte Carlo experiments with the two-period model
  • the theory of a temporary windfall in a controlled economy. Part 2 To African applications: an application to the Kenyan coffee boom of 1975-1983
  • a narrative of macroeconomic events
  • the computable general equilibrium model
  • an application to the Tanzanian economic decline of 1975-1984
  • macroeconomic experience compared
  • and a manifesto.
Volume

: pbk ISBN 9780198287834

Description

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. The applicability of this theory is demonstrated in an analysis of two temporary trade shocks in Africa.

Table of Contents

  • List of figures
  • List of tables
  • Introduction
  • I. The Theory of Controlled Open Economies: Compatible control regimes: Appendix: Compatible trade and fiscal policies: the model
  • Incompatible control regimes: Appendix: Monte Carlo experiments with the two-period model
  • the theory of a temporary windfall in a controlled economy
  • II. Two African Applications: An application to the Kenyan coffee boom of 1974-1983: Appendix 1: A narrative of macroeconomic events
  • Appendix 2: The computable general equilibrium model
  • An application to the Tanzanian economic decline of 1975-1984
  • Macroeconomic experience compared
  • Conclusion: And a manifesto
  • References
  • Index

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