Controlled Open Economies: A Neoclassical Approach to Structuralism

Bevan, David; Collier, Paul; Gunning, Jan Willem

ISBN 10: 0198286201 / ISBN 13: 9780198286202

Published by Oxford University Press, 1991

About this Item

Publisher's hardback in better than very good condition: firm and square, strong joints. Complete with original dustjacket, not showing any tears or chips. Contents tight and clean; no pen-marks. Not from a library so no such stamps or labels. Thus a tidy book in very presentable condition.

Seller Inventory # 208006

Bibliographic Details

• Title: Controlled Open Economies: A Neoclassical Approach to Structuralism
• Publisher: Oxford University Press
• Publication Date: 1991
• Language: English
• ISBN 10: 0198286201
• ISBN 13: 9780198286202
• Binding: Hardcover
• Edition: First Edition.
• Condition: Very Good
• Dust Jacket Condition: Very Good
• Weight: 28 ounces
• Seller catalogs:
  • Politics, Economics & Government

About this title

Synopsis

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.

About the Author

David Bevan is at St John's College, Oxford. Paul Collier is Professor of Economics, University of Oxford, and Director of the Centre for the Study of African Economies. Jan Willem Gunning is Professor of Economics, Free University, Amsterdam.