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Economic Growth and the Balance-of-Payments Constraint

Author: John McCombie

Publisher: Springer

Published: 2016-07-27

Total Pages: 646

ISBN-13: 1349231215

'... a well written book ... covering ... a vast amount of material ... well balanced between the theoretical and applied works. The authors are judicious and fair in providing a balanced treatment of the two alternative theories of growth performance: supply-oriented and demand-oriented. The book will serve as a guideline to researchers and policymakers ... as a textbook for upperdivision undergraduate and graduate courses.'- Kashi Nath Tiwari, Kennesaw State College This is the first book of its kind to argue in a consistent and comprehensive way the idea that a country's growth performance cannot be properly understood without reference to the performance of its tradeable goods sector and the strength of its balance of payments. It puts forward a demand orientated theory of why growth rates differ between countries where the major constraint on demand is the balance of payments. The book is critical of neoclassical growth analysis and provides an alternative theory of growth performance to the supply orientated approach of neoclassical theory. There are theoretical chapters comparing and contrasting neoclassical growth analysis with the new demand orientated approach, and empirical sections which apply the new model to regions and countries, including two case studies of the UK and Australia.

Balance of Payments Textbook

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1996-04-15

Total Pages: 159

ISBN-13: 1557755701

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The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities for enhancing their understanding of the relevant parts of the Manual. The Textbook is one of the main reference materials for training courses in balance of payments methodology.

Structural Economic Dynamics

Author: Luigi Pasinetti

Publisher: Cambridge University Press

Published: 2006-11-02

Total Pages: 212

ISBN-13: 9780521029766

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This book is a theoretical investigation of the influence of human learning on the development through time of a 'pure labour' economy. The theory proposed is a simple one, but aims to grasp the essential features of all industrial economies. Economists have long known that two basic phenomena lie at the root of long-term economic movements in industrial societies: capital accumulation and technical progress. Attention has been concentrated on the former. In this book, by contrast, technical progress is assigned the central role. Within a multi-sector framework, the author examines the structural dynamics of prices, production and employment (implied by differentiated rates of productivity growth and expansion of demand) against a background of 'natural' relations. He also considers a number of institutional problems. Institutional and social learning, know-how, and the diffusion of knowledge emerge as the decisive factors accounting for the success and failure of industrial societies.

IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1951-01-01

Total Pages: 208

ISBN-13: 145197146X

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This paper explains contribution of the September 1949 devaluations to the solution of Europe’s dollar problem. After the devaluations, the dollar value of exports to the United States from the devaluing countries in Europe recovered from the low levels of the second and third quarters of 1949, but this recovery, which restored exports in the first half of 1950 approximately to the 1948 level should be attributed in large part to the recovery in the US economy rather than to the devaluations. Between the first half of 1949 and the first half of 1950, Europe's dollar imports declined by one-third. Most of this decline occurred, however, between the second and third quarter of 1949, that is, before the devaluations. With imports generally controlled, the effect of the devaluations appeared much more in the reduction of pressure on the control authorities, the substitution of the price mechanism for at least part of the controls as barriers to imports, and the consequent more rational allocation of the relatively scarce dollars among different uses and different users.

Balance of Payments Compilation Guide

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1995-03-15

Total Pages: 398

ISBN-13: 9781557754707

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A companion document to the fifth edition of the Balance of Payments Manual, the Balance of Payments Compilation Guide shows how the conceptual framework described in the Manual may be implemented in practice. The primary purpose of the Guide is to provide practical guidance for using sources and methods to compile statistics on the balance of payments and the international investment position. the Guide is designed to assist balance of payments compilers and statisticians in understanding the relative strengths and weaknesses of various approaches. The material reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances. Discussed in the Guide are all of the tasks that a BOP compiler normally performs. Appendices contain a set of model BOP questionnaires and a set of model BOP publication tables. Relationships between the balance of payments statistics and relevant aspects of national accounts are covered as well.

Balance of Payments Imbalances, by Alan Greenspan

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2007-12-12

Total Pages: 39

ISBN-13: 145195011X

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This paper focuses on the developing countries, which accounted for nearly half the value of those surpluses, were apparently unable to find sufficiently profitable investments at home that overcame market and political risk. The United States a decade ago likely could not have run up today’s near $800 billion annual deficit for the simple reason that we could not have attracted the foreign savings to finance it. In 1995, for example, total cross-border saving was less than $300 billion. The long-term updrift in this broader swath of unconsolidated deficits and mostly offsetting surpluses of economic entities has been persistent but gradual for decades, probably generations. However, the component of that broad set that captures only the net foreign financing of the imbalances of the individual US economic entities, our current account deficit, increased from negligible in the early 1990s to 6.2 percent of our GDP by 2006.

Macroeconomics for Professionals

Author: Leslie Lipschitz

Publisher: Cambridge University Press

Published: 2019-01-23

Total Pages: 312

ISBN-13: 1108568467

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Understanding macroeconomic developments and policies in the twenty-first century is daunting: policy-makers face the combined challenges of supporting economic activity and employment, keeping inflation low and risks of financial crises at bay, and navigating the ever-tighter linkages of globalization. Many professionals face demands to evaluate the implications of developments and policies for their business, financial, or public policy decisions. Macroeconomics for Professionals provides a concise, rigorous, yet intuitive framework for assessing a country's macroeconomic outlook and policies. Drawing on years of experience at the International Monetary Fund, Leslie Lipschitz and Susan Schadler have created an operating manual for professional applied economists and all those required to evaluate economic analysis.

Currency Conflict and Trade Policy

Author: C. Fred Bergsten

Publisher: Columbia University Press

Published: 2017-06-27

Total Pages: 392

ISBN-13: 0881327255

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Conflicts over currency valuations are a recurrent feature of the modern global economy. To strengthen their international competitiveness, many countries resort to buying foreign currencies to make their exports cheaper and their imports more expensive. In the first decade of the 21st century, for example, China's currency manipulation practices were so flagrant that they produced a backlash in the United States and other trading partners, prompting threats of retaliation. How damaging is the practice of currency manipulation—and how extensive is the problem? This book by C. Fred Bergsten and Joseph E. Gagnon—two leading experts on trade, investment, and the effects of currency manipulation—traces the history, causes, and effects of currency manipulation and analyzes a range of policy responses that the United States could adopt. The book is an indispensable guide to a complex and serious problem and what might be done to solve it.