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This impressive collection explores the relationship between a country's balance of payments and their rate of economic growth.
This book extends Thirlwall's model and adapts its implications to the current problems facing developed and emerging economies. In this context, this book combines theoretical models and empirical applications, unveiling new results and highlighting the importance of the balance of payments as a constraint to growth.
'... 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.
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.
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.
This book honours Professor John McCombie’s retirement by exploring a variety of themes, theories and debates in non-orthodox macroeconomics. With contributions from leading scholars, the book covers diverse ground in economic thought, policy, empirical work and modelling. It demonstrates ongoing presumptions and asks probing questions of topical questions from the increase of income equality to the international variation of productivity investment. This collection will appeal to academics and students with an interest in the history of macroeconomic thinking.
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.
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.
Presenting an in-depth overview of the foundations and developments of post-Keynesian macroeconomics since Kalecki and Keynes, this timely book develops a comprehensive post-Keynesian macroeconomic model with the respective macroeconomic policy mix for achieving non-inflationary full employment. Linking the short-run model to long-run distribution and growth theories, the theoretical approach is also applied to current research on macroeconomic regimes in finance-dominated capitalism and on the macroeconomic challenges of the socio-ecological transformation.
This edited collection uses a history of economic thought perspective to explore the evolving role of Latin America within the context of globalization. In particular, it examines the region’s resilience in the face of the global financial crisis. Economic Development and Global Crisis explains that Latin America is a region with distinct characteristics and peculiarities which have been shaped from the colonial era up to the present day. The contributions suggest that several features which were perceived as economic backwardness have turned out to be advantageous, and this may explain why Latin America is withstanding the crisis much better than Europe, Japan and the USA. This book will be of interest to scholars working in the areas of economic development, economic history, the history of economic thought and Latin American studies.