Trade Liberalization In Disinflation
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Trade Liberalization In Disinflation
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Author : Dani Rodrik
language : en
Publisher:
Release Date : 1993
Trade Liberalization In Disinflation written by Dani Rodrik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Deflation (Finance) categories.
There exists near-consensus among professional economists on the desirability of achieving macroeconomic stabilization prior to the removal of microeconomic distortions. Yet this advice was completely disregarded in some of the most important cases of reform during the last decade--Bolivia and Mexico since 1985, Poland since 1990, Argentina since 1991, for example. In these and many other cases, radical trade liberalization measures were put in place, or existing programs speeded up, in conjunction with macroeconomic stabilization packages. In this paper I revisit this issue by focusing on recent liberalizations in Latin America. I argue that the theoretical case for the existence of a policy dilemma in exchange-rate management when trade liberalization is implemented simultaneously with stabilization policies is weaker than is usually presupposed. A commitment to a pegged exchange rate can, if credible, actually solve rather than intensify the potential conflict between trade liberalization and exchange-rate stability. However, the credibility of disinflation may be endangered by early liberalization.
Trade Liberalization In Disinflation
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Author : National Bureau of Economic Research
language : es
Publisher:
Release Date : 1993
Trade Liberalization In Disinflation written by National Bureau of Economic Research and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.
Globalization And Disinflation
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Author : Assaf Razin
language : en
Publisher:
Release Date : 2007
Globalization And Disinflation written by Assaf Razin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The paper analyzes how globalization forces induce monetary authorities, guided in their policies by the welfare criterion of a representative household, to put a greater emphasis on reducing the inflation rate than on narrowing the output gaps. We demonstrate that with capital account liberalization the representative household is able to smooth fluctuations in consumption, and thus becomes relatively insensitive to fluctuations in the output gap. With trade liberalization the economy tends to specialize in the production of relatively few varieties of goods. The specialization in production as a result of trade openness increases the distortion originating from fluctuations in the inflation rate. Therefore, policymakers (guided by efficiency considerations) become more aggressive on inflation and less responsive to the output gap when trade and financial openness increases. We provide evidence on the effect on preferences towards fluctuations in the output gap and in inflation of trade and capital openness, which supports the theory predictions.
Trade Liberalization Protectionism And Interdependence
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Author : Richard Blackhurst
language : en
Publisher:
Release Date : 1977
Trade Liberalization Protectionism And Interdependence written by Richard Blackhurst and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Commercial policy categories.
Trade Liberalization And Protectionism
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Author : Balthasar Hahn
language : en
Publisher:
Release Date : 2010
Trade Liberalization And Protectionism written by Balthasar Hahn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Free trade categories.
This book makes an intensive review of the literature on trade liberalisation and its impacts on growth and distribution in developing countries. Moreover, the authors scrutinise some controversial national initiatives that are gradually fragmenting the international economic field. The urgent need that multilateral institutions have to push trade higher up in the list of the political priorities is emphasised. In addition, the biggest producers and exporters of agricultural products have been adopting the genetic engineering in order to improve the factors productivity and the firms profits. The authors examine the potential motivations behind the different policies on GM products adopted by US and EU. Additionally, the welfare effect of bilateral free trade agreement (FTA) in a vertical trade structure is investigated in this book. A three-country model is considered with one country exporting intermediate good and two countries exporting final good. Other chapters explore the major theories of international trade from antiquity up to the neo-classical economics in the latter part of the nineteenth century. Effective trade policies for developed countries today are also discussed, as well as international trade, both exports and imports, in countries such as India and China. It is the authors contention that these two countries pose particular challenges and offer particular opportunities in the evolving trade-development nexuses.
Disinflation In Transition Economies
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Author : Ms.Sharmini Coorey
language : en
Publisher: International Monetary Fund
Release Date : 1996-12-01
Disinflation In Transition Economies written by Ms.Sharmini Coorey and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-12-01 with Business & Economics categories.
In light of the persistence of moderate inflation in many transition economies, this paper analyzes whether inflation resulted from insufficiently tight financial policies and wage pressures or from the protracted adjustment of relative prices. Using a new database for 21 countries, the effect of relative price variability on inflation is estimated within a framework controlling for nominal and real shocks. Money and wage growth were the most important determinants of inflation; relative price variability had a sizable effect at high inflation during initial liberalization and a small effect at moderate inflation. Cost recovery may contribute to variability, particularly in the advanced stages of the transition.
Trade Liberalization Stabilization And Growth
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1990-01-01
Trade Liberalization Stabilization And Growth written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-01-01 with Business & Economics categories.
While inflation slowed sharply in Mexico during 1988, imports surged. Although the growth of domestic absorption could be attributed to a higher fiscal deficit, deriving from sharply higher domestic interest rates, this paper argues that the recovery of private investment was the main driving force, as the private sector saved most of its interest income on public debt. The paper also analyzes some of the costs and benefits associated with trade liberalization. While there is no evidence yet that trade liberalization contributed decisively to price stabilization, it may have played an important role in stimulating exports and investment.
The Order Of Economic Liberalization
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Author : Ronald I. Mckinnon
language : en
Publisher: JHU Press
Release Date : 1993-10
The Order Of Economic Liberalization written by Ronald I. Mckinnon and has been published by JHU Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-10 with Business & Economics categories.
Can knowledge of financial policies in developing countries over four decades help the socialist economies of Asia and Eastern Europe become open market economies in the 1990s? In all these countries the loss of fiscal and monetary control has often resulted in high inflation that undermines the liberalization process itself. In the second edition of The Order of Economic Liberalization, Ronald McKinnon builds on his influential work on the liberalization of financial markets in less developed countries and outlines the progression necessary to move from a "repressed" to an open economy. New to this edition are chapters that contrast the gradual Chinese approach to liberalizing domestic and foreign trade with the "big bang" approach followed by some Eastern European countries and republics of the former Soviet Union. Financial control and macroeconomic stability, McKinnon argues, are more critical to a successful transition than is any crash program to privatize state-owned industrial assets and the banking system.
Understanding Interdependence
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Author : Peter B. Kenen
language : en
Publisher: Princeton University Press
Release Date : 2021-06-08
Understanding Interdependence written by Peter B. Kenen and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-08 with Business & Economics categories.
Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.
Inflation And Disinflation In Turkey
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Author : Faruk Selcuk
language : en
Publisher: Routledge
Release Date : 2018-04-27
Inflation And Disinflation In Turkey written by Faruk Selcuk and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-27 with Social Science categories.
This title was first published in 2002. Since the 1990s Turkey has experienced a number of disasters, both physical and economic. The result has been a decrease in economic performance compared to other European states. This study addresses the country's ongoing economic struggles.