Stabilization and Growth in Developing Countries: A Structuralist Approach
A basic model for macro policy analysis is set out, incorporating an inflation theory based on distributional conflict, output and current account adjustment mechanisms, and the money market. Classical structuralist results about contractionary devaluation and stagflationary monetary restriction are derived. Alternative closures of the model are considered—monetarism and external strangulation (or foreign exchange bonanzas)—and it is extended to deal with interest rate reform. Short-term stabilization issues are considered—monetary and fiscal policy, import quotas and export subsidies as opposed to devaluation, financial ...
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