The Economics of Adjustment and Growth

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This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth. It emphasizes the importance of structural microeconomic characteristics in the transmission of policy shocks and the response of the economy to adjustment policies. Ithas particular relevance to the economics of developing countries.

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Pierre-Richard Agenor is Hallsworth Professor of International Macroeconomics and Development Economics in the of the University of Manchester, United Kingdom, and Co-Director of the School?s Centre for Growth and Business Cycle Research. His research interests include international macroeconomics, development economics, and growth theory. Table Of Contents Budget Constraints and Aggregate Accounts Consumption, Saving, and Investment Fiscal Deficits, Public Debt, and the Current Account The Financial System and Monetary Policy Exchange Rate Regimes Inflation and Disinflation Programs Capital Inflows: Causes and Policy Responses Financial Crises and Financial Volatility Policy Tools for Macroeconomic Analysis Growth, Poverty, and Inequality: Some Basic Facts Growth and Technological Progress: The Solow-Swan Model Knowledge, Human Capital, and Endogenous Growth The determinants of Economic Growth: An Empirical Overview Trade and labor market Reforms Fiscal Adjustment and Financial Sector Reforms Aid, External Debt, and Growth Sequencing, Gradualism, and the Political Economy of Adjustment