Book
Macroeconomic Policy after the Conservative Era

Studies in Investment, Saving and Finance

The essays collected in this volume, written by well-known academics and policy analysts, discuss the impact of increased capital mobility on macroeconomic performance. The authors highlight the most adequate ways to manage the transition from a semi-closed economy to a semi-open one. Additionally, issues related to the measurement of openness, monetary control, optimal exchange rates regimes, sequencing of reforms, and real exchange rate dynamics under different degrees of capital mobility are carefully analyzed. The book is divided into four parts after the editor's introduction. The first part contains the general analytics of monetary policy in open economies. Parts two to four deal with diverse regional experiences, covering Europe, the Asian Pacific region, and Latin America. The papers on which the essays are based were originally presented at a conference on Monetary Policy in Semi-Open Economies, held in Seoul, Korea in November 1992.

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Author

Gil S. Epstein

Herbert Gintis

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January 1996

Cambridge University Press,

© UNU-WIDER

Table of contents
  1. Part I: Introduction
    1. Macroeconomic Policies for Sustainable Growth
    Gerald Epstein, Herbert Gintis
  2. Part I: Introduction
    2. Stability, Inegalitarianism, and Stagnation: An Overview of the Advanced Capitalist Countries in the 1980s
    Andrew Glyn
  3. Part II: Saving, Investment, and Employment
    3. Putting the Horse (back) Before the Cart: Disentangling the Macro Relationship between Investment and Saving
    David M. Gordon
  4. Part II: Saving, Investment, and Employment
    4. US National Saving and Budget Deficits
    Robert Eisner
  5. Part II: Saving, Investment, and Employment
    5. Wages, Aggregate Demand, and Employment in an Open Economy: An Empirical Investigation
    Samuel Bowles, Robert Boyer
  6. Part III: The Determinants of Investments: Profits, Demand, Debt, and Expectations
    6. Investment and Profitability: The Evidence from the Advanced Capitalist Countries
    Venkataraman Bhaskar, Andrew Glyn
  7. Part III: The Determinants of Investments: Profits, Demand, Debt, and Expectations
    7. Expectations and Investment: An Econometric Defense of Animal Spirits
    Christopher Heye
  8. Part III: The Determinants of Investments: Profits, Demand, Debt, and Expectations
    8. Private Investment and Debt Overhang in Latin America
    Manuel Pastor
  9. Part IV: Finance and Accumulation: Efficiency and Instability
    9. Financial Innovation, Deregulation, and Minsky Cycles
    Peter Skott
  10. Part IV: Finance and Accumulation: Efficiency and Instability
    10. Financial Liberalization, Capital Rationing, and the Informal Sector in Developing Countries
    Mohan Rao
  11. Part IV: Finance and Accumulation: Efficiency and Instability
    11. International Profit Rate Equalization and Investment: An Empirical Analysis of Integration, Instability, and Enforcement
    Gerald Epstein
  12. Part V: Macroeconomic Policy: New Rules of the Game
    12. Growth, Distribution, and the Rules of the Game: Social Structuralist Macro Foundations for a Democratic Economic Policy
    David M. Gordon
  13. Part V: Macroeconomic Policy: New Rules of the Game
    13. A Dual Agency Approach to State and Market
    Gerald Epstein, Herbert Gintis
  14. Part V: Macroeconomic Policy: New Rules of the Game
    14. Escaping the Efficiency Equity Trade-off: Productivity-enhancing Asset Redistributions
    Samuel Bowles, Herbert Gintis
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