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International finance --- Developing countries --- Foreign exchange --- -AA / International- internationaal --- LDC / Developping Countries - Pays En Développement --- 338.340 --- 333.454.0 --- 333.450 --- 333.451.0 --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Currency crises --- Algemene ontwikkeling in de Derde Wereld. --- Deviezencontrole: algemeenheden. --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- Wisselmarkt: algemeenheden. --- AA / International- internationaal --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Wisselmarkt: algemeenheden --- Deviezencontrole: algemeenheden --- Algemene ontwikkeling in de Derde Wereld --- Foreign exchange - Developing countries

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In the past three decades, developing countries have made significant economic and social progress, from improved infant mortality rates to higher life expectancy. Yet, 1.3 billion people continue to live in extreme poverty in the developing world, leading policymakers to place a renewed emphasis on policies that could promote economic efficiency and the productivity of the poor. How should these policies be sequenced and implemented to spur growth? Would a large, front-loaded increase in public infrastructure investment yield the desired growth-promoting effect? Taking a rigorous look at this kind of investment and its outcomes, this book explores the different channels through which public capital in infrastructure may affect growth and human welfare, and develops a series of formal models for understanding how these channels operate. Bringing together a vast amount of research in one unifying framework, Pierre-Richard Agénor finds that in considering investment in infrastructure, a variety of externalities need to be factored into analytical models and introduced in policy debates. Lack of access to infrastructure not only constrains the expansion of markets and private investment, it may also hinder the achievement of health and education targets. Ease of access, conversely, promotes innovation and empowers women by allowing them to reallocate their time to productive uses. Laying a solid foundation of economic facts and ideas, Public Capital, Growth, and Welfare provides a comprehensive look at the critical role of public capital in development.

Capital investments. --- Economic development. --- Public welfare. --- Benevolent institutions --- Poor relief --- Public assistance --- Public charities --- Public relief --- Public welfare --- Public welfare reform --- Relief (Aid) --- Social welfare --- Welfare (Public assistance) --- Welfare reform --- Development, Economic --- Economic growth --- Growth, Economic --- Capital expenditures --- Capital improvements --- Capital spending --- Fixed asset expenditures --- Plant and equipment investments --- Plant investments --- Government policy --- Human services --- Social service --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Investments --- Capital investments --- Economic development --- E-books --- 331.31 --- 336.01 --- 338.340 --- AA / International- internationaal --- LDC / Developping Countries - Pays En Développement --- Economisch beleid --- Overheidsbemoeiing op economisch gebied --- Algemene ontwikkeling in de Derde Wereld --- AllaisГamuelson Overlapping Generations. --- AllaisГamuelson Overlapping. --- R&D activity. --- child rearing. --- children's health. --- complementarity. --- crowding-out effects. --- developing world. --- economic development. --- economic efficiency. --- economic growth. --- education. --- extreme poverty. --- fiscal policy. --- government spending. --- health. --- human capital. --- human development. --- human welfare. --- income distribution. --- indirect taxation. --- infrastructure access. --- infrastructure. --- knowledge accumulation. --- labor supply. --- low-growth equilibrium. --- political economy. --- poor. --- poverty reduction. --- poverty trap. --- poverty. --- productivity. --- public capital. --- public infrastructure. --- public policy. --- public spending. --- publicаrivate partnerships. --- time allocation. --- trade. --- women.

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This paper develops a model of devaluation crises for an economy where foreign exchange restrictions lead to the emergence of a parallel market. The devaluation rule relates the size of the parity change to the spread between the official and parallel exchange rates. The mechanism that triggers the devaluation relates credit policy and the inflation tax. A credit expansion leads to an increase in the spread and possibly to a fall in inflation tax revenue, as agents switch away from domestic currency holdings. A devaluation reverses temporarily the process of erosion of the tax base if the associated fall in the premium raises the credibility of the new parity.

Conventional peg --- Credit --- Currencies --- Currency --- Domestic credit --- Exchange rates --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Money and Monetary Policy --- Money --- Multiple currency practices --- Payment Systems --- Regimes --- Standards

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This paper models the Tequila effect (triggered by the collapse of the Mexican peso in December 1994) as a temporary increase in the risk premium faced by domestic private borrowers on world capital markets. The effects of this shock are studied in an intertemporal optimizing framework where firms’ demand for working capital is financed by bank credit. Under the assumption that the perceived duration of the shock is sufficiently long, the model is capable of reproducing some of the main features of Argentina’s economic downturn in the aftermath of the collapse of the Mexican peso: the rise in domestic interest rates, the reduction in net private capital inflows and the drop in official reserves, the reduction in bank deposits and credit supply, the fall in private consumption, the contraction in output, and the increase in unemployment.

Banks and Banking --- Exports and Imports --- Finance: General --- Investments: General --- Macroeconomics --- Money and Monetary Policy --- Financial Markets and the Macroeconomy --- Current Account Adjustment --- Short-term Capital Movements --- International Lending and Debt Problems --- Macroeconomics: Consumption --- Saving --- Wealth --- Investment --- Capital --- Intangible Capital --- Capacity --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International economics --- Banking --- Finance --- Monetary economics --- Consumption --- Return on investment --- External debt --- Bank deposits --- Capital markets --- National accounts --- Financial markets --- Credit --- Money --- Economics --- Saving and investment --- Debts, External --- Banks and banking --- Capital market --- Argentina

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This paper examines the long-run effects of macroeconomic policy shocks on the behavior of output, inflation, real wages and the real exchange rate in a small open economy. The analysis is based on a two-sector, three-good optimizing model with imperfect capital mobility, nominal wage contracts with backward- or forward-looking price expectations, and endogenous mark-up pricing in the nontraded goods sector. The effects of a cut in government spending on nontraded goods are shown to be independent of the expectational mechanism embedded in wage contracts. A reduction in the nominal devaluation rate lowers steady-state output in the tradable sector under backward-looking contracts, but exerts an expansionary effect under forward-looking contracts.

Exports and Imports --- Foreign Exchange --- Labor --- Macroeconomics --- Interest Rates: Determination, Term Structure, and Effects --- Fiscal Policy --- Open Economy Macroeconomics --- Wages, Compensation, and Labor Costs: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Trade: General --- Labour --- income economics --- Currency --- Foreign exchange --- International economics --- Real exchange rates --- Wages --- Real wages --- Consumption --- Exports --- International trade --- National accounts --- Economics --- Japan --- Income economics