- Title Pages
- Title Pages
- Acknowledgments
- Preface
-
Chapter 1 An Introduction to Roberto Frenkel’s Contributions to the Economic Ideas in Latin America -
Chapter 2 Markups Under Uncertainty -
Chapter 3 Financial Fragility, Price Indexes, and Investment Financing -
Chapter 4 Uncertainty in Structural and Institutional Parameters and the Cost of Policy Mistakes -
Chapter 5 Monetary Policy and External Shocks in a Semidollarized Economy -
Chapter 6 The Chilean Economy Since the Global Crisis -
Chapter 7 Disequilibria and Risk Premia -
Chapter 8 Labor Market and Income Distribution in Latin America in Times of Economic Growth -
Chapter 9 Accounting for the Rise and Fall of Brazil’s Growth After World War II -
Chapter 10 Balance-of-Payments Dominance -
Chapter 11 The Real Exchange Rate, the Real Wage, and Growth -
Chapter 12 The Real Exchange Rate and Economic Growth -
Chapter 13 Capitalism and Financial Crises -
Chapter 14 Financial Crises, Institutions, and the Macroeconomy -
Chapter 15 United States Size Distribution and the Macroeconomy 1986–2009 -
Chapter 16 Sovereign Credit Risk in Latin America and Global Common Factors -
Chapter 17 Cognitive Dissonance -
Chapter 18 New Developmentalism as a Weberian Ideal Type - Contributors
- Index
Balance-of-Payments Dominance
Balance-of-Payments Dominance
Implications for Macroeconomic Policy
- Chapter:
- (p.211) Chapter 10 Balance-of-Payments Dominance
- Source:
- Macroeconomics and Development
- Author(s):
José Antonio Ocampo
- Publisher:
- Columbia University Press
this chapter discusses what the author calls the balance of payments dominance on macroeconomic policy, defined as a macroeconomic regime in which short-term dynamics is largely determined by external, mainly financial, shocks. Typically emerging market economies suffer from this dominance and are prone to boom-and-bust cycles led by external financial shocks.
Keywords: balance of payments dominance, trade shocks, financial shocks, pro-cyclical economic policy, macroprudential regulations, managed exchange rate flexibility, emerging market economies
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- Title Pages
- Title Pages
- Acknowledgments
- Preface
-
Chapter 1 An Introduction to Roberto Frenkel’s Contributions to the Economic Ideas in Latin America -
Chapter 2 Markups Under Uncertainty -
Chapter 3 Financial Fragility, Price Indexes, and Investment Financing -
Chapter 4 Uncertainty in Structural and Institutional Parameters and the Cost of Policy Mistakes -
Chapter 5 Monetary Policy and External Shocks in a Semidollarized Economy -
Chapter 6 The Chilean Economy Since the Global Crisis -
Chapter 7 Disequilibria and Risk Premia -
Chapter 8 Labor Market and Income Distribution in Latin America in Times of Economic Growth -
Chapter 9 Accounting for the Rise and Fall of Brazil’s Growth After World War II -
Chapter 10 Balance-of-Payments Dominance -
Chapter 11 The Real Exchange Rate, the Real Wage, and Growth -
Chapter 12 The Real Exchange Rate and Economic Growth -
Chapter 13 Capitalism and Financial Crises -
Chapter 14 Financial Crises, Institutions, and the Macroeconomy -
Chapter 15 United States Size Distribution and the Macroeconomy 1986–2009 -
Chapter 16 Sovereign Credit Risk in Latin America and Global Common Factors -
Chapter 17 Cognitive Dissonance -
Chapter 18 New Developmentalism as a Weberian Ideal Type - Contributors
- Index