The Simple Macroeconomics of North-South Interaction.
用一个简单模型分析发达国家（北方）与发展中国家（南方）的宏观经济互动，聚焦北方政策对南方的影响及南方债务减免的效果，适合关注全球宏观经济的学者。
Recently there has been an upsurge of interest in macroeconomic linkages between the developed countries (the North) and less developed countries (the South). There are several reasons for this. First, it is partly a response to the recent LDC debt crisis and its possible consequences for Northern financial markets and Southern growth prospects. Second, the effects of Northern macroeconomic policies on primary commodity prices and hence on Northern inflation and output (and on Southern debt) are of interest for the world economy. Third, the study of international interdependence in the context of the Northern economies has highlighted a link-the Southern economies -that are not modeled in detail in existing models of North-North interactions: analysis of these issues may well prove to be significantly influenced by the behavior of the missing bloc comprising the South. What is so particular about North-South interactions? Two asymmetries are normally held to represent the key differences between the economies of developed and developing countries. These have to do with the workings of goods and financial markets and are captured in the following simple stylized way. 1) Northern production consists of industrial goods, the output of which is endogenous and the market for which clears through changes in the volume produced. By contrast, Southern production consists of agricultural goods, the output of which is exogenous and the market for which clears through changes in the price of agricultural goods relative to industrial goods. (The association of industry with the North and agriculture with the South is clearly an oversimplification.) 2) The North has developed capital markets with endogenous interest rates that affect expenditure, but in the South credit markets are imperfect: the only financial effect on expenditure is a wealth effect that reduces Southern expenditure as indebtedness in the South arises. We have recently contributed to three surveys of the modeling and policy issues involved in studying interactions between these two rather different kinds of economies. (See D. Currie et al., 1988; Currie, V. Muscatelli, and Vines, 1988; Muscatelli and Vines, 1988). The present paper attempts to distill that work, and to model in the simplest possible way some of the key processes at work. We concentrate on two important policy issues in global macroeconomics: (i) the effect on the South of Reaganomics in the North; and (ii) the effect of debt relief for the South and aid to the South.