Macroeconomic Adjustment in Developing Countries: Instability, Short-Run Growth, and External Dependency
构建了一个分析发展中国家宏观经济调整与短期增长的总体模型，发现实际部门调整与发达国家的专业预期不同，并解释了这些经济体为何常受慢性通胀和外资流入依赖。
This paper presents an aggregate model for analyzing macroeconomic adjustment and short-run growth in less-developed countries. The model is built on standard theoretical lines; but an important finding of the paper is that empirically, macroeconomic adjustment in the real sector of some differs from the professional expectations that may be prevalent in more-developed countries. This observation leads us to a reconsideration of the macroeconomics of the developing economies, and particularly of some short-term features that affect the long-run expansion path. The analysis also shows why these economies are often subject to chronic inflation and macroeconmic dependence on foreign-capital inflows. 13 references, 4 tables.