文档介绍：International Finance
for developing Countries
Lijian Sun
******@online.
Fudan University
Auturm
2001
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Developing countries behave similarly to industrial countries, but operate in a different environment.
A number of specific macroeconomic issues in developing nations have not been of similar importance in the industrial world.
The relevance of industrial-country international finance to developing nations has been the subject of debate for some time: “arist” or “orthodox” versus “structuralist”.
International finance for developing countries provides a more balanced approach to the open macroeconomic issues in the developing nations (for example,causes and consequences of external imbalances,effects of macroeconomic policies).
Chapter 1 Introduction to International finance
Figure : In 1997 developing countries accounted for 32% of world output.
132 of the 183 countries are developing countries.
Although most of production takes place in the industrial countries, country-specific macroeconomic policy formulation is carried out in a developing-country context.
Developing countries behave similarly to industrial countries, but operate in a different environment.
Standard analytical tools of modern macroeconomics (international finance) are relevant to developing countries. But different models are needed to analyze.
Purposes to which the models have been applied also distinguish macroeconomics in developing countries.
, Structuralism, and Developing Nations
Debate on relevance of industrial-country macroeconomic analysis to developing nations.
“arist” or “orthodox” versus “structuralist”.
Orthodox View:
Long-run growth in developing countries is hampered by dirigiste policies that distort the allocation of resources.
Prescription: giving full scope to market mechanisms via free trade and noninterventionist domestic policies.
In the short run, high inflation and balance-of-payments deficits reflect excessive money growth fueled by