Economic Stabilization for Developing Countries

Anthony Clunies-Ross, Professor of Economics, University of Strathclyde, UK

• Part 1 Purposes and concepts: meaning and purposes of economic stabilization; national income, product and expenditure; money and the balance of payments; exchange rates and international money. Part 2 Standard models for stabilization: Keynesian and monetarist approaches; managing the external balance. Part 3 Models for developing countries: relevant differences among types of economy; structuralism - model or attitude of mind?. Part 4 International approaches to stabilization: commodity-price stabilization; earnings compensation and insurance; debt and borrowing. Part 5 Domestic instruments of stabilization: stabilization targets and instruments; fiscal rules; choosing exchange-rate regimes and policies; wage policies; interest-rate policies; adjusting from gross imbalance. Part 6 Case-studies and conclusions: some recent experiments and experiences; concluding lessons.