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A Macroeconometric Model for Developing Countries

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  • Nadeem U. Haque

    (International Monetary Fund)

  • Kajal Lahiri

    (International Monetary Fund)

  • Peter J. Montiel

    (International Monetary Fund)

Abstract

A small macroeconomic model based on familiar theoretical considerations is developed and estimated using data from 31 developing countries. Efficient estimation techniques are used to control for country heterogeneity under the assumption of rational expectations. The estimates and the test statistics suggest that the model could serve well as a frame-work for macroeconomic analysis of developing countries. The specification of the model allows the hypothesis of capital mobility to be explicitly tested, and the empirical analysis suggests that, on average, developing countries have exhibited a high degree of capital mobility.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

Volume (Year): 37 (1990)
Issue (Month): 3 (September)
Pages: 537-559

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Handle: RePEc:pal:imfstp:v:37:y:1990:i:3:p:537-559

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Cited by:
  1. Dua, Pami & Pandit, B. L., 2002. "Interest rate determination in India: domestic and external factors," Journal of Policy Modeling, Elsevier, vol. 24(9), pages 853-875, December.
  2. Daniel Zerfu Gurara, 2013. "Working Paper 177 - A Macroeconometric Model for Rwanda," Working Paper Series 476, African Development Bank.
  3. Kannapiran, Chinna A., 2001. "Macroeconomic impacts of export commodity price subsidy in Papua New Guinea," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 45(3), September.
  4. Rankaduwa, Wimal & Rao, U. L. Gouranga & Ogwang, Tomson, 1995. "A forecasting model of the Sri Lankan economy," Economic Modelling, Elsevier, vol. 12(4), pages 343-375, October.
  5. Schmidt-Hebbel, Klaus & Serven, Luis, 1992. "Dynamic response to foreign transfers and terms-of-trade shocks in open economies," Policy Research Working Paper Series 1061, The World Bank.
  6. Zelal Kotan & Mesut Saygili, 1999. "Estimating an Import Function for Turkey," Discussion Papers 9909, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  7. Pami Dua & B.L. Pandit, 2001. "Interest Rate Determination in India: The Role of Domestic and External Factors," Working papers 92, Centre for Development Economics, Delhi School of Economics.
  8. Musila, Jacob Wanjala, 2002. "An econometric model of the Malawian economy," Economic Modelling, Elsevier, vol. 19(2), pages 295-330, March.
  9. Krishna Akikina & Hamed Al-Hoshan, 2003. "Independence of monetary policy under fixed exchange rates: the case of Saudi Arabia," Applied Economics, Taylor & Francis Journals, vol. 35(4), pages 437-448.
  10. Diego Nicolás Moccero, 2001. "Esquemas Cambiarios y Monetarios Alternativos en un Modelo de Interdependencia Macroeconómica entre Argentina y Brasil," Department of Economics, Working Papers 031, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.
  11. Nicolas Ponty, 2005. "Un modèle MAcroDYNamique des économies des pays membres de l’UEMOA : MADYN," Documents de travail 118, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
  12. Aykut Kibritcioglu & Bengi Kibritcioglu, 2004. "Real Exchange Rate Misalignment in Turkey, 1987-2003 (in Turkish)," Macroeconomics 0403006, EconWPA, revised 09 Mar 2004.
  13. Thomas M Fullerton Jr & Eiichi Araki, 2004. "New Directions in Latin American Macroeconometrics," Development and Comp Systems 0408002, EconWPA.

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