A Macroeconometric Model for Developing Countries
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.
Volume (Year): 37 (1990)
Issue (Month): 3 (September)
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