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Macroeconomic Vulnerability in Developing Countries: Approaches and Issues

  • Anuradha Seth

    ()

    (BDP)

  • Amr Ragab

    ()

    (The New School for Social Research)

Registered author(s):

    Economic vulnerability is approached from micro- and macroeconomic perspectives. While the microeconomic perspective is concerned with the impact of shocks on the well-being of individual households, the macroeconomic perspective focuses on the impact of these shocks on economic growth. This paper reviews the literature on macroeconomic vulnerability and finds that there is no single approach to understanding macroeconomic vulnerability in the context of financial and economic crises in developing countries. It identifies the critical contributions of different studies on macroeconomic vulnerability and appraises their main differences. The paper then proposes elements for a more comprehensive framework of macroeconomic vulnerability for developing countries. In a world where shocks and crises are becoming more frequent, the imperative for countries to build resilience and protect themselves from development reversals has become all the more urgent. Not surprisingly, addressing macroeconomic vulnerability has become an important aspect of the international development agenda. (?)

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    File URL: http://www.ipc-undp.org/pub/IPCWorkingPaper94.pdf
    File Function: First version, 2012
    Download Restriction: no

    Paper provided by International Policy Centre for Inclusive Growth in its series Working Papers with number 94.

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    Length: 19
    Date of creation: May 2012
    Date of revision:
    Publication status: Published by UNDP - International Policy Centre for Inclusive Growth , May 2012, pages 1-19
    Handle: RePEc:ipc:wpaper:94
    Contact details of provider: Web page: http://www.ipc-undp.orgEmail:


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    1. Patrick Guillaumont, 2010. "Assessing the Economic Vulnerability of Small Island Developing States and the Least Developed Countries," Working Papers id:2625, eSocialSciences.
    2. Briguglio, Lino & Cordina, Gordon & Farrugia, Nadia & Vella, Stephanie, 2008. "Economic Vulnerability and Resilience: Concepts and Measurements," Working Paper Series RP2008/55, World Institute for Development Economic Research (UNU-WIDER).
    3. Valerie Cerra & Sweta Chaman Saxena, 2008. "Growth Dynamics: The Myth of Economic Recovery," American Economic Review, American Economic Association, vol. 98(1), pages 439-57, March.
    4. Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-51, December.
    5. Palma, Gabriel, 1998. "Three and a Half Cycles of 'Mania, Panic, and [Asymmetric] Crash': East Asia and Latin America Compared," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 789-808, November.
    6. Ilene Grabel, 2003. "Predicting Financial Crisis in Developing Economies: Astronomy or Astrology?," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 243-258, Spring.
    7. Jean-Paul Fitoussi & Francesco Saraceno, 2010. "Inequality and macroeconomic performance," Sciences Po publications 2010-13, Sciences Po.
    8. World Bank, 2010. "Global Economic Prospects 2010 : Crisis, Finance, and Growth," World Bank Publications, The World Bank, number 2415, March.
    9. Patrick Guillaumont, 2010. "Assessing the Economic Vulnerability of Small Island Developing States and the Least Developed Countries," Journal of Development Studies, Taylor & Francis Journals, vol. 46(5), pages 828-854.
    10. Philippe Aghion & George-Marios Angeletos & Abhijit Banerjee & Kalina Manova, 2005. "Volatility and Growth: Credit Constraints and Productivity-Enhancing Investment," NBER Working Papers 11349, National Bureau of Economic Research, Inc.
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