A model of adjustment and growth: An empirical analysis
This paper develops a model merging the monetary approach to the balance of payments and a neoclassical growth model into a unified framework in which inflation, growth, and the balance of payments are simultaneously determined. The empirical part of the paper presents estimates of the key parameters of the model for a sample of seven diverse developing countries and tests the validity of a subset of the theoretical assumptions. The estimated model is then used for a variety of comparative static exercises, including the effects of f i s c a l and monetary policy changes, and devaluation.
|Date of creation:||1989|
|Date of revision:|
|Publication status:||Published in Macroeconomic Models for Adjustment in Developing Countries (1991): pp. 10-37|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
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- Tyler, William G., 1981. "Growth and export expansion in developing countries : Some empirical evidence," Journal of Development Economics, Elsevier, vol. 9(1), pages 121-130, August.
- Carmen M. Reinhart, 1990.
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IMF Staff Papers,
Palgrave Macmillan, vol. 37(1), pages 168-182, March.
- Reinhart, Carmen, 1989. "A model of adjustment and growth: An empirical analysis," MPRA Paper 14101, University Library of Munich, Germany.
- Reinhart, Carmen, 1990. "“A Model of Adjustment and Growth," MPRA Paper 8145, University Library of Munich, Germany.
- Reinhart, Carmen, 1991. "A model of adjustment and growth: An empirical analysis," MPRA Paper 13233, University Library of Munich, Germany.
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13655, University Library of Munich, Germany.
- Khan, Mohsin S. & Reinhart, Carmen M., 1990. "Private investment and economic growth in developing countries," World Development, Elsevier, vol. 18(1), pages 19-27, January.
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- Khan, Mohsin S. & Montiel, Peter & Haque, Nadeem U., 1990. "Adjustment with growth : Relating the analytical approaches of the IMF and the World Bank," Journal of Development Economics, Elsevier, vol. 32(1), pages 155-179, January.
- Sherman Robinson, 1971. "Sources of Growth in Less Developed Countries: A Cross-Section Study," The Quarterly Journal of Economics, Oxford University Press, vol. 85(3), pages 391-408.
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