WorldCat Identities

Agénor, Pierre-Richard

Works: 234 works in 963 publications in 4 languages and 9,014 library holdings
Roles: Author, Editor, Contributor
Classifications: HC59.7, 330.91724
Publication Timeline
Most widely held works by Pierre-Richard Agénor
Development macroeconomics by Pierre-Richard Agénor( Book )

53 editions published between 1995 and 2015 in 3 languages and held by 1,333 WorldCat member libraries worldwide

Specifically, by showing notably how the terms of trade; the segmentation of markets for capital, labor, and goods; the open economy; and political structures affect policy formation, Agenor and Montiel provide researchers and students alike with an analytically coherent approach to the issues. Further, they show how decisions made in one sphere of the economy can affect others, and what the implications might be
The Asian financial crisis : causes, contagion and consequences by Pierre-Richard Agénor( Book )

26 editions published between 1999 and 2006 in English and held by 453 WorldCat member libraries worldwide

Presents the first theoretical analysis of the Asian financial crisis and draws out the general lessons of an event whose potential long term effects have been likened to those of the Crash of 1929. Part I presents a factual and analytic overview of what happened: the role of 'vulnerability'; the interconnection between currency crises and financial crises; and why crisis turned into collapse. Part II considers more detailed issues, including how the inflation of non-traded goods prices created vulnerability, welfare-reducing capital inflow owing to under-regulated financial markets, and the onset of speculative attacks. Part III assesses all aspects of contagion, in particular the role of geographic proximity. The final section addresses policy issues. Joseph Stiglitz argues that there is much that can be done to reduce the frequency of crises and to mitigate the severity of crises when they happen. The book finishes with a round-table discussion of policy issues
The economics of adjustment and growth by Pierre-Richard Agénor( Book )

21 editions published between 2000 and 2006 in English and Portuguese and held by 444 WorldCat member libraries worldwide

Capital-market imperfections and the macroeconomic dynamics of small indebted economies by Pierre-Richard Agénor( Book )

14 editions published in 1997 in English and held by 416 WorldCat member libraries worldwide

Parallel currency markets in developing countries : theory, evidence, and policy implications by Pierre-Richard Agénor( Book )

18 editions published between 1990 and 1993 in English and held by 411 WorldCat member libraries worldwide

The paper reviews recent theoretical and empirical developments in the analysis of informal currency markets in developing countries. The basic characteristics of these markets are highlighted, and alternative analytical models to explain them are discussed. The implications for exchange rate policy--including imposition of foreign exchange restrictions, devaluation, and unification of exchange markets--in countries with a sizable parallel market are also examined
Informal financial markets in developing countries : a macroeconomic analysis by Peter J Montiel( Book )

10 editions published in 1993 in English and Undetermined and held by 234 WorldCat member libraries worldwide

Public capital, growth and welfare : analytical foundations for public policy by Pierre-Richard Agénor( Book )

15 editions published between 2012 and 2013 in English and Undetermined and held by 203 WorldCat member libraries worldwide

In the past three decades, developing countries have made significant economic and social progress, from improved infant mortality rates to higher life expectancy. Yet, 1.3 billion people continue to live in extreme poverty in the developing world, leading policymakers to place a renewed emphasis on policies that could promote economic efficiency and the productivity of the poor. How should these policies be sequenced and implemented to spur growth? Would a large, front-loaded increase in public infrastructure investment yield the desired growth-promoting effect? Taking a rigorous look at this kind of investment and its outcomes, this book explores the different channels through which public capital in infrastructure may affect growth and human welfare, and develops a series of formal models for understanding how these channels operate. Bringing together a vast amount of research in one unifying framework, Pierre-Richard Agenor finds that in considering investment in infrastructure, a variety of externalities need to be factored into analytical models and introduced in policy debates. Lack of access to infrastructure not only constrains the expansion of markets and private investment, it may also hinder the achievement of health and education targets. Ease of access, conversely, promotes innovation and empowers women by allowing them to reallocate their time to productive uses. Laying a solid foundation of economic facts and ideas, "Public Capital, Growth, and Welfare" provides a comprehensive look at the critical role of public capital in development
Contagion, bank lending spreads, and output fluctuations by Pierre-Richard Agénor( Book )

24 editions published between 1998 and 1999 in English and held by 148 WorldCat member libraries worldwide

A positive historical shock to external spreads can lead to an increase in domestic spreads and a reduction in the cyclical component of output. Shocks to external spreads immediately after the Mexican peso crisis had a sizable effect on movements in output and domestic interest rate spreads in Argentina
Financial sector inefficiencies and coordination failures : implications for crisis management by Pierre-Richard Agénor( Book )

18 editions published in 1999 in English and held by 128 WorldCat member libraries worldwide

In a country where financial intermediation is highly inefficient (with the enforcement costs of loan contracts very high, for example), or in one experiencing great volatility and large adverse shocks in output, the likelihood of an inefficient equilibrium is great. In East Asia it may be in the interests of both debtors and creditors to collectively reduce the face value of debt, to reduce inefficiencies in the financial sector
Savings and the terms of trade under borrowing constraints by Pierre-Richard Agénor( Book )

27 editions published between 1999 and 2000 in English and Undetermined and held by 125 WorldCat member libraries worldwide

June 2000 - When households face the possibility of borrowing constraints in bad times, favorable movements in the permanent component of the terms of trade may lead to higher rates of private savings. Agénor and Aizenman examine the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. Using a simple three-period model, they show that if households expect to face binding constraints on borrowing in bad states of nature (when the economy is in a long trough rather than a sharp peak), savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade-in contrast with the predictions of conventional consumption-smoothing models. They test for asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results-based on panel data for nonoil commodity exporters of Sub-Saharan Africa for 1980-96 (a group of countries for which movements in the terms of trade have traditionally represented a key source of macroeconomic shocks)-indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) indeed tend to be associated with higher rates of private savings. This paper is a product of Economic Policy and Poverty Reduction, World Bank Institute. Pierre-Richard Agénor may be contacted at
The credit crunch in East Asia : what can bank excess liquid assets tell us? by Pierre-Richard Agénor( Book )

23 editions published between 1999 and 2000 in English and held by 123 WorldCat member libraries worldwide

A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors
Volatility and the welfare costs of financial market integration by Pierre-Richard Agénor( Book )

18 editions published in 1998 in English and held by 103 WorldCat member libraries worldwide

This paper examines the effect of volatility on the costs and benefits of financial market integration. The basic framework combines the costly state verification model and the contract enforceability approach. The welfare effects of financial market integration are assessed by comparing welfare under financial autarky and financial openness -- under which foreign banks, characterized by lower costs of intermediation and a lower markup rate, have free access to domestic capital markets. The analysis shows that financial integration may be welfare reducing if world interest rates under openness are highly volatile. The basic framework is then extended to consider the case of an upward-sloping domestic supply curve of funds and congestion externalities. It is shown, in particular, that opening the economy to unrestricted inflows of capital may magnify the welfare cost of existing distortions, such as congestion externalities or deposit insurance
Contagion and volatility with imperfect credit markets by Pierre-Richard Agénor( Book )

23 editions published in 1997 in English and Undetermined and held by 94 WorldCat member libraries worldwide

This paper interprets contagion effects as a perceived increase (triggered by events occurring elsewhere) in the volatility of aggregate shocks impinging on the domestic economy. The implications of this approach are analyzed in a model with two types of credit market imperfections: domestic banks borrow at a premium on world capital markets, and domestic producers (whose demand for credit results from working capital needs) borrow at a premium from domestic banks which possess comparative advantage in monitoring the behavior of domestic agents. Financial intermediation spreads are shown to be determined by a markup that compensates for the expected cost of contract enforcement and state verification and for the expected revenue lost in adverse states of nature. Higher volatility of producers' productivity shocks increases both financial spreads and the producers' cost of capital, resulting in lower employment and higher incidence of default. The welfare effects of volatility are non-linear. Higher volatility does not impose any welfare cost for countries characterized by relatively low volatility and efficient financial intermediation. The adverse welfare effects are large (small) for countries that are at the threshold of full integration with international capital markets (close to financial autarky), that is, countries characterized by a relatively low (high) probability of default
Macroeconomic adjustment with segmented labor markets by Pierre-Richard Agénor( Book )

19 editions published in 1994 in English and held by 87 WorldCat member libraries worldwide

This paper analyzes the macroeconomic effects of fiscal and labor market policies in a small open developing country. The basic framework considers an economy with a large informal production sector and a heterogeneous work force. The labor market is segmented as a result of efficiency considerations and minimum wage laws. The basic model is then extended to account for unemployment benefits, income taxation, and imperfect labor mobility across sectors. Under the assumption of perfect labor mobility, we show that a permanent reduction in government spending on nontraded goods leads in the long run to a depreciation of the real exchange rate, a fall in the market-clearing wage for unskilled labor, an increase in output of traded goods, and a lower stock of net foreign assets. A permanent reduction in the minimum wage for unskilled workers improves competitiveness, and expands the formal sector at the expense of the informal sector. Hence, in a two-sector economy in which the minimum wage is enforced only in the formal sector and wages in one segment of the labor market are competitively determined, efficiency wage considerations do not alter the standard neoclassical presumption. A reduction in unemployment benefits is also shown to have a positive effect on output of tradable goods by lowering both the level of efficiency wages and the employment rent of skilled workers
Public infrastructure and private investment in the Middle East and North Africa by Pierre-Richard Agénor( )

10 editions published in 2005 in English and Undetermined and held by 66 WorldCat member libraries worldwide

"The authors examine the impact of public infrastructure on private capital formation in three countries of the Middle East and North Africa-Egypt, Jordan, and Tunisia. They highlight various channels through which public infrastructure may affect private investment. Then they describe their empirical framework, which is based on a vector autoregression (VAR) model that accounts for flows and (quality-adjusted) stocks of public infrastructure, private investment, as well as changes in output, private sector credit, and the real exchange rate. The authors propose two aggregate measures of the quality of public infrastructure and use principal components to derive a composite indicator. Their analysis suggests that public infrastructure has both "flow" and "stock" effects on private investment in Egypt, but only a "stock" effect in Jordan and Tunisia. But these effects are small and short-lived, reflecting the unfavorable environment for private investment in their sample of countries. Reducing unproductive public capital expenditure and improving quality must be accompanied by policy reforms aimed at limiting investment to infrastructure capital that crowds in the private sector and corrects for fundamental market failures. This will entail privatization and greater involvement of the private sector in infrastructure investment. While infrastructure (in the form of the provision of critical telecommunications, transport, and energy services) is important, other improvements in the environment in which domestic investment is conducted are crucial. These include the need to provide financing on adequate terms and guarantee a secure and efficient justice system. "--World Bank web site
Wage dispersion and technical progress by Pierre-Richard Agénor( Book )

13 editions published in 1996 in English and held by 66 WorldCat member libraries worldwide

Since the early 1980s, wage dispersion and the ratio of skilled to unskilled employment have increased significantly in several industrial countries. A number of economists have attributed these trends to skill-biased technical progress. This paper studies the wage and employment effects of technological changes of this type. The analysis is based on a model with a heterogeneous work force and a segmented labor market. Skill-biased technical progress is modeled as a shock that switches demand from unskilled to skilled labor in the primary, high-wage sector, while leaving the total demand for labor in that sector constant at initial wages. Such a shock reduces total employment in the primary sector, as the equilibrium increase in skilled labor employment is smaller than the fall in employment of unskilled labor. Efficiency factors are shown to magnify the adverse employment effects of pro-skilled technical change
Does globalization hurt the poor? by Pierre-Richard Agénor( )

12 editions published between 2002 and 2004 in English and Undetermined and held by 64 WorldCat member libraries worldwide

Agénor attempts to examine analytically and empirically the extent to which globalization affects the poor in low- and middle-income countries. He begins with a description of various channels through which trade openness and financial integration may have an adverse effect on poverty. However, the author also stresses the possible nonlinearities involved--possibilities that have seldom been recognized in the ongoing debate. Agénor then presents cross-country regressions that relate measures of real and financial integration to poverty. The regressions control for changes in income per capita and output growth rates, as well as various other macroeconomic and structural variables, such as the inflation tax, changes in the real exchange rate and the terms of trade, health and schooling indicators, and macroeconomic volatility. The author uses not only individual indicators of trade and financial openness but also a "globalization index" based on principal components analysis, and tests for both linear and nonlinear effects. The results suggest the existence of a nonmonotonic, Laffer-type relationship between globalization and poverty. At low levels, globalization appears to hurt the poor; but beyond a certain threshold, it seems to reduce poverty--possibly because it brings with it renewed impetus for reform. So, globalization may hurt the poor not because it went too far, but rather because it did not go far enough. This paper--a product of the Poverty Reduction and Economic Management Division, World Bank Institute--is part of a larger effort in the institute to study the impact of globalization on the poor in developing countries
Monetary policy under flexible exchange rates an introduction to inflation targeting by Pierre-Richard Agénor( )

15 editions published between 1999 and 2001 in English and Undetermined and held by 64 WorldCat member libraries worldwide

December 2000 Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion without putting in jeopardy its main objective of maintaining stable prices. In the past few years a number of central banks have adopted inflation targeting for monetary policy. Agénor provides an introduction to inflation targeting, with an emphasis on analytical issues and the recent experience of middle- and high-income developing countries (which have relatively low inflation to begin with and reasonably well-functioning financial markets). After presenting a formal analytical framework, Agénor discusses the basic requirements for inflation targeting and how such a regime differs from money and exchange rate targeting regimes. After discussing the operational framework for inflation targeting (including the price index to monitor, the time horizon, the forecasting procedures, and the role of asset prices), he examines recent experiences with inflation targets, providing new evidence on the convexity of the Phillips curve for six developing countries. His conclusions: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion without putting in jeopardy its main objective of maintaining stable prices. In middle- and high-income developing economies that can refrain from implicit exchange rate targeting, it can improve the design and performance of monetary policy compared with other policy approaches that central banks may follow. Not all countries may be able to satisfy the technical requirements (such as adequate price data, adequate understanding of the links between instruments and targets of monetary policy, and adequate forecasting capabilities), but such requirements should not be overstated. Forecasting capability can never be perfect, and sensible projections always involve qualitative judgment. More important, and often more difficult, is the task of designing or improving an institutional framework that would allow the central bank to pursue the goal of low, stable inflation while maintaining the ability to stabilize fluctuations in output. This paper--a product of the Economic Policy and Poverty Reduction Division, World Bank Institute--is part of a larger effort in the institute to understand the dynamics of monetary policy in developing countries. The author may be contacted at
Speculative attacks and models of balance-of-payments crises by Pierre-Richard Agénor( Book )

16 editions published in 1991 in English and held by 61 WorldCat member libraries worldwide

This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, such as: alternative post-collapse regimes, uncertainty, real sector effects, external borrowing and capital controls, imperfect asset substitutability, sticky prices, and endogenous policy switches. Empirical evidence on the collapse of exchange rate regimes is also examined, and the major implications of the analysis for macroeconomic policy discussed
Unemployment-poverty trade-offs by Pierre-Richard Agénor( )

10 editions published in 2004 in English and Undetermined and held by 59 WorldCat member libraries worldwide

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Development macroeconomics
Alternative Names
Agénor, P. R.

Agénor, P.-R. 1957-

Agénor, P. R. (Pierre-Richard)

Agenor, Pierre-Richard

Agénor, Pierre Richard 1957-

The Asian financial crisis : causes, contagion and consequencesThe economics of adjustment and growthCapital-market imperfections and the macroeconomic dynamics of small indebted economies