WorldCat Identities
Fri Mar 21 17:12:53 2014 UTClccn-n896206160.70Development macroeconomics /0.790.94Savings and the terms of trade under borrowing constraints /5004004n 896206162497022Agénor, P. R.Agénor, P.-R. 1957-Agénor, P. R. (Pierre-Richard)Agenor, Pierre-Richardlccn-n86830651Montiel, Peterlccn-n85196029Aizenman, Joshualccn-n77001219International Monetary FundResearch Departmentnc-national bureau of economic researchNational Bureau of Economic Researchlccn-n79043403World Banklccn-no99071685World Bank InstituteEconomic Policy and Poverty Reductionlccn-no95004133Hoffmaister, Alexander W.lccn-no93032194Izquierdo, Alejandro1964-edtlccn-n86840123Haque, Nadeem Ullccn-nb2002043431Jensen, Henning TarpedtAgénor, Pierre-RichardDeveloping countriesEconomic historyMacroeconomicsDevelopment economicsEconomic developmentCapital market--Mathematical modelsDebts, External--Mathematical modelsForeign exchangeAsiaFinancial crisesStructural adjustment (Economic policy)Capital investmentsPublic welfarePoverty--Econometric modelsMacroeconomics--Econometric modelsStructural adjustment (Economic policy)--Econometric modelsEconomic policy--Econometric modelsUnemployment--Econometric modelsEast AsiaInformal sector (Economics)--Econometric modelsFinance--Econometric modelsBank loans--Econometric modelsForeign exchange--Econometric modelsFinancial crises--Econometric modelsIntermediation (Finance)--Econometric modelsCapital market--Econometric modelsIntermediation (Finance)Interest rates--Econometric modelsArgentinaBank loansBank reservesThailandBank liquidityTerms of tradeSaving and investmentAfrica, Sub-SaharanProduction functions (Economic theory)Default (Finance)--Econometric modelsCredit--Econometric modelsPricesPrime rate--Econometric modelsMoney supply--Econometric modelsBalance of payments--Econometric modelsForeign exchange rates--Econometric modelsInterest ratesBanks and banking, International--Econometric modelsBank deposits--Econometric modelsDebt--Econometric modelsDebt relief--Econometric modelsDebt relief1957198019811984198619901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320146920188755330.91724HC59.7ocn797798290ocn823857673ocn450083020ocn799792651118432ocn032349583book19950.70Agénor, Pierre-RichardDevelopment macroeconomicsSpecifically, 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+-+886985641543523ocn041960348book19990.73Agénor, Pierre-RichardThe Asian financial crisis : causes, contagion and consequences+-+253522670542111ocn037024832book19970.73Agénor, Pierre-RichardCapital-market imperfections and the macroeconomic dynamics of small indebted economies+-+290701633541315ocn026672143book19900.73Agénor, Pierre-RichardParallel currency markets in developing countries : theory, evidence, and policy implicationsThe 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 examined40617ocn054685578book19990.76Agénor, Pierre-RichardThe economics of adjustment and growth+-+432065921523712ocn792880987book20120.76Agénor, Pierre-RichardPublic capital, growth and welfare : analytical foundations for public policy"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 Agénor 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."--Publisher's website23712ocn064486676book20060.86Agénor, Pierre-RichardAdjustment policies, poverty, and unemployment : the IMMPA frameworkPierre-Richard Agenor's pioneering work on Integrated Macroeconomics Models for Poverty Analysis (IMMPAs) is cataloged for the first time in this must-read volume. A class of Computable General Equilibrium models, IMMPAs are designed to analyze the impact of adjustment policies on unemployment figures and poverty, particularly in the developing world. Including both working papers originally circulated through the World Bank, as well as new material that places this important work in its larger context, "Adjustment Policies, Poverty, and Unemployment" details the history and uses of these models to date, as well as points to future developments for their utilization+-+78818605962225ocn026305134book19930.81Montiel, PeterInformal financial markets in developing countries : a macroeconomic analysis15317ocn040782512book19980.92Agénor, Pierre-RichardContagion, bank lending spreads, and output fluctuationsA 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 Argentina13320ocn044546993book19990.94Agénor, Pierre-RichardSavings and the terms of trade under borrowing constraintsWhen 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 savings13215ocn040515759book19980.92Agénor, Pierre-RichardVolatility and the welfare costs of financial market integrationThis 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 insurance13117ocn045323959book19990.94Agénor, Pierre-RichardThe credit crunch in East Asia : what can bank excess liquid assets tell us?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 factors13014ocn043254968book19990.94Agénor, Pierre-RichardFinancial sector inefficiencies and coordination failures : implication for crisis management"This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower expected productivity, or higher volatility, may shift the economy to the wrong side of the debt Laffer curve, with potentially sizable employment and output losses. The main implication of this analysis for the current policy debate on crisis management is [i.e. in?] East Asia is that dept [i.e. debt] reduction, in addition to debt rescheduling, may be required as part of the process of reducing financial sector inefficiences"--Abstract11718ocn037378328book19970.92Agénor, Pierre-RichardContagion and volatility with imperfect credit marketsThis 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 default10513ocn030773016book19940.93Agénor, Pierre-RichardMacroeconomic adjustment with segmented labor marketsThis 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 workers879ocn034146263book19960.90Agénor, Pierre-RichardWage dispersion and technical progressSince 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 change8213ocn025101111book19910.93Agénor, Pierre-RichardSpeculative attacks and models of balance-of-payments crisesThis 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 discussed6414ocn041291802book19980.88Agénor, Pierre-RichardMacroeconomic fluctuations in developing countries : some stylized factsUnderstanding and distinguishing among the various factors affecting the short- and long-run behavior of macroeconomic time series has been one of the main areas of research in quantitative macroeconomic analysis in recent years. Using a variety of econometric techniques, a substantial body of literature has documented a wide range of empirical regularities in macroeconomic fluctuations and business cycles across countries.1 The documentation of stylized facts has often been used to provide an empirical basis for the formulation of theoretical models of the business cycle, and as a way to discriminate among alternative classes of models617ocn647349833file20050.93Agénor, Pierre-RichardPublic infrastructure and private investment in the Middle East and North AfricaThe 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 system6010ocn071254912file20060.93Agénor, Pierre-RichardLinking public investment programs and SPAHD macro models : methodology and application to aid requirementsThe authors propose a "bottom up" approach to link public investment programs with a class of macro models recently developed to quantify Strategy Papers for Human Development (SPAHD) in low-income countries. The methodology involves establishing constant-price projections of investment outlays (disaggregated into infrastructure, education, and health), spending on maintenance and other goods and services, salaries, and user charges. These estimates are incorporated in a SPAHD macro framework to calculate, under alternative scenarios, domestic financing, foreign borrowing, and aid requirements. The authors also evaluate the impact on growth and indicators associated with the Millennium Development Goals. They use illustrative applications, based on a SPAHD model for Niger, to highlight the link between tax reform and aid requirements+-+8869856415+-+8869856415Fri Mar 21 15:52:18 EDT 2014batch33623