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Ebook Principles of International Finance and Open Economy Macroeconomics: Theories, Applications, and Policies, by Cristina Terra
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Principles of International Finance and Open Economy Macroeconomics: Theories, Applications, and Policies presents a macroeconomic framework for understanding and analyzing the global economy from the perspectives of emerging economies and developing countries.
Unlike most macroeconomic textbooks, which typically emphasize issues about developed countries while downplaying issues related to developing countries, this book emphasizes problems in emerging economies, including those in Latin American countries.
It also explains recent developments in international finance that are essential to a thorough understanding of the effects and implications of the recent financial crisis.
- Concentrates on developing country perspectives on International Finance and the Economy, including those in Latin American countries
- Provides case studies and publicly available data allowing readers to explore theories and their applications
- Explains recent developments in international finance that are essential to a thorough understanding of the effects and implications of the recent financial crisis
- Proposes a unified mathematical model accessible to those with basic mathematical skills
- Sales Rank: #2313677 in Books
- Published on: 2015-07-03
- Released on: 2015-06-19
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x .82" w x 7.50" l, 1.68 pounds
- Binding: Paperback
- 362 pages
Review
"Cristina Terra’s superb intermediate international macroeconomics textbook fills an important void by providing analysis that is more mathematically rigorous than standard mass market texts, yet remains quite accessible to both advanced undergraduates and first year graduate students. The book is also different in its focus on emerging market policy issues, though the financial crisis has shown that advanced economy practitioners would do well to learn these lessons also. Another very appealing aspect of the book is that a great deal of the material is encompassed within a unified analytical framework, helping students to see links between issues. A very useful addition to the market, especially for juniors and seniors that are really too advanced for standard intermediate international macro books." --Kenneth Rogoff, Harvard University
"The world of international finance has been since 2007 one of the most interesting and complex ever known. Developing countries are emerging, developed economies are facing serious fiscal and demographic challenges, the international monetary system is chaotic, balance of payments imbalances abound, exchange rates fluctuate, and challenges only increase. Cristina Terra's book comes at a good time, putting these issues in order clearly and didactically. Covering basic concepts and relevant models in a clear and in a well-illustrated way, this book will serve as an essential reference for academics and practitioners." --Arminio Fraga Neto, Gávea Investimentos, Brazil
"An inspiring textbook on international macroeconomics, developed with lucid economic intuition and illustrated with up-to-date issues in global economy." --Ou Hu, Youngstown State University
From the Back Cover
Principles of International Finance and Open Economy Macroeconomics presents a macroeconomic framework for understanding and analyzing the global economy from the perspectives of emerging economies and developing countries. Unlike most macroeconomic textbooks, which typically emphasize issues about developed countries while downplaying issues related to developing countries, this book emphasizes problems in emerging economies, such as those in Latin American countries. It also explains recent developments in international finance that are essential to understand effects and implications of the recent financial crisis, not present in other textbooks. Explanations are made step-by-step, focusing on economic intuition. More complicated mathematical passages are developed in appendices at the end of each chapter.
About the Author
Cristina Terra is professor of economics at ESSEC Business School. PhD in economics from Princeton University, she has taught in France, Brazil, and the United States. She has been Director of École Doctorale Économie Management et Mathématiques de Cergy at Université de Cergy-Pontoise, and Director of Graduate Studies at Fundação Getulio Vargas, Brazil. Her mains research interests are International Economics and Development Economics, with several articles published in international economic journals, such as Journal of International Economics, Journal of Development Economics, The Quarterly Journal of Economics, among others. She is member of the editorial board of Journal of Applied Economics and an associate researcher at THEMA and CEPII.
Most helpful customer reviews
1 of 1 people found the following review helpful.
Awesome book by Cristina Terra
By Ale
A great accomplishment. If you happen to be an advanced undergraduate of economics or an instructor of macroeconomics teaching open economy macroeconomics for advanced undergraduates, this is the right text for you. Graduate student of economics will also find it very useful and appealing.
I heavily rely on Cristina's book to explain these concepts to my economics major students. It strikes just the right combination of mathematical rigor and intuition, thereby enabling interested readers to be exposed to a highly accessible introductory account of this topic.
The content is the following:
Foreword ix
Preface xi
Acknowledgments xiii
1. Introduction 1
1.1 Mathematical Modeling 2
1.2 Book Structure 4
PART I Definitions
2. How to Measure International Transactions 9
2.1 Balance of Payments 10
2.2 National Accounts 15
2.3 Balance of Payments Equilibrium 18
2.4 Open Economy Models 26
Mathematical Appendix 27
2.5 Exercises 28
3. The Foreign Exchange Market 31
3.1 The Nominal Exchange Rate 32
3.2 The Goods and Services Market: The Real Exchange Rate 36
3.3 The Assets Market: Interest Rate Parity Conditions 45
Mathematical Appendix 54
3.4 Exercises
PART II Current Account and Real Exchange Rate
4. What Is the Optimum Current-Account Level? 63
4.1 Basic Hypotheses 64
4.2 Consumption Smoothing 65
4.3 Comparing with a Closed Economy 73
4.4 How Economic Shocks Affect the Current Account 76
4.5 Adding Government 79
4.6 The Model with Production and Investment 81
4.7 The Model and the World 87
4.8 Exercises 93
5. The Equilibrium Real Exchange Rate 103
5.1 The Real Exchange Rate and the Price of Nontradable
Goods 104
5.2 Production, Consumption, and Equilibrium 106
5.3 How Does the Real Exchange Rate Respond to Shocks? 117
Mathematical Appendix 130
5.4 Exercises 139
PART III Determination of the Nominal Exchange Rate
6. Money and Exchange Rate in the Long Run 147
6.1 Money, Assets, and Goods Markets 148
6.2 Exchange Rate Fundamentals 150
6.3 Applications, Extensions, and Limits of the Model 160
Mathematical Appendix 161
6.4 Exercises
7. Macroeconomic Policies and Exchange Rate in the Short Run 169
7.1 Rigid Prices: The Mundell Fleming Model 170
7.2 Sticky Prices: The Mundell Fleming Dornbusch Model 182
7.3 Monetary Models with Price Rigidity: Their Uses and Limitations 189
7.4 Exercises 191
8. Portfolio Diversification and Capital Flows 195
8.1 Assets from Different Countries: Imperfect Substitutes 197
8.2 Gross Capital Flows and Current Account 198
8.3 Net International Investment Position 202
8.4 Impact of Shocks on Exchange Rate and Current Account 211
Mathematical Appendix 223
8.5 Exercises 223
PART IV Crises and Exchange Rate Policy
9. Currency Crises 229
9.1 The Speculative Attack as Asset Price Arbitrage 230
9.2 Crises as Self-Fulfilling Prophecies 237
9.3 The Role of Banks and Foreign Debt 245
9.4 Contagion 256
9.5 Exercises 257
10. Exchange Rate Regimes 265
10.1 Classification of Exchange Rate Regimes 266
10.2 What Exchange Rate Regime Should Be Chosen? 270
Mathematical Appendix 291
10.3 Exercises 292
11. Political Economy of Exchange Rate Policy 297
11.1 Distributive Impacts of the Real Exchange Rate 298
11.2 Exchange Rate as an Indicator of Competence 311
11.3 The Economic Policy of Fiscal Policy 314
Mathematical Appendix 318
11.4 Exercises 325
PART V
Annexes 333
References 337
Index 341
In sum, I strongly recommend Cristina's book!!
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