Research Catalog

Title

Informal financial markets in developing countries : a macroeconomic analysis / Peter J. Montiel, Pierre-Richard Agénor, and Nadeem Ul Haque.

Author

Montiel, Peter J., 1951-

Publication

Oxford ; Cambridge, MA : Blackwell, 1993.

Items in the Library & Off-site

Holdings

Details

Additional Authors

• Agénor, Pierre-Richard.
• Haque, Nadeem Ul.

Description

xi, 212 pages; 24 cm.

Series Statement

Advances in theoretical and applied economics

Uniform Title

Advances in theoretical and applied economics.

Subject

• Finance > Developing countries > Econometric models
• Informal sector (Economics) > Developing countries > Econometric models
• Foreign exchange > Developing countries > Econometric models

Bibliography (note)

• Includes bibliographical references (p. [194]-205) and indexes.

Contents

• 1. Nature and Scope of Informal Financial Markets. 1. The Informal Economy - A Definition and its Significance. 2. Informal Loan Markets. 2.1. Sources and Uses of Informal Credit. 2.2. Size of Informal Credit Markets. 2.3. Interest Rates in Informal Markets. 2.4. Implications of Informal Loan Markets. 3. Parallel Markets for Foreign Exchange. 3.1. Emergence of Parallel Currency Markets. 3.2. Supply and Demand for Foreign Exchange. 3.3. Implications of Parallel Currency Markets -- 2. Models of Informal Financial Markets. 1. Model of Informal Credit Markets. 1.1. McKinnon-Shaw Models of Financial Repression. 1.2. Neo-Structuralist Models. 2. Models of Parallel Currency Markets. 2.1. Smuggling and Real Trade Models. 2.2. The Monetary Approach. 2.3. Portfolio and Currency Substitution Models. 2.4. Models of Dual Exchange Markets with Leakages. 3. An Assessment -- 3. Macroeconomic Policy with Informal Financial Markets: An Integrated Framework.
• 2. A General Model of Developing-Country Financial Markets. 2.1. Structure of the Model. 2.2. The Model in Compact Form. 3. Partial Equilibrium Analysis. 4. General Equilibrium Implications. 4.1. Central Bank Credit to the Banking System. 4.2. Changes in Controlled Interest Rates. 4.3. Changes in Reserve Requirements. 4.4. Intervention in the Free Exchange Market. 5. Unification of Financial Markets. 5.1. Interest Rate Liberalization. 5.2. Unification of Foreign Exchange Markets -- 4. A General Equilibrium Model with Informal Financial Markets. 1. Aggregate Supply. 2. Aggregate Demand, Income and Wealth. 3. The Current Account and the Balance of Payments. 4. Banks, Budget Deficits and the Money Supply. 5. The Complete Framework. 6. Calibration of the Model -- Appendix: Summary Equations of the Model -- 5. Policy Issues and Model Simulations. 1. Effects of Government Spending on Home Goods. 2. Effects of Central Bank Credit to Commercial Banks. 3. Interest Rate Liberalization.
• 4. The Contractionary Devaluation Controversy -- 6. Epilogue. 1. The Analytical Model. 2. The Simulation Approach. 3. Reform -- Appendix A Efficiency of Parallel Currency Markets in Developing Countries. 1. Causality Tests. 2. Co-integration Tests -- Appendix B Informal Credit Markets and Capital Mobility In Developing Countries. 1. Macroeconomic Models and Capital Mobility. 2. Empirical Evidence on Capital Mobility. 3. Estimation of the Degree of Capital Mobility. 4. Some Evidence from Developing Countries. 5. Implications for Modeling of the Informal Sector.

ISBN

1557863571 (acid-free paper)

LCCN

92026400

OCLC

ocm26305134

Owning Institutions

Columbia University Libraries