Macroeconomics and Markets in Developing and Emerging Economies

Ashima Goyal is Professor at the Indira Gandhi Institute of Development Research, Mumbai, India. She is the author of the book Developing Economy Macroeconomics: Fresh Perspectives (1999) as well as numerous research articles and is editor of Macroeconomics and Markets in India: Good Luck or Good Policy? (2012), Handbook of the Indian Economy in the 21st Century: Understanding the Inherent Dynamism (2014) and A Concise Handbook of the Indian Economy in the 21st Century (2015). She was Visiting Fellow at the Economic Growth Centre, Yale University, and a Fulbright Senior Research Fellow at Claremont Graduate University, USA. She won two best research awards at GDN meetings in Tokyo (2000) and Rio de Janeiro (2001), was selected as one of the four most powerful women in economics and a thought leader by Business Today (2008) and was the first Professor P. R. Brahmananda Memorial Research Grant awardee (2011) for a study on the History of Monetary Policy in India since Independence (2014).

The book presents and further develops basic principles and concepts in international finance and open economy macroeconomics to make them more relevant for emerging and developing economies (EDEs). It addresses a host of themes including key issues such as exchange rate economics, macroeconomic policy in an open economy, analytical frameworks for and experience of EDEs after liberalization, the international financial system, currency and financial crises, continuing risks, and regulatory response.

1. Analytical frameworks and their evolution 2. Basic accounting: the balance of payments 3. The asset approach to the exchange rate 4. Market microstructure of foreign exchange markets 5. Purchasing power parity and the exchange rate 6. The monetary approach to the exchange rate 7. The real exchange rate: beyond monetary theories 8. Short-run adjustment: monetary and fiscal policy 9. Exchange rate policy 10. New open economy macroeconomics 11. New directions for monetary and fiscal policy 12. Structure, stabilisation and structural adjustment 13. Currency crises 14. The global financial crisis and the international financial system