Published in 1999, this work analyzes the phenomenon of macroeconomic adjustment, with special emphasis on selected Latin American countries facing stabilization programmes. It provides a historical description of the origins, functioning and collapse of exchange-rate regimes from the international classical gold standard period to modern arrangements. The author supports the argument that systemic asymmetries in the worldwide adjustment mechanism are inherent in the international monetary system. The recent theoretical literature dealing with the rules vs discretion debate and its interaction with the credibility issue is reviewed. This topic is intrinsically related to the dispute over the appropriate role of exchange-rate anchors in disinflation programmes. Against a background of academic dispute between advocates of exchange-rate prescriptions and monetary conceptions, the contrasting views of different theorists regarding the choice of exchange rate regimes are presented and assessed. Finally, a comparative analysis of recent experiments in Argentina, Brazil, Chile and Mexico with exchange-rate based disinflation stabilization programmes is undertaken. The problems that have arisen while establishing new institutional arrangements, such as new currency or a policy rule for monetary base creation, are examined.

Read this book to trace the events that shape the history of Vietnams economy. Beginning with the economic reforms under Doi Moi in 1986, the country did well in agriculture and industry, but this progress was marred by the Asian financial and economic cr

Joseph Schumpeter oscillated in his view about the type of economic system that was most conducive to growth. In his 1911 treatise, Schumpeter argued that a more decentralized and turbulent industry structure where the pro cess of creative destruction was triggered by vigorous entrepreneurial ac tivity was the engine of economic growth. But by 1942 Schumpeter had modified his theory, arguing instead that a more centralized and stable industry structure was more conducive to growth. According to Schum peter (1942, p. 132), under the managed economy there was little room for entrepreneurship because, "Innovation itself is being reduced to routine. Technological progress is increasingly becoming the business of teams of trained specialists who turn out what is required to make it work in pre dictable ways" (p. 132). Schumpeter (1942) reversed his earlier view by arguing that the integration of knowledge creation and appropriation be stowed an inherent innovative advantage upon giant corporations, "Since capitalist enterprise, by its very achievements, tends to automize progress, we conclude that it tends to make itself superfluous - to break to pieces under the pressure of its own success.

Published in 1999, this work analyzes the phenomenon of macroeconomic adjustment, with special emphasis on selected Latin American countries facing stabilization programmes. It provides a historical description of the origins, functioning and collapse of exchange-rate regimes from the international classical gold standard period to modern arrangements. The author supports the argument that systemic asymmetries in the worldwide adjustment mechanism are inherent in the international monetary system. The recent theoretical literature dealing with the rules vs discretion debate and its interaction with the credibility issue is reviewed. This topic is intrinsically related to the dispute over the appropriate role of exchange-rate anchors in disinflation programmes. Against a background of academic dispute between advocates of exchange-rate prescriptions and monetary conceptions, the contrasting views of different theorists regarding the choice of exchange rate regimes are presented and assessed. Finally, a comparative analysis of recent experiments in Argentina, Brazil, Chile and Mexico with exchange-rate based disinflation stabilization programmes is undertaken. The problems that have arisen while establishing new institutional arrangements, such as new currency or a policy rule for monetary base creation, are examined.

The integration process of The Common Market of the South (MERCOSUR) has been characterized by serious economic turbulence, including the devaluation of the Brazilian currency and the severe Argentinian monetary crisis. As a response to these difficulties, the adoption of monetary union has emerged as one possible solution to the financial uncertainty which has plagued this region. convinced that nothing less than full monetary union can bring stability to the region and ease the financial fragility of the member countries. This book discusses the future of MERCOSUR, focusing on monetary union and macroeconomic policy co-ordination, and addresses a number of important questions including: is it possible, or even desirable, to achieve monetary integration?; what would the pre-conditions be for establishing such a union?; what would the convergence criteria be for joining the monetary union?; and what are the expected economic consequences for the member countries? of EMU and the lessons which can be learnt by MERCOSUR countries, in terms of the difficult transitions they may have to face.

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Every 3rd issue is a quarterly cumulation.

This volume contains nine selected applied economic papers presented during the 1999 Faculty of Economics and Management Seminar in Melaka. The articles included focus the studies on trade and finance in Malaysia and other ASEAN member countries.