This book is a rigorous, yet nonmathematical analysis of key macroeconomic issues faced by emerging economies. The first part develops an analytical framework t

The macroeconomic experience of emerging and developing economies has tended to be quite different from that of industrial countries. Compared to industrial cou

This book summarizes the evolution of modern macroeconomics (New Consensus Macroeconomics, NCM) and proposes a new approach to theoretical and empirical analysi

Macroeconomic policies matter for sustainable long-term growth. With global fluctuations, deviation from a stable growth path can be minimized by countercyclica

The book presents and further develops basic principles and concepts in international finance and open economy macroeconomics to make them more relevant for eme