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Studies on macroeconomic adjustment in open-economies

By Athina Zervoyianni


This thesis attempts to focus on several 'unresolved' issues that exist\ud in the field of open-economy macroeconomics. 41\ud Chapter 2 examines the implications of1currency substitution, (CS) for\ud the behaviour of a small open economy, subsequent to an unanticipated\ud contraction in the domestic money supply. Chapter 3 concentrates on the\ud role of CS, capital mobility and price stickiness in the international\ud transmission of disturbances. Chapter 4 explores how the degree of\ud openness of national economies might influence the relationships among\ud exchange rates, price levels, interest rates and international balances of\ud payment. Chapter 5 examines the relative effectiveness of various simple\ud policy rules for economic stabilization, under alternative assumptions\ud about the degree of openness of individual economies. In Chapter 6 we\ud study the behaviour of a semi-small open economy subsequent to\ud (unanticipated) increases in foreign interest rates, using a model in which\ud some of the key characteristics of the major debtor countries are\ud incorporated. In Chapter 7 we analyse the effects of exogenous financial\ud disturbances on the economy of a debtor country, under alternative\ud assumptions about the nature of its external debt.\ud Chapter 1 attempts to provide a "background' for the analysis in the\ud remainder of the thesis, by discussing some of the developments in the\ud theoretical literature and in the world economy that have motivated our\ud study

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