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Debt, Stabilization and Development

Essays in Memory of Carlos Diaz Alejandro

This volume consists of 18 essays dedicated to the memory of Carlos Diaz-Alejandro on topics that reflect his interests and contributions to the history and theory of international trade and economic development. The issues covered include historical perspectives on the LDC debt crisis and proposals for its solution, stabilization problems in the Southern Cone of Latin America, and new approaches in open economy macroeconomics, the theory of international trade and economic development. This volume is based on a conference held in honour of Carlos Diaz-Alejandro under the auspices of the World Institute of Development Economics Research (WIDER).

Table of contents
  1. 1. Introduction
    Guillermo A. Calvo, Ronald Findlay, Pentti J. K. Kouri and Jorge Braga de Macedo
  2. 2. From Graduate Student to Professional Peer: An Appreciation of Carlos F. Díaz-Alejandro
    Charles P. Kindleberger
  3. 3. Lessons of the 1890s and 1980s
    Albert Fishlow
  4. 4. House Calls of the Money Doctor: The Kemmerer Missions to Latin America, 1917-1931
    Barry Eichengreen
  5. 5. The Debt Overhang of Developing Countries
    Jeffrey D. Sachs
  6. 6. Country Risk and the Organization of International Capital Transfer
    Jonathan Eaton and Mark Gersovitz
  7. 7. How Integrated are World Capital Markets?: Some New Tests
    Maurice Obstfeld
  8. 8. Economic Liberalization and the Equilibrium Real Exchange Rate in Developing Countries
    Sebastian Edwards
  9. 9. Smuggler’s Blues at the Central Bank: Lessons from Sudan
    William H. Branson and Jorge Braga de Macedo
  10. 10. Incredible Reforms
    Guillermo A. Calvo
  11. 11. External Shocks and Policy Reforms in the Southern Cone: A Reassessment
    Vittorio Corbo and Jaime de Melo
  12. 12. The Relevance for Developing Countries of Recent Developments in Macroeconomic Theory
    W. Max Corden
  13. 13. Indian Macroeconomic Policies
    Vijay Joshi and I. M. D. Little
  14. 14. New Channels in the Transmission of Foreign Shocks
    Edmund S. Phelps
  15. 15. Trade, Capital Flows and Dynamics of the Real Exchange Rate
    Pentti J. K. Kouri
  16. 16. New Trade Theory and the Less Developed Countries
    Paul R. Krugman
  17. 17. Policy-Induced Inflows of Foreign Capital in the Presence of Rigid-Wage Unemployment
    Richard A. Brecher
  18. 18. North-South Models and the Evolution of Global Interdependence
    Ronald Findlay
  19. 19. Sources of Technological Divergence Between Developed and Less Developed Economies
    Raaj Kumar and Joseph E. Stiglitz
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