By Peter Harrold, Erh-Cheng Hwa, Lou Jiwei, Jiwei Lou
Read or Download Macroeconomic Management in China: Proceedings of a Conference in Dalian, June 1993 (World Bank Discussion Paper) PDF
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This quantity is an element of a study venture initiated and financed by means of the area financial institution entitled "Macroeconomic rules, concern, and development within the lengthy Run," which concerned reviews of the macroeconomic histories of eighteen nations as they tried to take care of monetary balance within the face of overseas rate, rate of interest, and insist shocks or household crises within the types of funding books and comparable budgetary difficulties.
4 stylised proof of mixture financial development are organize first and foremost. the expansion procedure is interpreted to symbolize transitional dynamics instead of balanced-growth equilibria. in contrast heritage, the basic value of subsistence intake is comprehensively analysed. for that reason, the which means of the productive-consumption speculation for the intertemporal intake trade-off and the expansion strategy is investigated.
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Additional resources for Macroeconomic Management in China: Proceedings of a Conference in Dalian, June 1993 (World Bank Discussion Paper)
The findings, interpretations, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. Any maps that accompany the text have been prepared solely for the convenience of readers; the designations and presentation of material in them do not imply the expression of any opinion whatsoever on the part of the World Bank, its affiliates, or its Board or member countries concerning the legal status of any country, territory, city, or area or of the authorities thereof or concerning the delimitation of its boundaries or its national affiliation.
The governments of many countries have indeed regarded income policy as a part of macroregulation. To regard macroeconomic management as just aggregate management is, in fact, to equate aggregate management with management of total demand. As seen by many economists, a planned economy is a type of resource-constrained economy, whereas a market economy is a demand-constrained economy. Therefore, the macroregulation of a market economy is also regulation of demand. It is just the total demand that is influenced by what are known as monetary and fiscal policy.
And these governments will naturally believe that it could perhaps be more important to ensure long-term sustained high growth than to curb short-term economic fluctuation. What is more, even in a developed country, not to study and consider long-term development trends and adopt corresponding policies will entail undesired consequences. It therefore seems that more and more people would agree that macroeconomic management should concern itself with both shortand long-term economic problems. In view of the above, macroeconomic management could perhaps be defined as follows: to adopt policy measures on various issues that bear upon the overall economic situation so as to advance stable, balanced and effective growth of the economy.