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Macroeconomic Institutions And Development

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Macroeconomic Institutions And Development

Bilin Neyapti

Bilin Neyapti, Associate Professor of Economics, Bilkent University, Turkey

2010 192 pp Hardback 978 1 84720 639 8
ebook isbn 978 1 84980 704 3

Hardback £73.00 on-line price £65.70


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‘Poor nations have learned the hard way that there is no greater threat to their economic development than macroeconomic crises. Avoiding macro instability in turn depends on good monetary and fiscal institutions. This book by Bilin Neyapti – part textbook, part treatise – is a terrific synthesis of the relevant literature and an excellent addition to it.’
– Dani Rodrik, Harvard University, US


Further information

The fading explanatory power of earlier development theories in providing a satisfactory account of diverse developmental experiences has necessitated a new framework to understand economic development. Bilin Neyapti presents this new framework, known as New Development Economics (NDE), which combines new institutional economics with collective action theory to explain the dynamic interaction between institutions and economic development.

Besides reviewing earlier development theories and the fundamental building blocks of NDE, the author uses the NDE framework to present theoretical underpinnings and panel evidence on the effectiveness of fiscal and monetary institutions. The book incorporates the essential elements of institutional theory and highlights the issues pertaining to the measurement of institutional characteristics and the empirical analyses involving such measurement. It provides the theoretical framework of and empirical evidence on fiscal institutions, covering budgetary rules and procedures as well as fiscal decentralization, and reviews the theoretical framework for monetary institutions such as central bank independence, currency boards, monetary unions and inflation targeting in addition to providing empirical evidence on their effectiveness. The role of bank regulation and supervision is also investigated.

This path-breaking and original book will prove a fascinating read for a wide-ranging audience including academics, think tanks, international development agencies and policymakers within the fields of development, economics, heterodox economics and money, banking and finance.

Full table of contents

Contents: Preface Introduction 1. A Modified Approach to Development Economics 2. The Model and Empirics 3. Fiscal Institutions and Empirical Evidence 4. Institutions of Monetary Policy and the Financial Sector: Theory and Evidence Conclusion References Index

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