Macroeconomics in Emerging Markets

‘Peter Montiel brings to this fine textbook the rarest of combinations of superb research, teaching skill, and practical experience in emerging markets. The book is a masterpiece of analytic thinking and appealing intuition. This will be the text of choice for the many students who want to understand the macroeconomic crises that continue to plague emerging markets.’ Bill Easterly, New York University

‘A masterful, lucid tour through the wild and woolly world of development macroeconomics. Researchers, policy makers, upper-level undergraduate and graduate students will all appreciate the logical structure of the book, the critical surveys of the empirical literature, and the patient, non-technical exposition of theory. Macroeconomics for Emerging Markets is essential reading for anyone interested in the big issues that dominate the debate on policy reform in today’s less developed countries.’ Ed Buffie, Indiana University

‘Peter Montiel has written a wonderful book. It is comprehensive, accessible and rigorous. This volume fills a major gap in the economics literature, and should be read by everyone interested in the emerging nations. I am definitely planning to use it in my MBA courses!’ Sebastian Edwards, University of California, Los Angeles

‘A tour de force. It combines a rigorous analytical framework with a comprehensive and insightful discussion of monetary, fiscal, and exchange rate policy issues in emerging economies. It should be in high demand – not only as a leading text for courses in macroeconomics but also as a practical guide for policymakers.’ Morris Goldstein, Institute for International Economics, Washington, DC

‘Macroeconomics for Emerging Markets fulfills a very important role in bridging the wide gulf between the ‘standard macroeconomics textbook’ and the issues, problems, and policy challenges that emerging market economies encounter on a day-to-day basis. With their focus squarely on the developed economies, in standard macroeconomics textbooks monetary and fiscal policy are always countercyclical and devaluations are always expansionary; this book helps the reader understand why things may not quite work out that way in emerging markets. Montiel provides us with a clear and simple framework that can be used to analyze a variety of the complex issues that emerging markets face – ranging from debt problems to high inflation and lack of credibility. In chapter after chapter the analysis crystallizes why emerging markets may face a different set of challenges than the developed economies. Montiel deserves high praise for writing a clear, accessible, comprehensive well-researched book, with an excellent mix of theory with facts and evidence. This book will be invaluable as a teaching tool and a great reference for scholars and policymakers.’ Carmen Reinhart, International Monetary Fund

‘The presentation of the arguments in the book is admirably clear and complete … The argumentation is rigorous, uses little mathematics and is very accessible. This book is an excellent source for mainstream thought on macroeconomic policy for emerging markets.’ Development and Change