XIX. Developing countries. Growth, crisis, defaults. Macro policies for developed (industrialized) countries. So far in the course mainly macro economic policies for developed countries Fiscal or monetary in a closed and open economy Reaction to oil shocks in 1970s
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Growth, crisis, defaults
Ee,1 > Ee,0
r1 = r*+(Ee,1-E0)/E0
Sp (private savings) – BD (budget deficit, G-T)