Lawrence Summers, president of Harvard University, delivered a few weeks ago a speech on Global Account Imbalances and Emerging Markets Reserve Accumulation, at the Reserve Bank of India.
Like every Friday, we are posting one of Raj Nallari’s teaching notes.
Before we examine how economic growth is measured (through the concept of GDP), we have a look at some basic macroeconomic concepts.
Arising from the interaction and behavior of the economic sectors we studied last Friday, there are certain key macroeconomic concepts that play a central role in macroeconomic analysis. These are defined in the framework of the System of National Accounts (SNA).
In their paper "Foreign Bank Entry, Performance of Domestic Banks and the Sequence of Financial Liberalization", PGP's Nihal Bayraktar and Yan Wang investigate the effects of banking sector openness and the sequence of financial liberalization on the efficiency and competitiveness of domestic
In previous Fridays Academy postings we have already seen how the measurement of poverty itself is the first step towards understanding the economic policies needed to reduce the number of poor. The second step is to understand the basic components of how an economy works. This in turn requires some knowledge of macroeconomics, the branch of economics that studies the aggregate economy by focusing on the analysis of key macroeconomic variables, including the economy’s total output, inflation, unemployment, the balance of payments, and the exchange rate.