Global Macroeconomic Management and the Developing Countries

  • Yung Chul Park
  • Sangmoon Hahm


As markets are increasingly integrated globally, industrialized countries’ firms, banks and households have become increasingly dependent on a healthy and growing developing world. Expanding and more open developing-countries’ markets would serve developed-countries’ exporters and investors, while households would enjoy relatively cheaper imports from developing countries. Thus, if developing economies encounter an economic crisis, it will retard the economic growth of the developed countries. Even though such a crisis could result from the industrialized countries’ monetary, fiscal, and exchange rate policies, there seems to be an almost total lack of consideration of the effects on the developing economies when the industrialized countries formulate their economic policies.


Exchange Rate Interest Rate Foreign Direct Investment Monetary Policy Current Account 
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© UNCTAD 1996

Authors and Affiliations

  • Yung Chul Park
  • Sangmoon Hahm

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