Download Adjustment Lending Revisited: Policies to Restore Growth by Vittorio Corbo, Visit Amazon's Stanley Fischer Page, search PDF

By Vittorio Corbo, Visit Amazon's Stanley Fischer Page, search results, Learn about Author Central, Stanley Fischer, , Steven Benjamin Webb

ISBN-10: 0821320610

ISBN-13: 9780821320617

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Giovanrini, A. 1985. " Journal of Developrent Economics (August). Helpman, E. 1989. " Proceedings of the World Bank Annual Conference on Economic Development. 193-216. , and P. R. Krugman. 1985. Market Structure and Foreign Trade. : MIT Press. -. : MllT Press. , and N. Liviatan. 1988. " The World Bank Economic Review 2:273-98. -. 1990. " Manuscript. World Bank. C. Krueger, A. 0. 1978. Foreign Trade Regimes and Economic Development: Liberalization Attempts and Consequences. : Ballinger Press. =.

For many countries after 1982, it was available financing rather than policies that determined the evolution of their resource balance. Therefore,the resource balance in the post-1982 period was more a constraint than a policy variable. Nevertheless,average inflationrose constantly, the result of the greater monetization of their (smaller) fiscal deficits. The resourcebalancedeficit as a share of GDP fell in the EIAL countries by more than half on average between 1981-82 and 1983-84. To deal with the fiscal crisis starting in 1981-82, the typical EIAL country cut its public expenditures (usually by drastically reducing investment), increased its revenue and relied more on domestic financingof the budget deficit (via domestic interest-bearing debt or credit from the central bank).

The OAL coLntrieshad the highest debt to export ratios and the lowest saving to GDP ratio and rate of growth of GDP. In contrast, the NAL countries had Lhemost favorable ranking for eight of the nine indicators. In the 1981-84 period, in general, the indicators of initial conditions showed a similar ranking as before, except for the rate of growth of GDP, which was lowest in the EIAL countries (see tables 3-2 and 3-3). However, in the 1981-84 period, the demand lor adjustment lending by the EIAL countries seems to have been the result of a mixture of debt problems and the worst indicators in terns of inflation and GDP growth.

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