The Macroeconomic Effects of Fund-Supported Adjustment Programs
AbstractThe evidence is reviewed on the macroeconomic effects of Fund-supported adjustment programs, and new estimates are provided of these effects for 69 developing countries with programs during 1973-88. The empirical analysis indicates that in the short run programs have led to an improvement in the current account and the balance of payments, a lowering of inflation, and a decline in growth. In the longer run the positive effects of programs on the external balance and inflation are strengthened, and the adverse growth effects reduced. There is also evidence of a positive link between macroeconomic stability and economic growth.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.
Volume (Year): 37 (1990)
Issue (Month): 2 (June)
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Web page: http://www.palgrave-journals.com/
Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
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