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Economic Stabilization and Debt in Developing Countries

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  • Richard N. Cooper

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    (Harvard University)

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    Abstract

    Drawing on preliminary results from a massive study conducted by the World Bank to probe the links between stabilization and growth, Cooper examines the experience of developing countries faced by the oil shocks of the 1970s and the debt crisis of the 1980s. He points out that a global slowdown in growth has shifted the main economic concern in developing countries from long-term growth to stabilization and adjustment. Cooper takes into account the cross-country variables that influence the degree to which a country is affected negatively or positively by external shocks and covers such topics as political organization and external debt resolution. The first chapter focuses on countries that experienced adverse shocks from the sharp increase in oil prices beginning in 1974. It also addresses countries that should have benefited from the oil price increase, and from a comparable increase in coffee prices, for which events turned out to be less favorable than they seemed. The second chapter analyzes the "disabsorption" a country faces when it can no longer rely on foreign lending or advantageous terms of trade; it also looks at inflationary pressures and at the role of the International Monetary Fund in designing stabilization programs for its member countries. The third chapter discusses the main influences on a country's economic performance and also discusses the lessons offered for successful stabilization and long-term growth. Moving from individual developing nations to the world economic system, the final two chapters examine the question of external debt and why it has proved to be such an international stumbling block, offering suggestions on how it might be resolved.

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    Bibliographic Info

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    This book is provided by The MIT Press in its series MIT Press Books with number 0262031876 and published in 1992.

    Volume: 1
    Edition: 1
    ISBN: 0-262-03187-6
    Handle: RePEc:mtp:titles:0262031876

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    Web page: http://mitpress.mit.edu

    Related research

    Keywords: debt; economic stabilization; developing countries;

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    Cited by:
    1. Khaled Hussein, 2001. "Is Foreign Debt Portfolio Management Efficient in Emerging Economies?," IMF Working Papers 01/121, International Monetary Fund.
    2. Rodrigo Suescún M., . "Optimical Commodity Price Stabilizador Over the Business Cycle," Borradores de Economia 154, Banco de la Republica de Colombia.
    3. Essama-Nssah, B., 2005. "Simulating the poverty impact of macroeconomic shocks and policies," Policy Research Working Paper Series 3788, The World Bank.
    4. Sinha, Radha, 1995. "Economic reform in developing countries: Some conceptual issues," World Development, Elsevier, Elsevier, vol. 23(4), pages 557-575, April.
    5. Kornai, János, 1996. "Kiigazítás recesszió nélkül. Esettanulmány a magyar stabilizációról
      [Adjustment without recession: A Case Study of Hungarian Stabilization]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 585-613.
    6. Shari Spiegel, 2007. "Macroeconomics and Growth Policies," Policy Notes, United Nations, Department of Economics and Social Affairs 1, United Nations, Department of Economics and Social Affairs.
    7. Michael P. Dooley, 2000. "Can Output Losses Following International Financial Crises be Avoided?," NBER Working Papers 7531, National Bureau of Economic Research, Inc.

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