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Trade and Exchange Rate Policies in Growth-Oriented Adjustment Programs

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  • Jeffrey D. Sachs
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    Abstract

    The search for "growth-oriented adjustment programs" reflects a widespread malaise concerning IMF stabilization programs in countries suffering from external debt crises. A new orthodoxy is emerging from this search, which links recovery in the debtor countries to a shift to "outward-oriented" development, based on trade liberalization. This paper describes many important limitations of this new orthodoxy. The heavy emphasis on liberalization is a historical, and indeed runs contrary to the experiences of the successful East Asian economies. It also distracts attention from more pressing needs of the debtor economies.

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    File URL: http://www.nber.org/papers/w2226.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2226.

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    Date of creation: Apr 1987
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    Publication status: published as Growth Oriented Adjustment Programs, Washington DC IMF and World Bank Vittorio Corbo and M Khan and G. Goldstein eds., Spanish Translation in Revista de Economica Politica, Vol 8, No. 2, (30), April - June 1988
    Handle: RePEc:nbr:nberwo:2226

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    1. Buiter, Willem H, 1986. "Borrowing to Defend the Exchange Rate and the Timing and Magnitude of Speculative Attacks," CEPR Discussion Papers 95, C.E.P.R. Discussion Papers.
    2. International Monetary Fund, 1985. "Formulation of Exchange Rate Policies in Adjustment Programs," IMF Occasional Papers 36, International Monetary Fund.
    3. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:
    1. Dilip Dutta & Nasiruddin Ahmed, 2001. "Trade Liberalisation and Industrial Growth in Pakistan: A Cointegration Analysis," ASARC Working Papers 2001-01, The Australian National University, Australia South Asia Research Centre.
    2. Lopez, Ramon, 1991. "How trade and macroeconomic policies affect economic growth and capital accumulation in developing countries," Policy Research Working Paper Series 625, The World Bank.
    3. Dani Rodrik, 1988. "The Welfare Economics of Debt Service," NBER Working Papers 2655, National Bureau of Economic Research, Inc.
    4. Sebastian Edwards, 1989. "On the Sequencing of Structural Reforms," OECD Economics Department Working Papers 70, OECD Publishing.
    5. Corbo, Vittorio, 1991. "Report on adjustment lending II : lessons forEastern Europe," Policy Research Working Paper Series 693, The World Bank.
    6. Nasiruddin Ahmed, 2003. "Trade liberalization and endogenous growth of manufacturing industries in Bangladesh: an empirical investigation," Applied Economics, Taylor & Francis Journals, vol. 35(3), pages 305-314.
    7. Schweickert, Rainer, 1991. "Efficient real exchange rate adjustment in developing countries: alternative devaluation strategies, economic structure, and sequencing of reforms," Kiel Working Papers 473, Kiel Institute for the World Economy.
    8. Jesko Hentschel, 1988. "Managing international debt," Intereconomics: Review of European Economic Policy, Springer, vol. 23(3), pages 126-131, June.
    9. Dani Rodrik, 1988. "Closing the Technology Gap: Does Trade Liberalization Really Help?," NBER Working Papers 2654, National Bureau of Economic Research, Inc.
    10. Mustapha Nabli, 1990. "The political economy of trade liberalization in developing countries," Open Economies Review, Springer, vol. 1(2), pages 111-145, June.
    11. Corbo, Vittorio & Fischer, Stanley, 1991. "Adjustment programs and Bank support : rationale and main results," Policy Research Working Paper Series 582, The World Bank.
    12. Bresser Pereira, Luiz Carlos, 1995. "Latin Amerika az "állam válsága" megközelítés fényében
      [The crisis of the state approach to Latin America]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 533-551.
    13. Moreira, Mauricio Mesquita & Correa, Paulo Guilherme, 1998. "A first look at the impacts of trade liberalization on Brazilian manufacturing industry," World Development, Elsevier, vol. 26(10), pages 1859-1874, October.
    14. Siebert, Horst, 1989. "Güterwirtschaftliche Anpassungsprozesse zur Lösung der Verschuldungsfrage," Kiel Working Papers 349, Kiel Institute for the World Economy.
    15. Pastor, Manuel Jr. & Conroy, Michael E., 1995. "Distributional implications of macroeconomic policy: Theory and applications to El Salvador," World Development, Elsevier, vol. 23(12), pages 2117-2131, December.
    16. Spinanger, Dean, 1988. "Tapping Brazil's labour potential: Trends and insights," Kiel Working Papers 323, Kiel Institute for the World Economy.
    17. Dylan McGee, Christopher, 2007. "Sovereign bond markets with political risk and moral hazard," International Review of Economics & Finance, Elsevier, vol. 16(2), pages 186-201.
    18. Bhattacharya, Rina, 1997. "Pace, sequencing and credibility of structural reforms," World Development, Elsevier, vol. 25(7), pages 1045-1061, July.
    19. Pereira, Luiz Carlos Bresser, 1993. "A Turning Point in the Debt Crisis and the Bank, a Brasilian Memoir," Textos para discussão 48, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
    20. Jeffrey Sachs, 1988. "Conditionality, Debt Relief, and the Developing Country Debt Crisis," NBER Working Papers 2644, National Bureau of Economic Research, Inc.
    21. Stefano Chiarlone & Alessia Amighini, 2000. "Any Sequel to the "Miracle"? Growth Potential in East Asia: Evidence from International Trade Flows," KITeS Working Papers 123, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Dec 2000.
    22. Naqvi, Syed Nawab Haider, 1996. "The significance of development economics," World Development, Elsevier, vol. 24(6), pages 975-987, June.

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