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Macroeconomic policies for structural adjustment

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  • Rodriguez, Carlos Alfredo

Abstract

Structural adjustment is an economy wide adjustment effort aimed at allocating resources better. The author contends that functioning markets and a low, stable inflation rate are two macroeconomic preconditions for implementing structural adjustment. He further concludes that in highly distorted economies the market system must be restored before adjustment efforts are undertaken. Fiscal deficits are probably a key determinant of trade deficits - particularly when the fiscal deficit is financed abroad. This paper is concerned with the identification of macroeconomic policies consistent with the long run sustainability of a stable market framework or with changes that may be required as a consequence of the implementation of the structural adjustment program. It is not directly concerned with issues of short run stabilization, although those issues, particularly that of the timing of policies are mentioned whenever relevant.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 247.

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Date of creation: 31 Aug 1989
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Handle: RePEc:wbk:wbrwps:247

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Related research

Keywords: Economic Stabilization; Environmental Economics&Policies; Economic Theory&Research; Macroeconomic Management; Banks&Banking Reform;

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Cited by:
  1. Rodriguez, Carlos Alfredo, 1989. "The external effects of public sector deficits," Policy Research Working Paper Series 299, The World Bank.
  2. Matin, Kazi M., 1992. "Fiscal adjustment and the real exchange rate : the case of Bangladesh," Policy Research Working Paper Series 850, The World Bank.
  3. Ndlela, Thandinkosi, 2010. "Implications of real exchange rate misalignment in developing countries: theory, empirical evidence and application to growth performance in Zimbabwe," MPRA Paper 32710, University Library of Munich, Germany.
  4. Elbadawi, Ibrahim A. & Soto, Raimundo, 1994. "Capital flows and long-term equilibrium real exchange rates in Chile," Policy Research Working Paper Series 1306, The World Bank.
  5. Kemme, David M. & Roy, Saktinil, 2006. "Real exchange rate misalignment: Prelude to crisis?," Economic Systems, Elsevier, vol. 30(3), pages 207-230, October.
  6. Rodriguez, Carlos Alfredo, 1991. "The macroeconomics of the public sector deficit : the case of Argentina," Policy Research Working Paper Series 632, The World Bank.
  7. Aron, Janine & Elbadawi, Ibrahim A., 1992. "Parallel markets, the foreign exchange auction, and exchange rate unification in Zambia," Policy Research Working Paper Series 909, The World Bank.

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