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The IMF's Role in Structural Adjustment

  • Collier, Paul
  • Gunning, Jan Willem

In the 1980s conditional lending for structural adjustment in developing countries moved the IMF beyond its role of macroeconomic crisis management. Fund-supported adjustment programmes have often been flawed by a lack of distributional analysis and by poor sequencing of reforms, notably premature financial liberalisation. As a result they have caused avoidable hardship. In addition, the attempt to taper out aid as part of the reform programme leads to avoidable reductions in post-stabilisation growth. An important role for the Fund in post-stabilisation environments is to provide credible signals to private investors.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 109 (1999)
Issue (Month): 459 (November)
Pages: F634-51

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Handle: RePEc:ecj:econjl:v:109:y:1999:i:459:p:f634-51
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  1. Paul Collier & Jan Willem Gunning, 1998. "Explaining African economic performance," Economics Series Working Papers WPS/1997-02.2, University of Oxford, Department of Economics.
  2. Simon Appleton & Tom Emwanu & Johnson Kagugube & James Muwonge, 1999. "Changes in poverty in Uganda, 1992-1997," CSAE Working Paper Series 1999-22, Centre for the Study of African Economies, University of Oxford.
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