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Structural Adjustment Policies in Highly Indebted Countries

In: Developing Country Debt and the World Economy

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  • Sebastian Edwards

Abstract

This paper deals with structural adjustment in the highly indebted countries. The origins of the debt crisis are first analyzed. Then the nature of the adjustment followed by the debt ridden countries between 1982- 1987 is discussed. It is noted that for most nations the adjustment has been highly recessive. Next, the potential role of trade reforms in securing the resumption of sustained growth is analyzed.
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Suggested Citation

  • Sebastian Edwards, 1989. "Structural Adjustment Policies in Highly Indebted Countries," NBER Chapters, in: Developing Country Debt and the World Economy, pages 249-262, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberch:7531
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    References listed on IDEAS

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    1. Robert E. Cumby & Richard M. Levich, 1987. "On the Definition and Magnitude of Recent Capital Flight," NBER Working Papers 2275, National Bureau of Economic Research, Inc.
    2. Selowsky, Marcelo & Van Der Tak, Herman G., 1986. "The debt problem and growth," World Development, Elsevier, vol. 14(9), pages 1107-1124, September.
    3. Edward, Sebastian, 1986. "Are Devaluations Contractionary?," The Review of Economics and Statistics, MIT Press, vol. 68(3), pages 501-508, August.
    4. Fischer, Stanley, 1986. "Issues in Medium-term Macroeconomic Adjustment," World Bank Research Observer, World Bank Group, vol. 1(2), pages 163-182, July.
    5. Jagdish N. Bhagwati, 1978. "Appendix to "Foreign Trade Regimes and Economic Development: Anatomy and Consequences of Exchange Control Regimes"," NBER Chapters, in: Foreign Trade Regimes and Economic Development: Anatomy and Consequences of Exchange Control Regimes, pages 219-221, National Bureau of Economic Research, Inc.
    6. Arye L. Hillman & Edward Tower & Gideon Fishelson, 1980. "On Water in the Quota," Canadian Journal of Economics, Canadian Economics Association, vol. 13(2), pages 310-317, May.
    7. Neary, J Peter, 1978. "Dynamic Stability and the Theory of Factor-Market Distortions," American Economic Review, American Economic Association, vol. 68(4), pages 671-682, September.
    8. Jagdish N. Bhagwati, 1978. "Foreign Trade Regimes and Economic Development: Anatomy and Consequences of Exchange Control Regimes," NBER Books, National Bureau of Economic Research, Inc, number bhag78-1, May.
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    Cited by:

    1. Sebastian Edwards, 2002. "Does the Current Account Matter?," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 21-76, National Bureau of Economic Research, Inc.
    2. Capistrano, Ana Doris & Kiker, Clyde F., 1995. "Macro-scale economic influences on tropical forest depletion," Ecological Economics, Elsevier, vol. 14(1), pages 21-29, July.
    3. Siebert, Horst, 1990. "Wege aus der Verschuldungskrise," Kiel Working Papers 435, Kiel Institute for the World Economy (IfW).
    4. Alesina, Alberto & Tabellini, Guido, 1989. "External debt, capital flight and political risk," Journal of International Economics, Elsevier, vol. 27(3-4), pages 199-220, November.
    5. Manuel Ramos -Francia & Ana María Aguilar-Argaez & Santiago García-Verdú & Gabriel Cuadra-García, 2013. "Heading into Trouble: A Comparison of the Latin American Crises and the Euro Area’s Current Crisis," Monetaria, Centro de Estudios Monetarios Latinoamericanos, CEMLA, vol. 0(1), pages 87-165, January-j.
    6. Sebastian Edwards, 1997. "The Mexican Peso Crisis? How Much Did We Know? When Did We Know It?," NBER Working Papers 6334, National Bureau of Economic Research, Inc.
    7. Gundlach, Erich & Scheide, Joachim & Sinn, Stefan, 1990. "Die Entwicklung nationaler Auslandsvermögenspositionen: Konsequenzen für die Wirtschaftspolitik," Open Access Publications from Kiel Institute for the World Economy 414, Kiel Institute for the World Economy (IfW).
    8. Woller, Gary M. & Hart, David Kirkwood, 1995. "Latin American debt, the IMF, and Adam Smith: A proposal for ethical reform," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 24(1), pages 1-20.
    9. Siebert, Horst, 1989. "Güterwirtschaftliche Anpassungsprozesse zur Lösung der Verschuldungsfrage," Kiel Working Papers 349, Kiel Institute for the World Economy (IfW).
    10. Dani Rodrik, 1988. "The Welfare Economics of Debt Service," NBER Working Papers 2655, National Bureau of Economic Research, Inc.
    11. Anis Chowdhury, 2012. "Structural Adjustment and Crises –Which Way Now?," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 4(1), pages 85-118, April.
    12. Sebastian Edwards, 1999. "Crisis Prevention: Lessons from Mexico and East Asia," NBER Working Papers 7233, National Bureau of Economic Research, Inc.
    13. Sebastian Edwards, 2001. "Exchange Rate Regimes, Capital Flows and Crisis Prevention," NBER Working Papers 8529, National Bureau of Economic Research, Inc.
    14. Tim Allen & Diana Weinhold, 2000. "Dropping the debt for the new millennium: is it such a good idea?," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(6), pages 857-875.

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