Trade and Exchange Rate Policies in Growth-Oriented Adjustment Programs
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.
|Date of creation:||Apr 1987|
|Date of revision:|
|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|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
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- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
- International Monetary Fund, 1985. "Formulation of Exchange Rate Policies in Adjustment Programs," IMF Occasional Papers 36, International Monetary Fund.
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- Willem H. Buiter, 1986. "Borrowing to Defend the Exchange Rate and the Timing and Magnitude of Speculative Attacks," NBER Working Papers 1844, National Bureau of Economic Research, Inc.
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