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An atheoretic evaluation of success in structural adjustment

  • Conway, Patrick
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    The author presents and implements a methodology for assessing the success of structural adjustment based on a"fixed effect"method. He examines data for 75 countries over 11 years. Performance indicators include measures of inflation, economic growth, external balance, and physical investment. He measures government policies in terms of spending, trade regime, financial deepening, and real exchange rate policy. The empirical estimates he obtains suggest that ranking countries by adjusted economic performance yields significantly different results than ranking them by historical performance. Further, countries following a prescription of relatively low government spending, deep financial markets, and outward orientation in trade policy performed significantly better than those that did not. This prescription was correlated significantly with more rapid economic growth, current accounts with lower deficits, expanded investment, and reduced inflation.

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    File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/1991/03/01/000009265_3961001012205/Rendered/PDF/multi0page.pdf
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    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 629.

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    Date of creation: 31 Mar 1991
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    Handle: RePEc:wbk:wbrwps:629
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    1. G. S. Maddala, 1987. "Limited Dependent Variable Models Using Panel Data," Journal of Human Resources, University of Wisconsin Press, vol. 22(3), pages 307-338.
    2. Hausman, Jerry A & Taylor, William E, 1981. "Panel Data and Unobservable Individual Effects," Econometrica, Econometric Society, vol. 49(6), pages 1377-98, November.
    3. Rodrik, Dani, 1987. "Trade and capital-account liberalization in a keynesian economy," Journal of International Economics, Elsevier, vol. 23(1-2), pages 113-129, August.
    4. Edmar Bacha & R. Feinberg, 1985. "The World Bank and structural adjustment in Latin America," Textos para discussão 100, Department of Economics PUC-Rio (Brazil).
    5. Nicholas, P., 1988. "The World Bank'S Lending For Adjustment," World Bank - Discussion Papers 34, World Bank.
    6. Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, vol. 45(1), pages 1-22, January.
    7. Devarajan, Shantayanan & de Melo, Jaime, 1987. "Evaluating participation in African monetary unions: A statistical analysis of the CFA Zones," World Development, Elsevier, vol. 15(4), pages 483-496, April.
    8. Sachs, Jeffrey, 1989. "Efficient debt reduction," Policy Research Working Paper Series 194, The World Bank.
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