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An atheoretic evaluation of success in structural adjustment

Author

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  • Conway, Patrick

Abstract

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.

Suggested Citation

  • Conway, Patrick, 1991. "An atheoretic evaluation of success in structural adjustment," Policy Research Working Paper Series 629, The World Bank.
  • Handle: RePEc:wbk:wbrwps:629
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    References listed on IDEAS

    as
    1. 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.
    2. Hausman, Jerry A & Taylor, William E, 1981. "Panel Data and Unobservable Individual Effects," Econometrica, Econometric Society, vol. 49(6), pages 1377-1398, November.
    3. Nicholas, P., 1988. "The World Bank'S Lending For Adjustment," World Bank - Discussion Papers 34, World Bank.
    4. Bacha, Edmar L. & Feinberg, Richard E., 1986. "The World Bank and structural adjustment in Latin America," World Development, Elsevier, vol. 14(3), pages 333-346, March.
    5. 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.
    6. Sachs, Jeffrey, 1989. "Efficient debt reduction," Policy Research Working Paper Series 194, The World Bank.
    7. Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, vol. 45(1), pages 1-22, January.
    8. 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.
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