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The Balance of Payments Adjustment Process in Developing Countries deals with the manner in which the burden of adjustment to balance of payments disequilibrium in the 1970s was distributed between developed and developing countries. The book discusses the evidence on changes in the volume of trade; the evidence on price changes and their effects on the accounts of various groups of countries; and the general considerations regarding the character of the deficits of developing countries. The text also describes the mechanisms through which external disturbances are transmitted to the domestic economy, as well as certain questions relating to the financing of the deficits of developing countries. The changes in the world economy; the ways in which changes in the world economy affected the external accounts of the countries; and the effects of changes in the external accounts on developments in the domestic economy are also considered. The book further tackles the policy measures adopted to counter the deterioration in external balance and in growth performance and prospects; as well as the main issues that arise in the course of the adjustment process, at both national and international levels.
List of Tables
Chapter 1 The International Setting
Shifts in Current Accounts: Price and Quantum Changes
Current Imbalances and the Adjustment Process
Import Capacity, Growth, and External Finance: An Overview
2 Impact and Response
Developments in the External Accounts
Pressures to Adjust and the Capacity for Adjustment
Maintaining Import Capacity: Performance and Policies
Exchange Rate Policies
Unearned Import Capacity: Performance and Policies
The Role of Reserves and Payments Finance
Trade Policies to Deal with Reduced Import Capacities
The Impact of External Factors on the Domestic Economy
Prices and Real Wages
3 Evaluation of Issues
Origins of an International Approach to the Adjustment Process
The Asymmetry of Adjustment
Framework and Objectives
Problems of Diagnosis and Financial Programming
Targets and Instruments
Conditionality and the Use of Resources
Policies on Exchange Rates
The Rate of Adjustment and the Adequacy of Reserves
4 Conclusions and Recommendations
The Character of Balance of Payments Pressures
The Impact of Disequlibrium
The International Environment for Adjustment
Fund Conditionality and the Adequacy of Resources
The Need for Longer-Term Measures of Adjustment
The Need for Symmetry in the Adjustment Process
Appendix - Origins of the Principle of Conditionally
About the Authors
- No. of pages:
- © Pergamon 1980
- 1st January 1980
- eBook ISBN:
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