Publications (17)

Tanzania has not yet successfully had an IMF standby arrangement that ran its course, although several programmes have been implemented at various points in time. These programmes combined demand restraint and structural adjustment with the help of external resources. While demand restraint...

Until the 1980s, the Ivory Coast seemed to be one of the most successful examples of economic development, enjoying sustained growth and rising per capita incomes. This process was, however, seen to be fragile in the 1980s when it was brought to an abrupt halt by the slide in the prices of the...

The Republic of Korea's growth rate averaged nearly 6 per cent in 1981-85, jumping to 10-12 per cent a year in 1986-87. Inflation was cut from 26 per cent in 1980 to around 3 per cent in mid-1987.The author of the following monograph, Dr Alice Amsden, argues that much of the recovery in growth...

India's first two bouts of orthodox stabilization policy following independence were quite different. The first, prompted by a prolonged drought at home and the wars with China in 1962 and Pakistan in 1965, was relatively mild in form. The rupee was devalued, the elaborate panoply of export...

Argentina has had successive stabs at stabilization since the mid-1970s. Throughout most of this time it has had to wrestle with acute problems of hyperinflation, capital flight, rising external debt, a stop-go pattern of output, and for a long time a heavily depressed level of real wages. It has...

Brazil has undergone three stabilization programmes since 1980: without the IMF in 1981-82; with the IMF in 1983-84, and the Cruzado Plan of 1986. The first two could be said to have been more orthodox in character, given the political and social constraints which have a strong bearing upon the...

Two factors make the Chilean experience of stabilization policies interesting. One is that probably no other government in Latin America (and perhaps also elsewhere) has been more diligent in pursuing liberal economic policies than the one which took power in Chile in 1973. Almost straightaway it...

Since joining the International Monetary Fund in 1945 as an original founding member, Egypt has signed four stabilization agreements with the Fund. These agreements were: a credit facility in May, 1962, which collapsed fairly rapidly; a stand-by arrangement in April 1977; an extended fund facility...

Peru ran out of cash in July 1984; a year later President Garcia rejected an IMF agreement and limited debt service payments to 10 per cent of export earnings; and in mid-1986 the President said that Peru would pay 'when it chose and when it could1.Creditors understandably tried to present Peru...

By the time Mexico declared a suspension of debt service payments in August 1982, it had already begun a process of external adjustment that was to prove in the short run outstandingly successful compared with that of other countries, but was based on a total collapse of domestic investment and...

Three major phases of economic policy can be distinguished between 1980 and 1985: from 1980 to 1982, when the government reacted to deteriorating external conditions (the debt crisis and world recession) by liberalizing imports, relaxing fiscal policy and tightening monetary policy - which...

Turkey is not the shining example of successful adjustment that it is often made out to be. The stabilization and adjustment policies followed since 1980 have actually undermined the structure of its economic development without correcting its weaknesses. Indeed, taken with the post-1984 import...

Although Kenya avoided the disastrous plunge in real GNP that many other African countries suffered in the first half of the 1980s, standards of living of nearly all sectors of the population fell because economic growth slowed to less than half of what it had been in the previous decade while...

Although the economy expanded very rapidly in the 1960s and 1970s, with the manufacturing sector growing three-fold, the great majority of the people were excluded not only from the fruits of this economic progress but also from any participation in the political process. This was adapted to serve...

From 1984 until its fall in February 1986 the Marcos government attempted to implement a standard IMF-type stabilization and adjustment programme. In some respects the programme was startlingly successful: inflation was brought under control and the payments deficit was eliminated. But, as this...