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Macroeconomic adjustment in developing countries : a policy perspective (Inglês)

A comprehensive macroeconomic adjustment program is expected to have the following objectives: a sustainable current account position, a stable and high rate of economic growth that would allow for a steady rise in per capita consumption, a reduced rate of inflation, and a manageable level of foreign debt. The package designed to meet these objectives would typically include policy measures that simultaneously restrain aggregate demand and increase the availability of resources. These policies may be grouped as follows: demand management policies, structural policies, exchange rate policies, and external financing policies. This article describes how these policies can be expected to achieve the goal of macroeconomic adjustment. The focus is primarily on the theoretical and empirical links between policy instruments and ultimate objectives. An examination of these links is necessary before issues of the appropriate mix of demand-management, structural, exchange rate, and external policies, and the sequencing of these policies in a program, can be properly addressed.


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    Khan, Moshin S.

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    Macroeconomic adjustment in developing countries : a policy perspective

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