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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.

Detalhes

  • Autor

    Khan, Moshin S.

  • Data do documento

    1987/01/31

  • TIpo de documento

    Artigo de revista

  • No. do relatório

    14117

  • Nº do volume

    1

  • Total Volume(s)

    1

  • Data de divulgação

    2001/04/27

  • Nome do documento

    Macroeconomic adjustment in developing countries : a policy perspective

  • Palavras-chave

    financial programming;real exchange rate;balance of payment;current account deficit;real rate of return;freely floating exchange rate;real exchange rate change;foreign real interest rate;real rate of interest;real domestic interest rate;ceilings on interest rates;debt to export ratio;positive real interest rates;increase in government expenditure;inefficient allocation of resource;marginal propensity to consume;aggregate demand;exchange rate policy;Exchange rate policies;Exchange Rates;macroeconomic adjustment;domestic saving;private saving;foreign saving;interest rate policy;interest rate ceiling;rate of inflation;exchange rate rule;terms of trade;market interest rate;adjustment program;availability of credit;demand for money;foreign exchange control;availability of resource;choice of policies;domestic private investment;efficiency of investment;nominal exchange rate;nominal interest rate;monetary policy;domestic price;financial system;capital flight;empirical evidence;exchange rate regime;neutrality of money;dual exchange markets;domestic currency price;relative price change;structure of production;purchasing power parity;savings and investment;tradable goods industry;official exchange rate;demand for saving;debt service capacity;dual exchange rate;supply of finance;growth of trade;debt service burden;cost of capital;volume of investment;shortage of capital;foreign interest rate;class of model;rates of return;flow of fund;level of private;restrictive monetary policy;department of economics;exchange rate devaluation;economic efficiency;restrictions on trade;restrictive fiscal policy;cost of subsidy;world market price;tight monetary policy;transfer of resource;domestic price level;flexible exchange rate;fixed exchange rate;private disposable income;domestic economic activity;real aggregate demand;tradable goods relative;structural adjustment policies;trade and employment;exchange rate crisis;per capita consumption;per capita income;interest rate effect;future interest rates;dual exchange system;gap in knowledge;fast economic growth;factor of production;exchange rate action;disequilibrium exchange rate;domestic currency terms;open economy macroeconomics;substitution in production;incentive for trade;private spending;Public Spending;foreign debt;foreign borrowing;Political Economy;nontradable goods;money supply;Fiscal policies;demand management;real return;imported inputs;domestic demand;real asset;price control;financial asset;capital flow;world development;domestic absorption;public saving;rational expectation;foreign capital;international economics;nominal devaluation;

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