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Sustaining world economic recovery : the challenges ahead (Inglês)

The paper analyzes the characteristics of the 1983-84 world economic recovery and its effects on developing countries' adjustment. It looks at the conditions for medium-term non-inflationary growth in the world economy and at the changes in policies necessary to cope with and redress over time the real and financial imbalances that threaten the sustainability of the current recovery. It presents a scenario for medium-term growth, resulting from moderate policy changes in industrial countries, within which the room for growth and continued policy adjustment in developing countries is examined in some detail. The risks of failure inherent in a continuation of present policy trends are also examined.


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    Baneth, Jean Grilli, Enzo

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    Sustaining world economic recovery : the challenges ahead

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    industrial country;current account balance;debt outstanding and disbursed;debt service ratio;global economic recovery;high real interest rate;international financial statistic;adjustment need;access to external finance;terms of trade;balance of payment;current account deficit;debt service obligation;debtor country;current account imbalance;per capita income;world economy;domestic demand;middle-income developing countries;errors and omission;trade balance;finance and growth;price of export;exchange rate management;gdp growth rate;manufactured goods prices;stable price environment;treasury bill rate;debt service capacity;depreciating exchange rate;rate of growth;loss of confidence;commodity export revenues;debt service problem;international financial system;federal budget deficit;raw material price;international economic relation;oil importing countries;debt service burden;interest rate increases;per capita consumption;debt service difficulty;output growth rate;oil exporting countries;domestic policy reform;prices of import;real output;Learning and Innovation Credit;import expenditure;primary commodity;domestic policies;domestic inflation;world trade;industrialized country;Industrialized countries;financial adjustment;trade deficit;Exchange Rates;monetary policy;gdp deflator;world economic;real gdp;payment deficit;world output;export market;domestic output;domestic price;import demand;export price;external payment;industrial area;upward pressure;adjustment process;trade surplus;dollar value;world demand;fiscal deficit;external condition;commercial bank;financial policies;oil shock;trade protectionism;world exports;debt crisis;relative price;dollar deposit;Economic Policy;domestic product;financial difficulties;payment position;external deficit;external shock;external trade;debt problem;net outflow;primary product;manufacturing sector;export expansion;policy on performance;trade pattern;commercial term;fiscal stance;commodity composition;trading partner;amortization payment;monetary condition;oil exporter;Fiscal policies;fiscal policy;import value;export value;asian countries;geographical region;acute debt;increased trade;private lending;gradual decline;domestic consumption;price competitiveness;price stability;export demand;manufacturing productivity;domestic currencies;national currency;full employment;factor supply;Research Support;financial equilibria;long-term growth;adjustment path;reducing inflation;payment difficulty;oil price;real growth;economic expansion;domestic growth;economic history;research program;real investment;industrial economy;constant price;consumption expenditure;increased export;domestic absorption;export volume;sustainable level;financial disruption;debt level;consumer price;weighted average;internal policies;import growth;productive sector;foreign exchange;support policy;aggregate demand;structural adjustment;external environment;concessional term;input cost;payment gap;dollar term;payment surplus;factor movement;external imbalance;export structure;international environment;income growth;commercial lender;adequate wage;net surplus;capital flow;private saving;manufactured products;private consumption;monetary indicator;real gnp;employment growth;foreign borrowing;private investment;driving force;financial insolvency;adjustment policy;external capital;expenditure reduction;increased demand;private bill;adjustment measure;transition period;recovery period;domestic finance;



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