Stabilisation and Structural Adjustment in Developing Countries

Abstract

This paper analyses and compares World Bank structural adjustment programmes and International Monetary Fund (IMF) stabilisation programmes in Malawi during the 1980s and Jordan during the 1990s. Both are small aid-dependant economies with a narrow export base making them vulnerable to exogenous shocks. The article pays particular attention to the political economy environment in which reform programmes are implemented and to the role of exogenous shocks, both adverse and favourable, in determining the outcome of the programmes. The sequencing of reforms is also assessed in both countries.

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