ISSUES IN MEDIUM-TERM MACROECONOMIC ADJUSTMENT

Stanley Fischer

41 citations0/0 files storedThe World Bank Research Observer

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Economic Theory and Policy Monetary Policy and Economic Impact Economic, financial, and policy analysis

Abstract

Four years after the onset of the world debt crisis, the issue is how to restore growth. The answer is structural adjustment, both macro and micro. At the macro level, adjustments have to be made to the structure of aggregate demand and supply to restore growth while generating the needed trade surpluses. This means primarily real exchange rates that are maintained at appropriate levels and an emphasis on investment. At the micro level, it is argued that most developing countries need to liberalize trade, allow the price system to operate, develop financial systems, reform taxes, and improve the efficiency of public enterprises, perhaps by selling them. The article discusses the nature of these two types of reforms and the policy and research issues relevant to World Bank analysis of growth programs.

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References

1982Stagflationary effects of monetary stabilization policies 1982Models of financially repressed developing economies 1983Economic Stabilization in Developing Countries 1982Macroeconomic Performance and Adjustment under Fund-Supported Programs: The Experience of the Seventies 1983The Macroeconomic Effects of Changes in Barriers to Trade and Capital Flows: A Simulation Analysis (Effects macroeconomiques des modifications apportees aux obstacles aux echanges commerciaux et aux mouvements de capitaux: analyse de simulation) (Efectos macroeconomicos de cambios en las barreras al comercio y al movimientos de capitales: Un modelo de simulacion)1985Structural Adjustment Lending an Evaluation of Program Design

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1993Timing and Sequencing of Reforms: Competing Views and the Role of Credibility 1991Stabilization and Liberalization Policies in Central and Eastern Europe: Lessons From Latin America 1994Trade and Industrial Policy Reform in Latin America 2021The Nigerian Economy: Response of agriculture to adjustment policies 1997POLICY MODELLING IN AGRICULTURE: TESTING THE RESPONSE OF AGRICULTURE TO ADJUSTMENT POLICIES IN NIGERIA 1993Timing and sequencing of reforms: Competing views

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