Economic Adjustment and Growth in Small Developing Countries

Abstract

This chapter explores the tools available to policy-makers in small developing countries, to ensure balance in the short run and growth in the long run. A convenient point of departure is the elusive ‘Washington consensus’ suggested by Williamson (1990). There is continuous debate about the specifics of the consensus, but in general the World Bank and the IMF — the institutions whose ‘seal of approval’ is sine qua non for developing countries’ international creditworthiness — agree that adjustment programmes should feature fiscal reform, financial liberalisation, exchange-rate adjustment, trade liberalisation, human resource enhancement and the security of property rights. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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