Front Matter

Front Matter

Author(s):
Frank Holmes
Published Date:
January 1987
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    Economic Adjustment: Policies and Problems

    Edited by Sir Frank Holmes

    Papers presented at a seminar held in Wellington, New Zealand, February 17–19, 1986

    International Monetary Fund • 1987

    © International Monetary Fund, 1987

    Reprinted July 1989

    Library of Congress Cataloging-in-Publication Data

    Economic adjustment; policies and problems: papers presented at a seminar held in Wellington, New Zealand, February 17–19, 1986/edited by Sir Frank Holmes.

    p. cm.

    Bibliography: p.

    ISBN 0-939934-98-1

    1. Oceania—Economic policy—Congresses. 2. Korea (South)—Economic policy—1960—Congresses. 3. New Zealand—Economic policy—Congresses. I. Holmes, Frank Wakefield, Sir, 1924—II. International Monetary Fund.

    HC681.E28 1986

    87-30382

    338.99–dcl9

    CIP

    Price: $16.00

    Foreword

    Economic adjustment continues to be a major issue demanding the attention of the authorities of developed and developing countries alike. This volume, which contains the proceedings of a seminar held in 1986 in Wellington, New Zealand, focuses on the adjustment problems faced by countries in the South Pacific, and particular attention is devoted to the situation of the small island economies in the South Pacific. One of the most important aspects of adjustment for these countries, as well as for New Zealand and Australia, is the formulation of liberalized trade and exchange policies in the face of increasing worldwide protectionism, and a number of participants in the seminar addressed themselves to this issue.

    As is suggested in several of these papers, many of the problems of adjustment are not unique to the South Pacific region. Accordingly, these papers also consider general adjustment policy issues that are applicable to a wide range of economies. Specific examples are provided by two case studies of the adjustment effort in a developed and a developing economy.

    In the past few years, the International Monetary Fund, in collaboration with the World Bank, has become progressively more involved with the adjustment efforts of its member countries, especially the developing countries. This seminar, which was jointly sponsored by the Fund and the Reserve Bank and Treasury of New Zealand, is a part of the Fund’s continuing effort to provide a forum for an open discussion and exchange of views about the role of international financial institutions in the adjustment process.

    Michel Camdessus

    Managing Director

    International Monetary Fund

    Acknowledgements

    One of the most important functions of the International Monetary Fund is to promote informed discussion on issues of fundamental significance for international financial stability and economic development. This volume contains papers from a seminar that the Fund co-sponsored with the Reserve Bank and Treasury of New Zealand in Wellington in February 1986, At this seminar, staff members of the Fund and the World Bank came together with a group of central bankers, officials, financiers, researchers, and journalists from New Zealand, Australia, Korea, and several South Pacific countries. The papers included in this volume stimulated constructive discussion on the policy options available to those countries compelled to undergo economic adjustment and on the problems that adjustment brings.

    Appropriately, given the origin of the participants, particular attention was given to developments in the Pacific. Case studies were presented of adjustment in New Zealand and Korea, and a special session was devoted to the design of adjustment programs in small economies. However, the general papers on trade policy, private capital and aid, fiscal and monetary policies, exchange rate policies, and long-term structural adjustment drew on experience from a wide range of economies throughout the world. Thus, they should be interesting and relevant to people concerned with issues of adjustment everywhere.

    The technique of appointing leading discussants was helpful in focusing attention on key issues and provoking useful interchanges among the participants. The value of the seminar was also enhanced by good organization by officers of the Fund, the Reserve Bank, and the Treasury, and in particular, through the efforts of Graham Newman, Grant Spencer, Alison Scott, and Jean Kerr. Sara Kane, of the Fund’s Editorial Division, assisted in the editing of this volume from draft to publication.

    Sir Frank Holmes

    Wellington, October 1987

    Contents

    The following symbols have been used throughout this book:

    … to indicate that data are not available;

    — to indicate that the figure is zero or less than half the final digit shown, or that the item dots not exist;

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    / between years (e.g., 1983/84) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Details may not add to totals shown because of rounding.

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