Front Matter

Front Matter

Editor(s):
Mohsin Khan, Morris Goldstein, and Vittorio Corbo
Published Date:
September 1987
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    © 1987 International Monetary Fund and The World Bank

    Library of Congress Cataloging-in-Publication Data

    Growth-oriented adjustment programs.

    Volume presents the proceedings of a symposium held in Washington, D.C., Feb. 25-27, 1987.

    Bibliography: p.

    1. Economic policy—Congresses. 2. Industry and state—Congresses. 3. Economic stabilization—Congresses. I. Corbo, Vittorio. II. Goldstein, Morris, 1944- . III. Khan, Mohsin S. IV. International Monetary Fund. V. World Bank.

    HD73.G76 1987 338.9 87-21361

    ISBN 9781451970005

    Preface

    This volume presents the proceedings of a symposium on growth-oriented adjustment programs that was organized jointly by the International Monetary Fund and the World Bank and held in Washington on February 25-27, 1987. Participating in the symposium were policymakers, academics and research scholars, representatives of multilateral organizations and commercial banks, staff members of the Fund and the World Bank, and executive directors of both institutions. Their purpose was to review the design of, and scrutinize the economic rationale behind, adjustment programs supported by the Bank and the Fund, and to examine how best to help developing countries achieve balance of payments stability with sustainable economic growth.

    As the proceedings show, there are no easy answers to these issues. During the symposium, discussion ranged freely over, inter alia, the scope and mix of policies designed to achieve adjustment and growth, reliance on market forces versus state intervention as means of achieving export-led growth and a vigorous agricultural sector, the appropriate roles of commercial banks and official creditors in providing finance to developing countries, and the case for radical changes in developing-country debt strategy versus continuation of the present strategy. These conflicts were, however, neither unexpected nor undesirable, as a full and open examination of these issues had from the beginning been the raison d’être of the symposium.

    The symposium was organized by Vittorio Corbo, of the Development Research Department of the World Bank, Morris Goldstein of the Fund’s Research Department, and Mohsin Khan, who was with the Bank’s Development Research Department when the symposium was being planned and is now with the Fund’s Research Department. David Driscoll of the Fund’s External Relations Department edited the proceedings for publication.

    During the symposium a number of participants, observing that adjustment is a long-term enterprise, underlined the desirability of even closer cooperation between the Fund and the World Bank so that the expertise of each institution might more effectively complement and corroborate that of the other. It is hoped that the joint organization of this symposium and the joint publication of these proceedings will be seen as a determined step in this direction.

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