- International Monetary Fund
- Published Date:
- February 1988
© 1988 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
The search for efficiency in the adjustment process.
(Occasional paper ; no. 57)
1. Spain—Economic policy. 2. Spain—Economic conditions—1975– I. Title. II. Series: Occasional paper (International Monetary Fund) ; no. 57.
HC385.L565 1988 338.946 88–2784
This Occasional Paper was composed and typeset by the Composition Unit, and the art work was produced by the Art/Drafting Unit of the IMF Graphics Section.
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The following symbols have been used throughout this paper:
… 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 does not exist;
– between years or months (e.g., 1984–85 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1985/86) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
This paper was prepared by Augusto Lopez-Claros, Economist in the European Department of the International Monetary Fund. He received useful comments from a number of Fund colleagues and would like to thank in particular Manuel Guitián, Teresa Ter-Minassian, and L. Alan Whittome for their suggestions and encouragement. The author also benefited from extensive information and remarks provided by the Spanish authorities, to whom he wishes to record his gratitude. This paper also draws on the work of staff teams involved in Article IV consultations with Spain over the last few years. The author is also grateful to Mr. David Driscoll from the Fund’s Editorial Division for expert editorial assistance and to Mr. G. Theodore Saxerud and Ms. Shahpassand Sheybani for computational help. Remaining deficiencies are the sole responsibility of the author.