4 Balance of Payments Adjustment and Developing Countries: Some Outstanding Issues
  • 1 0000000404811396https://isni.org/isni/0000000404811396International Monetary Fund


THE TERMS “BALANCE OF PAYMENTS ADJUSTMENT” and the “costs” of such adjustment are often used in a very loose and sometimes distorted fashion. References to adjustment and its costs abound in the recent literature but these are almost never defined, even though, on examination, their meaning is far from self evident. An attempt is made in this paper to respond to this deficiency before turning to discuss some problems associated with the design of adjustment programs in developing countries and with the long-term retreat from the notion of adjustment as an international process.