7 External Sector Liberalization and the Appropriate Economic Policy Mix

Abstract

The first point to be made in talking about structural adjustment, stabilization, and growth in almost all developing countries is that it is absolutely essential for these countries to shift from the inwardly oriented policies that have protected and insulated their domestic markets. If adjustment is to succeed, their policies must be outwardly oriented. The question is not whether this change should be made, but how, and most of the real issues lie in the particulars of accomplishing the reforms, not in the broad outline.

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Proceedings of the Seminar Coordination of Structural Reform and Macroeconomic Stabilization, Washington, D.C., June 17-26, 1993