I Introduction and Summary: Issues in Adjustment and Growth
Author:
Ms. Kalpana Kochhar
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,
Mr. Erik Offerdal
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Mr. Louis Dicks-Mireaux
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Mr. Mauro Mecagni
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Ms. Jianping Zhou
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Mr. Balázs Horváth
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Mr. David John Goldsbrough
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, and
Ms. Sharmini Coorey
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Language:
English
Print Publication Date:
13 Aug 1996
Keywords:
OP; investment; country; rate; policy; wage; investment behavior; a number of country; investment decision; stabilization policy; data constraint; Private savings

Abstract

Following the severe economic shocks—a sharp deterioration in the terms of trade and higher world interest rates—of the late 1970s and early 1980s and the ensuing debt crisis, a large number of developing countries undertook adjustment policies in order to restore growth on a sustainable basis. However, the mediumterm response of growth and investment to these policies was frequently slow, even in countries that undertook significant measures. This study is born from that experience, and it aims to identify how adjustment policies could better contribute to reinvigorating growth in developing countries. The influence of macroeconomic policies and core structural reforms on the mainstays of growth—investment, saving, total factor productivity, and employment—is examined drawing upon the experience of eight developing countries. These are Bangladesh, Chile, Ghana, India, Mexico, Morocco, Senegal, and Thailand. The group was chosen to include both low- and middle-income cases as well as examples of countries that have, or have not, encountered external debt crises, and to include countries—most notably Chile and Thailand—that have achieved a markedly higher growth rate following a period of adjustment. The focus of this study is on policies and their effects rather than to estimate the independent effect of Fund-supported programs on growth. The analysis builds on separate studies prepared for many of the countries in the context of the IMF’s regular consultations with member countries, known as Article IV consultations, as well as on many other books, articles, and work in the IMF and World Bank.1 The main lessons emerging from studies other than this are summarized in Appendix I.

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Cover Reinvigorating Growth in Developing Countries
Reinvigorating Growth in Developing Countries
Lessons from Adjustment Policies in Eight Economies
ISBN:
9781557755599
ISSN:
0251-6365
Publication Date:
13 Aug 1996
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557755599.084
Pages:
93

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