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Resilience and Growth Through Sustained Adjustment
			: The Moroccan Experience

Resilience and Growth Through Sustained Adjustment : The Moroccan Experience »

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

DOI: http://dx.doi.org/10.5089/9781557754226.084

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

This paper reviews and analyzes how Morocco overcame the economic and financial crisis it confronted at the beginning of the 1980s. It highlights the challenges that still confront the Moroccan economy and the less...

I Introduction

I Introduction »

Source: Resilience and Growth Through Sustained Adjustment : The Moroccan Experience

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

The year 1993 marked a watershed for the Moroccan economy. After a decade of working toward remedying the imbalances that had led to a serious crisis in the early 1980s—in which Morocco’s gross official fore...

II Economic and Financial Crisis in the Early 1980s

II Economic and Financial Crisis in the Early 1980s »

Source: Resilience and Growth Through Sustained Adjustment : The Moroccan Experience

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

By the beginning of the 1980s, Morocco’s macroeconomic performance was steadily deteriorating: fiscal and external current account deficits were mounting, external indebtedness was growing, and foreign excha...

III Adjustment Strategy—An Overview

III Adjustment Strategy—An Overview »

Source: Resilience and Growth Through Sustained Adjustment : The Moroccan Experience

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

The economic and financial imbalances in the Moroccan economy at the beginning of the 980s had resulted from an excessive expansion in domestic demand—driven in large part by the ambitious public investment...

IV Fiscal Policy

IV Fiscal Policy »

Source: Resilience and Growth Through Sustained Adjustment : The Moroccan Experience

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

During the first half of the 1970s, Morocco pursued a relatively conservative fiscal policy. Following the boom in phosphate prices in 1974–75, this policy stance changed dramatically. Although revenue incre...

V Monetary Management and Financial Sector Restructuring

V Monetary Management and Financial Sector Restructuring »

Source: Resilience and Growth Through Sustained Adjustment : The Moroccan Experience

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

The monetary policy of Morocco’s central bank, Bank Al-Maghrib, has generally aimed at maintaining price stability and safeguarding Morocco’s external position while keeping interest rates at moderate levels...

VI Liberalization of the Economy

VI Liberalization of the Economy »

Source: Resilience and Growth Through Sustained Adjustment : The Moroccan Experience

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

The imbalances between aggregate demand and supply in Morocco at the beginning of the 1980s were due in part to the pervasive distortions of the incentive structure, which hindered the growth of aggregate su...

VII Move to Convertibility

VII Move to Convertibility »

Source: Resilience and Growth Through Sustained Adjustment : The Moroccan Experience

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

With the tightening of financial policies and the liberalization of the economy in the second half of the 1980s and the early 1990s, Morocco was laying the foundation for the eventual establishment of curren...

VIII Performance

VIII Performance »

Source: Resilience and Growth Through Sustained Adjustment : The Moroccan Experience

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

The macroeconomic adjustment and structural reforms contributed to the restoration of financial equilibria, reflected in the reduction in inflationary pressures and the achievement of external viability. Con...

IX Challenges and Lessons

IX Challenges and Lessons »

Source: Resilience and Growth Through Sustained Adjustment : The Moroccan Experience

Series: Occasional Papers

Author(s): Sena Eken , Jörg Decressin , Filippo Cartiglia , Klaus-Stefan Enders , Saleh Nsouli , and Van Thai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781557754226

Keywords: balance of payments, tax system, domestic savings, public enterprises, terms of trade

Faced with an economic and financial crisis in the early 1980s, Morocco has made significant progress in macroeconomic adjustment and in structural reforms over the last decade. The success of these efforts...