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Download Adjustment, Conditionality, and International Financing: by Joaquin Muns PDF

By Joaquin Muns

This ebook includes papers offered at a seminar in Vina del Mar, Chile, lower than the sponsorship of the principal financial institution of Chile, the Federico Santa Maria collage, and the IMF. Reprinted in 1985.

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Extra resources for Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process

Example text

The analysis concerns the performance over the last few years of economic growth, inflation, trade, and international payments. Focusing on the short term, Koenig leaves aside the major questions of economic policy—which will be discussed later during the seminar. I would like to make the following points with respect to the paper. 1. Economic Growth In 1982 the world economic recession and the declining output of the industrial countries in terms of gross domestic product (GDP), especially that of the United States (which decreased by 2 percent), depressed the growth rates of the non-oil developing countries, and meant that most commodity prices were at their lowest levels in three decades and that the volume of international trade had ceased to grow.

The growth performance of the non-oil developing countries of the Western Hemisphere was much worse than that of the other non-oil developing country regional groupings. Concurrently, the downward adjustment of real imports in the non-oil developing countries of the Western Hemisphere was much more severe than elsewhere. To some extent this was due to a slower adjustment to the second oil shock of 1979 than occurred in certain other areas of the world. However, the severity of the financial problems faced by Western Hemisphere countries in 1982 also reflected an extremely sharp reduction in net capital inflow—the counterpart of the enormous increase in the net inflow of capital of the preceding five years.

Inflation moved from two digits to one in 12 countries of the region and declined substantially in several others. S. dollar, which contributed to a real effective appreciation of the currencies of most Western Hemisphere countries against the weighted average of trading partner currencies. The decline in the median inflation rate also reflected the adoption, in certain of the larger countries—notably Brazil and Chile—of economic strategies geared to the reduction of price increase (Table 7). The largest relative declines were experienced in the more open economies of Central America and the Caribbean.

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