The IMF’s role in structural adjustment
نویسندگان
چکیده
In the 1980s conditional lending for structural adjustment in developing countries moved the IMF beyond its role of macroeconomic crisis management. Fund-supported adjustment programmes have often been flawed by a lack of distributional analysis and by poor sequencing of reforms, notably premature financial liberalisation. As a result they have caused avoidable hardship. In addition, the attempt to taper out aid as part of the reform programme leads to avoidable reductions in post-stabilisation growth. An important role for the Fund in post-stabilisation environments is to provide credible signals to private investors. World Bank Centre for the Study of African Economies 1818 H Street NW St. Cross Building, Manor Road Washington DC 20433 USA Oxford OX1 3UL UK [email protected] [email protected]
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