International Business

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

By Joaquin Muns

This ebook includes papers awarded at a seminar in Vina del Mar, Chile, below the sponsorship of the significant financial institution of Chile, the Federico Santa Maria college, and the IMF. Reprinted in 1985.

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

Sample text

MONETARY APPROACH TO THE BALANCE OF PAYMENTS The monetary approach to the balance of payments1 offered a simple and empirically appealing model of the determinants of the stock of foreign assets held by a central bank under a fixed exchange rate regime. By the end of the 1960s, this approach had become a standard model that was widely accepted within both the academic and policy communities. Its successor, the monetary approach to the exchange rate, 2 has recently been subject to widespread criticism for its failure to predict the evolution of exchange rates and interest rates during the current episode with floating exchange rates.

Not for Redistribution WORLD ECONOMY AND NON-OIL DEVELOPING COUNTRIES 29 APPENDIX Table 11. 9 1981 1982 Proj. 4 Table 12. 7 1979 1980 1981 1982 Proj. 4 ©International Monetary Fund. 0 Commentary* GUSTAVO LUNA UZQUIANO Linda Koenig's paper discusses the development prospects of the non-oil developing countries of the Western Hemisphere against the background of the world economic recession. The analysis concerns the performance over the last few years of economic growth, inflation, trade, and international payments.

6 1GDPdeflator. ©International Monetary Fund. Not for Redistribution WORLD ECONOMY AND NON-OIL DEVELOPING COUNTRIES 21 exporters virtually disappeared while, as noted above, the combined deficit of non-oil developing countries contracted (Table 5). In some countries, this contraction reflected successful adjustment efforts undertaken in the recent past but, in many others, it was a development imposed by the drop in external financing and the exhaustion of gross international reserves. Countries in the latter category had to effect an especially large compression in import volume, and in many cases suffered declines in real output.

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