The Political Feasibility of Adjustment:
In the history of adjustment, concern with the political aspects appeared only after long reflection. At the beginning of the 1980s, given the urgency of the financial crises afflicting many developing countries, the only thought was to restore macroeconomic balances, particularly the balance of pay...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
1996
|
| Series: | OECD Development Centre Policy Briefs
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | In the history of adjustment, concern with the political aspects appeared only after long reflection. At the beginning of the 1980s, given the urgency of the financial crises afflicting many developing countries, the only thought was to restore macroeconomic balances, particularly the balance of payments, by means of short-term measures - budget cuts and tight monetary policy - and through devaluation. Adjustment was limited to a stabilization programme, the sole criterion being the reduction of the external deficit as rapidly as possible. It was soon realised, however, that stabilization is not an end in itself: reducing demand is not enough; it is also necessary to increase supply by improving resource allocation. Under the goading of the international organisations, stabilization measures were therefore supplemented by structural adjustment measures, such as reducing customs duties, deregulating financial markets and eliminating distortions in agricultural prices. This distinction between stabilization and structural adjustment is important from the political standpoint. In fact, a stabilization programme is a kind of emergency treatment.... |
| Physical Description: | 1 Online-Ressource (38 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/112047535116 |
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| spelling | Morrisson, Christian Verfasser aut The Political Feasibility of Adjustment Christian Morrisson Paris OECD Publishing 1996 1 Online-Ressource (38 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Development Centre Policy Briefs In the history of adjustment, concern with the political aspects appeared only after long reflection. At the beginning of the 1980s, given the urgency of the financial crises afflicting many developing countries, the only thought was to restore macroeconomic balances, particularly the balance of payments, by means of short-term measures - budget cuts and tight monetary policy - and through devaluation. Adjustment was limited to a stabilization programme, the sole criterion being the reduction of the external deficit as rapidly as possible. It was soon realised, however, that stabilization is not an end in itself: reducing demand is not enough; it is also necessary to increase supply by improving resource allocation. Under the goading of the international organisations, stabilization measures were therefore supplemented by structural adjustment measures, such as reducing customs duties, deregulating financial markets and eliminating distortions in agricultural prices. This distinction between stabilization and structural adjustment is important from the political standpoint. In fact, a stabilization programme is a kind of emergency treatment.... Development https://doi.org/10.1787/112047535116 Verlag kostenfrei Volltext |
| spellingShingle | Morrisson, Christian The Political Feasibility of Adjustment Development |
| title | The Political Feasibility of Adjustment |
| title_auth | The Political Feasibility of Adjustment |
| title_exact_search | The Political Feasibility of Adjustment |
| title_exact_search_txtP | The Political Feasibility of Adjustment |
| title_full | The Political Feasibility of Adjustment Christian Morrisson |
| title_fullStr | The Political Feasibility of Adjustment Christian Morrisson |
| title_full_unstemmed | The Political Feasibility of Adjustment Christian Morrisson |
| title_short | The Political Feasibility of Adjustment |
| title_sort | the political feasibility of adjustment |
| topic | Development |
| topic_facet | Development |
| url | https://doi.org/10.1787/112047535116 |
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