Sidney Dell (1983) contributed a lively criticism of the Fund’s role in encouraging ‘overkill’ to the conference on IMF conditionality that I organized in 1982. He ranged over a number of themes: what he perceived to be an excessive emphasis on bringing inflation under control through single-minded deployment of demand deflation; a charge that the authorities in some countries welcomed the Fund’s insistence on tackling cost inflation by demand reduction because of a desire to curb union power; a failure to bring symmetrical pressures for adjustment action to bear on surplus countries; and instances (he cited Peru in 1978) of borrowing countries being forced to deflate despite the root cause of their problem (in Peru’s case a low copper price) being temporary, or being forced to adjust rapidly in response to problems not of their own making. I had far more sympathy with some of those complaints, notably the final pair, than with others, notably his demand for adjustment symmetry in a world where it seemed to me that the problem had been largely bypassed by the move to exchange-rate flexibility or what I felt was his excessive willingness to tolerate inflation (although after watching the Bundesbank and its ERM satellites in 1992–93 I am no longer so sure that an excessive preoccupation with inflation is an entirely hypothetical danger).
Weitere Kapitel dieses Buchs durch Wischen aufrufen
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
- On Diagnosing the Causes of the Slump in Eastern Europe
- Palgrave Macmillan UK
microm, Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Avaloq/© Avaloq Evolution AG, Avaloq/© Avaloq