Macroeconomic imbalances arising both from external shocks and from inappropriate domestic policies repeatedly confront developing countries with the need to restore domestic and external balance. Adjustment programs, often supported by the resources of the International Monetary Fund (IMF) and the World Bank, are designed to simultaneously achieve both objectives. Because these institutions have attached conditions to their provision of financial assistance in support of such programs, their roles in influencing the design of adjustment, resulting in so-called “orthodox” adjustment, have often proven to be controversial. Orthodox adjustment, of course, is often undertaken outside the context of Fund or Bank-supported programs. More broadly, the term applies to an approach to adjustment which relies heavily on the market mechanism, on “getting prices right”, and on restrictive financial policies.
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- Orthodox Models for Adjustment and Growth
Peter J. Montiel
- Palgrave Macmillan UK
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