| Contents |
Machine generated contents note: 1. Introduction -- 1.1 Overview -- 1.2 Interest in Structural Adjustment Programmes -- 1.3 A Typical Reform Programme -- 1.4 Convergence of Views on Policy Priorities -- 1.5 Analytical Framework and the Use of Models -- 1.6 Chapterization and Themes for Analysis -- 1.7 Some Issues -- MACROECONOMIC FRAMEWORK AND POLICIES -- 2. Analytical Framework for Macroeconomic Management -- 2.1 Introduction -- 2.2 Basic Accounting Concepts -- 2.3 National Income: Consistency Accounting Matrix -- 2.4 A Macroeconomic Consistency Framework -- 2.5 Flow of Funds versus Market Equilibrium -- 3. Macroeconomic Adjustment: A Policy Perspective -- 3.1 Introduction -- 3.2 Specification of Monetary Policy -- 3.3 Guidelines for Fiscal Adjustment -- 3.4 Exchange Rate Policies -- 3.5 Conclusions -- ANALYTICAL FRAMEWORK FOR STABILIZATION -- AND ADJUSTMENT -- 4. Financial Programming and Stabilization -- 4.1 Introduction -- 4.2 The Simple Monetary Stabilization Model -- 4.3 The Monetary Approach to the Balance -- of Payments -- 4.4 The Fund Approach: The Basic Framework -- 4.5 Stabilization Theory -- 4.6 Financial Programming -- 4.7 Critique of the Fund Approach -- 5. Growth Programming and Adjustment -- 5.1 Introduction -- 5.2 Growth and Resource Gap Models -- 5.3 The Bank Approach: The Revised Minimum -- Standard Model (RMSM) -- 5.4 Critique of the Bank Approach -- 6. Financial Programming and Growth-oriented Adjustment -- 6.1 Introduction -- 6.2 Adjustment with Growth: The Merged -- Bank-Fund Model -- 6.3 Integrating Growth into the Basic Monetary Model -- 6.4 Growth-oriented Financial Programming: A -- Conceptual Framework -- 6.5 Stabilization with Growth -- 6.6 Conclusions -- MONETARY, FISCAL, AND EXTERNAL SECTOR -- ADJUSTMENTS -- 7. Growth-oriented Adjustment and Monetary Reform -- 7.1 Introduction -- 7.2 Monetary Reform and Interest Rate Policy -- 7.3 Theoretical Models of Interest Rate Determination -- 7.4 Integrating the Interest Rate into the Merged Model -- 7.5 Policy Analysis with the Integrated Model -- 7.6 Conclusions -- 8. Fiscal Adjustments, Deficits, and Growth -- 8.1 Analytical Aspects of Fiscal Policy -- 8.2 Some Unpleasant Fiscal Arithmetic -- 8.3 Monetary and Fiscal Links -- 8.4 Fiscal Deficit, Money Creation, and Debt -- 8.5 Towards a Consistent Fiscal Policy Design -- 8.6 Extending the Integrated Framework -- 8.7 Fiscal Policy, Interest Rates, and Growth -- 8.8 Conclusions -- 9. External Adjustments, Debt, and Growth -- 9.1 Introduction -- 9.2 Towards Formulating an External Debt Strategy -- 9.3 Solvency, Creditworthiness, and Sustainable -- External Borrowings -- 9.4 External Debt Management in Financial -- Programming -- 9.5 Towards a Consistent Growth-oriented -- Adjustment Policy -- 9.6 Towards a Sustainable Growth-oriented -- Adjustment Programme -- 9.7 Conclusions -- REDISTRIBUTION, ADJUSTMENT, AND GROWTH -- 10. Redistributive Adjustment with Growth -- 10.1 Introduction -- 10.2 Adjustment with a Human Face: The UNICEF -- Approach -- 10.3 Quality of Growth -- 10.4 Inequality, Poverty, and Growth -- 10.5 Income Distribution in a Financial -- Programming Framework -- 10.6 Conclusions -- 11. Alternative Approaches to Adjustment and Growth -- 11.1 Introduction -- 11.2 Structuralist-inspired Views and Models -- 11.3 The Twin Deficits Approach to Growth -- 11.4 Inertial Inflation, Heterodox Programmes, and -- Growth -- 11.5 Reciprocal Conditionality and Growth -- 11.6 Conclusions -- LESSONS OF ADJUSTMENT EXPERIENCE -- 12. Financial Policies and Growth -- 12.1 Introduction -- 12.2 Financial Crises -- 12.3 Analytical Afterthoughts on the Asian Crisis -- 12.4 A Theoretical Model of Financial Crisis -- 12.5 Policy Coordination and Sustainability: An -- Analytical Framework -- 12.6 On the Design of Policy: Some Illustrative -- Examples -- 12.7 Conclusions -- 13. Economic Policies and Growth -- 13.1 Introduction -- 13.2 Liberalization with Stabilization -- 13.3 The Political Economy of Stabilizat. |