External Finance And Adjustment: Failure And Success In The Developing World (international Finance And Development Series)

This book studies the impact of different sources of external finance on growth and development in different country contexts. An important finding of the study is that 'success' or 'failure' in the productive use of external and domestic financial resources cannot be explained on the basis of single factors such as external shocks or 'bad' versus 'sound' policies. Rather, they are outcomes of complex interactions between changes in exogenous factors (such as fluctuations in external finance and trade shocks), existing economic structures and the responses to shocks by domestic public and private sector agents. This finding also implies that there are no recipes in economic policy-making which are generally applicable; the 'best' policy has to be designed specifically for each country. Front Matter....Pages i-xxvi International Finance, Growth and Adjustment: An Introduction....Pages 1-32 External Finance and Structural Change....Pages 33-62 External Shocks and Domestic Adjustment in the 1970s and 1980s....Pages 63-89 External Finance, Investment and Growth....Pages 90-120 Incomplete Adjustment: Fiscal Policy, Private Savings and Current Account Deficits in Mexico since 1982....Pages 121-156 External Shocks and Domestic Adjustment in Pakistan....Pages 157-189 The Philippines: Finance Without Development....Pages 190-233 Imports, Investment and Aid in Tanzania....Pages 234-259 External Finance and Adjustment in Thailand....Pages 260-299 External Dependence, Structural Adjustment and Development Aid in Sub-Saharan Africa....Pages 300-326 External Finance and Adjustment Policies: A Comparative General Equilibrium Analysis....Pages 327-364 Structural Adjustment and Economic Recovery: A Comparative Analysis of Economic Policy....Pages 365-396 Back Matter....Pages 397-475