Skip Navigation

This Article
Right arrow Full Text (PDF)
Right arrow Alert me when this article is cited
Right arrow Alert me if a correction is posted
Services
Right arrow Email this article to a friend
Right arrow Similar articles in this journal
Right arrow Alert me to new issues of the journal
Right arrow Add to My Personal Archive
Right arrow Download to citation manager
Right arrowRequest Permissions
Google Scholar
Right arrow Articles by Fischer, S.
Right arrow Search for Related Content
Social Bookmarking
Add to CiteULike   Add to Connotea   Add to Del.icio.us  
What's this?

© 1986 International Bank for Reconstruction and Development / The World Bank

research-article

ISSUES IN MEDIUM-TERM MACROECONOMIC ADJUSTMENT

Stanley Fischer

Four years after the onset of the world debt crisis, the issue is how to restore growth. The answer is structural adjustment, both macro and micro. At the macro level, adjustments have to be made to the structure of aggregate demand and supply to restore growth while generating the needed trade surpluses. This means primarily real exchange rates that are maintained at appropriate levels and an emphasis on investment. At the micro level, it is argued that most developing countries need to liberalize trade, allow the price system to operate, develop financial systems, reform taxes, and improve the efficiency of public enterprises, perhaps by selling them. The article discusses the nature of these two types of reforms and the policy and research issues relevant to World Bank analysis of growth programs.


Add to CiteULike CiteULike   Add to Connotea Connotea   Add to Del.icio.us Del.icio.us    What's this?




Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department.