International Finance and the Less Developed Countries by Kate Phylaktis, Mahmood Pradhan

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By Kate Phylaktis, Mahmood Pradhan

This quantity considers concerns at the administration of international debt, and the macroeconomic guidelines that constructing international locations should still pursue. It appears to be like at numerous the facets of this topic, resembling the scope of securitization and debt relief through voluntary conversions.

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1979) 'The Apparent Effects of Recent IMF Stabilization M ohsin S. Khan 27 Programs', International Finance Discussion Paper 135 (Washington: Board of Governors of the Federal Reserve System). Dell, Sydney (1982) 'Stabilization: The Political Economy of Overkill', World Development, pp. 597-612. ', PIDE Tidings, pp. 7-9. Donovan, Donal J. (1981) 'Real Responses Associated with Exchange Rate Action in Selected Upper Credit Tranche Stabilization Programs', IMF Staff Papers, pp. 698-727. Donovan, Donal J.

For example, much of the work that has been done to assess whether fiscal policy is stabilising or destabilising has had to wrestle with exactly this problem. Khan suggests various ways in which the counterfactual may be handled, although none of them come close to the laboratory conditions that natural scientists have the luxury of being able to create. The best that can be done probably lies in using a modified control group. However, the assembling of a consistently-researched body of casestudy evidence would also be instructive.

1986) 'Fund-Supported Programs and Income Distribution in LDC's', Finance and Development. R. Cline and S. Weintraub, (eds) Economic Stabilization in Developing Countries (Washington: Brookings Institution), pp. 465-502. , and Saleh M. Nsouli (1985) Adjustment Programs in Africa: The Recent Experience, IMF Occasional Paper no. 34 (Washington: International Monetary Fund). Evaluating the Effects of IMF -Supported Adjustment Programmes: An Analytical Commentary on Interpreting the Empirical Evidence Graham Bird I INTRODUCTION It is difficult to disagree with much of what Mohsin Khan writes in his chapter since what he is doing is to report the findings of research into the effects ofiMF-supported adjustment programmes and to comment on the generally accepted weaknesses of the methodologies used.

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