External Finance and Adjustment: Failure and Success in the Developing World [Paperback]

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.International Finance, Growth and Adjustment: An Introduction; Karel Jansen and E.V.K. FitzGerald - External Finance and Structural Change; Rob Vos External Shocks and Domestic Adjustment in the 1970s and 1980s; E.V.K. FitzGerald and Khwaja Sarmad - External Finance, Investment and Growth; Karel Jansen - Incomplete Adjustment: Fiscal Policy, Private Savings and Current Account Deficits in Mexico since 1982; Angel Calder_n-Madrid - External Shocks and Domestic Adjustment in Pakistan; Khwaja Sarmad - The Philippines: Finance without Development; Josef Yap and Rob Vos - Imports, Investment and Aid in Tanzania; Joshua Doriye, Howard White and Marc Wuyts External Finance and Adjustment in Thailand; Karel Jansen - External Dependence, Structural Adjustment and Development Aid in Sub-Saharan Africa; Rolph van der Hoeven - External Finance and Adjustment Policies: A Comparative General Equilibrium Analysis; Rob Vos - Structural Adjustment and Economic Recover: A Comparative Analysis of Economic Policy; Karel Jansen - Appendices - References - Index