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This monograph is a nontechnical introduction to the analysis of stabilization and structural adjustment programs. Its objective is to facilitate discussions of issues related to the reform and transformation of open economies. There are three reasons why this document is important. First, the debate over macroeconomic policy in developing countries is often confused, because familiarity with the underlying macroeconomic framework is almost always taken for granted. Second, there are many theoretical books on open economy macroeconomics as well as on macroeconomic models for developing countries. However, the financial programming model of the IMF and the two-gap model of the World Bank have been the most influential models of economic analysis for the developing world. Third, much of the literature on the topic is mathematical and technical, thus facilitating academic discussions rather than providing a clear understanding for the policy practitioner. This document provides an analytical framework for policy formulation to help policymakers in developing countries negotiate adjustment loans with the World Band and the IMF. It also systematically presents the development community ' s criticisms of the Bank-Fund approaches to stabilization and structural adjustment.

Publisher: World Bank

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