TY - JOUR
AU - Fischer,, Stanley
AB - Abstract 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. This content is only available as a PDF. © 1986 by the International Bank for Reconstruction and Development/The World Bank
TI - ISSUES IN MEDIUM-TERM MACROECONOMIC ADJUSTMENT
JO - The World Bank Research Observer
DO - 10.1093/wbro/1.2.163
DA - 1986-07-01
UR - https://www.deepdyve.com/lp/oxford-university-press/issues-in-medium-term-macroeconomic-adjustment-0Qi0x0BalC
SP - 163
EP - 182
VL - 1
IS - 2
DP - DeepDyve
ER -