External Finance and Adjustment: Success and Failure in the Developing World

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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), ...
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Overview

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.
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Editorial Reviews

Booknews
Like any enterprise that depends on outside capital, many developing countries are finding major policy problems resulting from volatility in the flows of the external financing the governments consider essential for development. Economists here analyze how different types of capital flow have generated different types of adjustment problems, and examine the key features of the economic structures and economic policy responses that have determined success or failure in exploiting external finance as a catalyst for development. They find a major weakness in the inadequate recognition of the importance of institutionally determined market imperfection and rigidity at home and abroad. Examples include Mexico, Pakistan, the Philippines, and sub-Sahara Africa. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9780312174729
  • Publisher: Palgrave Macmillan
  • Publication date: 11/28/1997
  • Series: International Finance and Development
  • Pages: 504
  • Product dimensions: 5.73 (w) x 8.85 (h) x 1.74 (d)

Table of Contents

List of Tables and Figures
Series Editor's Introduction
Editors' Preface
1 International Finance, Growth and Adjustment: An Introduction 1
2 External Finance and Structural Change 33
3 External Shocks and Domestic Adjustment in the 1970s and 1980s 63
4 External Finance, Investment and Growth 90
5 Incomplete Adjustment: Fiscal Policy, Private Savings and Current Account Deficits in Mexico since 1982 121
6 External Shocks and Domestic Adjustment in Pakistan 157
7 The Philippines: Finance Without Development 190
8 Imports, Investment and Aid in Tanzania 234
9 External Finance and Adjustment in Thailand 260
10 External Dependence, Structural Adjustment and Development Aid in Sub-Saharan Africa 300
11 External Finance and Adjustment Policies: A Comparative General Equilibrium Analysis 327
12 Structural Adjustment and Economic Recovery: A Comparative Analysis of Economic Policy 365
Appendices 397
A1 Appendix to Chapter 1: The Country Sample and Country Group Classification 398
A2 Appendix to Chapter 2: A Macroeconomic Social Accounting Framework (MSAF) 400
A3 Appendix to Chapter 3: A Methodology for Estimating Shock and Response 417
A11 Appendix to Chapter 11: A CGE Model for the Philippines 425
References 450
Index 469
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