Trade and Exchange Rate Policies in Growth-Oriented Adjustment Programs

摘要: The search for "growth-oriented adjustment programs" reflects a widespread malaise concerning IMF stabilization programs in countries suffering from external debt crises. A new orthodoxy is emerging this search, which links recovery the debtor to shift "outward-oriented" development, based on trade liberalization. This paper describes many important limitations of orthodoxy. heavy emphasis liberalization historical, and indeed runs contrary experiences successful East Asian economies. It also distracts attention more pressing needs