Adjustment Lending Revisited: Policies to Restore Growth

摘要: The World Bank has been supporting structural adjustment in developing countries since the late 1940s. Initially, support took form of preparing and financing projects, especially area infrastructure. By 1970s, however, it had become increasingly clear many that correction inappropriate policies could make a larger contribution to growth than additional investment could. Thus, when second oil shock came, introduced lending, which provided quick-disbursing balance-of-payments assist member implementing less costly external shocks. When commercial lending all but disappeared half 1982 urgency pay-off from reform increased, expanded its use lending. volume three main parts. Part I, Adjustment Lending Policy Effects, contains four chapters deal with Bank's experience evaluation effectiveness medium term. II, Macroeconomic Foundations for Sustainable Growth, presents address long-term objective - restoration sustainable equitable growth. III, Agenda 1990s, consists roundtable discussion, brings together issues Parts I II.