External Finance and Adjustment

External Finance and Adjustment

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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), 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.The project forms part of the broader research programme on the financial dimensions of development of the Finance aamp; Development ... to the policy questions that were raised by the changing relations of developing countries to the international financial markets. ... In Pakistan, we collaborated with the Pakistan Institute for Development Economics and are particularly indebted to the contributions madeanbsp;...

Title:External Finance and Adjustment
Author: Karel Jansen, Rob Vos
Publisher:Springer - 1997-10-01

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