Joaquin Muns's Adjustment, Conditionality, and International Financing: PDF

By Joaquin Muns

ISBN-10: 0939934280

ISBN-13: 9780939934287

This publication includes papers provided at a seminar in Vina del Mar, Chile, lower than the sponsorship of the critical financial institution of Chile, the Federico Santa Maria collage, and the IMF. Reprinted in 1985.

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Extra resources for Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process

Example text

For 1983, the combined current account position of the industrial countries is expected to move more strongly into deficit, a consequence of the emergence of a large current account deficit in the United States and a reduced surplus in the United Kingdom, and to be offset by a rise in the current account surpluses of Japan, the Federal Republic of Germany, and other European countries. The combined current account surplus of the oil exporting countries is projected to remain negligible, while the combined deficit of the non-oil developing countries is projected to contract further.

In 1981, as the world recession took hold, the combined imports of the non-oil developing countries of the Western Hemisphere expanded by only 6 percent. This diminution in the growth of imports incorporated absolute declines in the import levels of Brazil and Argentina, two countries that were already facing financial constraints. Even though the combined trade balance of the Western Hemisphere countries stabilized in 1981, their current account deficit moved upward from $33 billion to $43 billion as the rise in the level of their external debt and the sharp increase in interest rates combined to produce a $9 billion increase in investment income payments.

However, in the case of inflation, unlike that of real output, this was the product of developments in a few countries. 4 percent. Inflation moved from two digits to one in 12 countries of the region and declined substantially in several others. S. dollar, which contributed to a real effective appreciation of the currencies of most Western Hemisphere countries against the weighted average of trading partner currencies. The decline in the median inflation rate also reflected the adoption, in certain of the larger countries—notably Brazil and Chile—of economic strategies geared to the reduction of price increase (Table 7).

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Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process by Joaquin Muns

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