Adjustment Policies in Developing Country, 1979-83: An Update

摘要

The paper updates analysis of the policies applied by developing countries in response to the external shocks of the 1979-82 period, extending the investigation to 1983. The external shocks in question included the two-and-a-half fold increase in oil prices in 1979-80, the slowdown of the world economy after 1978, the rise of interest rates starting in late 1978, as well as the softening of commodity prices in 1981 and 1982. Both policy variables as well as performance indicators have been used in the analysis. Policy variables have been utilized to provide an indication of the policy effort made by developing countries confronted by external shocks; at the same time, the choice has been limited by the availability of quantitative measures and, in their absence, by the possibility of a judgemental evaluation based on available information on the policies applied. (Copyright (c) 1984, The International Bank for Reconstruction and Development.)