Trade and exchange rate policies in growth-oriented adjustment programs

Jeffrey D. Sachs ()

Brazilian Journal of Political Economy, 1988, vol. 8, issue 2, 193-222

Abstract: The search for “adjustment programs oriented towards growth” is a reaction toa generalized disagreement with the stabilization programs that the lMF recommends for indebtednations. A new orthodoxy is emerging from this situation, which relates the recuperationof the debtor nations to a change to development oriented to the external sector, basedon the liberalization of international trade. This article describes many important limitationsof this new orthodoxy. The strong emphasis on liberalization has no historical basis anddoes not really correspond to the experiences verified in the successful Far Eastern economies.Moreover, it diverts attention from the more urgent needs of the indebted economies. JEL Classification: H63; F31; F34; F43.

Keywords: exports; debt crisis; External debt; growth (search for similar items in EconPapers)
Date: 1988
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