Growth-Oriented Adjustment Programs: A Conceptual Framework

Mohsin Khan and Peter Montiel

IMF Staff Papers, 1989, vol. 36, issue 2, 279-306

Abstract: A conceptual framework is proposed as an input to the design of growth-oriented adjustment programs. The two building blocks of the model are the well-known monetary approach to the balance of payments and a variant of the open-economy neoclassical growth model. The integrated model combines growth, inflation, and the balance of payments and links these objectives to government policies and the availability of foreign financing. The principal advantage of the framework is its simple structure, which enables it to be applied relatively easily to a variety of developing countries.

Date: 1989
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