Short-term Policy Trade-offs under Different Phases of Economic Development

Michael Bruno and Maurice Scott

Chapter 8 in The World Economic Order, 1981, pp 295-318 from Palgrave Macmillan

Abstract: Abstract The natural emphasis on the long-run structural difficulties of developing countries and the need for a ‘New Order’ often overshadows the fact that much of the day-to-day involvement of policy-makers in developing countries, as well as of the governments and international institutions called upon to help, centres on problems of short-run economic stabilisation. A country typically runs into balance-of-payments difficulties with (without) considerable domestic inflation, it is in urgent need of outside financial help to keep imports and economic activity going, and it asks for short-term loans from whatever source available.

Keywords: Monetary Policy; Money Supply; Nominal Wage; Current Account Deficit; Current Account Balance (search for similar items in EconPapers)
Date: 1981
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DOI: 10.1007/978-1-349-16488-2_9

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