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Countries deal with balance of payments deficits by financing or by pursuing adjustment policies. A binding external financing constraint forces governments to opt for relatively quick-acting demand-side adjustment strategies. In some circumstances demand-side adjustment may be appropriate, but in many developing countries structural adjustment is needed, and here adjustment and external financing...
At a time when the future of the International Monetary Fund is being widely debated, a number of relevant and important studies have been published which advance our knowledge of the factors which determine borrowing from the Fund. There has been little attempt however, to put this recent empirical research into context, or to extract from it appropriate policy conclusions. While dissent remains...
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