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Trade and exchange rate policies in growth-oriented adjustment programs

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  • Jeffrey D. Sachs

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.

Suggested Citation

  • Jeffrey D. Sachs, 1988. "Trade and exchange rate policies in growth-oriented adjustment programs," Brazilian Journal of Political Economy, Center of Political Economy, vol. 8(2), pages 193-222.
    • Handle: RePEc:ekm:repojs:v:8:y:1988:i:2:p:193-222:id:1091
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    More about this item

    Keywords

    exports; debt crisis; External debt; growth;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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