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IMF Views on the Role of Incomes Policies in the External Adjustment Strategies of Developing Countries

In: Incomes Policies

Author

Listed:
  • E. Walter Robichek

Abstract

What is referred to as ‘balance of payments adjustment’ or ‘adjustment’ for short, is the process of restoring a sustainable relationship between aggregate domestic income and aggregate domestic expenditure, a relationship mirrored in the current account of the balance of payments. Developing countries used to be classified as structural capital importers, meaning that they were expected to run current account deficits. The constraints on these deficits were, and still are, the size of the country’s accumulated international reserves and its access to foreign capital from private, as well as from public, sources. The latter depends heavily on perceptions at home and abroad of the quality of the country’s economic management; and therein lies a certain contradiction.

Suggested Citation

  • E. Walter Robichek, 1989. "IMF Views on the Role of Incomes Policies in the External Adjustment Strategies of Developing Countries," International Economic Association Series, in: Victor L. Urquidi (ed.), Incomes Policies, chapter 6, pages 102-108, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-20381-9_6
    DOI: 10.1007/978-1-349-20381-9_6
    as

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