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How successful is World Bank lending for structural adjustment?

Author

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  • Conway, Patrick

Abstract

To measure the effectiveness of the World Bank's structural adjustment programs, the author examines the data on actual economic performance for 75 countries for the period 1976-86. He finds a clear association between participation in a World Bank adjustment lending program and cross-country differences in economic performance and policy. Countries that participated in adjustment lending programs tended to have the following characteristics, compared with countries that did not participate in such programs: (a) more rapid economic growth; (b) more rapid inflation; (c) a less negative current account balance as a percentage of GNP; (d) deeper financial sectors; (e) a lower ratio of current government spending to GNP; and (f) depreciation of the real exchange rate. The first three indicators reflect differing performance; the second three, different policy mixes. In other words, the countries have not benefited merely by increased financing at the margin but have also undertaken significantly different economic policies.

Suggested Citation

  • Conway, Patrick, 1991. "How successful is World Bank lending for structural adjustment?," Policy Research Working Paper Series 581, The World Bank.
    • Handle: RePEc:wbk:wbrwps:581
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    References listed on IDEAS

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    1. Nicholas, P., 1988. "The World Bank'S Lending For Adjustment," World Bank - Discussion Papers 34, World Bank.
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    Cited by:

    1. Elbadawi, Ibrahim A. & Ghura, Dhaneshwar & Uwujaren, Gilbert, 1992. "World Bank adjustment lending and economic performance in sub-Saharan Africa in the 1980s : a comparison with other low income countries," Policy Research Working Paper Series 1000, The World Bank.
    2. Pritchett,Lant Hayward, 1991. "Measuring real exchange rate instability in developing countries : empirical evidence and implications," Policy Research Working Paper Series 791, The World Bank.

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    2. Conway, Patrick, 1991. "An atheoretic evaluation of success in structural adjustment," Policy Research Working Paper Series 629, The World Bank.

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