Credit Policy and Economic Activity in Developing Countries: An Evaluation of Stabilization Programs Supported by the IMF, 1977-79
1983 (English)Report (Other academic)
This paper reviews the relationship between credit policy, balance of payments, and growth performance in developing countries within the framework of an evaluation of performance under stabilization programs supported by the IMF during 1977-79. The macroeconomic implicatoins of the supply and cost effects of credit policy are explored with the aid of a simple analytical model of the determination of output and the balance of payments. Based on nonparametric comparisons between performance under the stabilization programs reviewed and the experience of a reference group, the empirical evidence indicates that a significant improvementof relatively modest (and statistically insignificant) reduction in the rate of growth of output during and immediately after the program period.
Place, publisher, year, edition, pages
Stockholm: IIES , 1983. , 51 p.
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 268
IdentifiersURN: urn:nbn:se:su:diva-41234OAI: oai:DiVA.org:su-41234DiVA: diva2:329159