The classical approach towards adjustment has proved to have considerable shortcomings, particularly in connection with supply response issues and the conditions for re-establishing sustainable growth. The following article concludes that sustainable stabilisation and adjustment require a...

The debt crisis of the eighties has compelled many developing countries to catch up on a painful adjustment backlog. In addition to traditional stabilization measures sponsored by the IMF, many countries are now acquainted with the structural adjustment programmes of the World Bank. Some have...