Despite external shocks, Indonesia has maintained creditworthiness through swift adjustment. Indonesia's flexible economic management and clear policy signals have lent stability to the economy, in contrast to the stop and go reforms, uncertainty, and constant debt renegotiations in many high...

This paper reviews the experience with public finance issues under adjustment programs. This experience shows that fiscal changes are often triggered by budget and balance of payment crises. As a result, short-term considerations have dominated the policy measures introduced. Traditional...

Inflation always has a monetary dimension, but managing inflation is not a simple question of monetary management. Other factors to contend with are the indexation process (including policies on wage and price controls), the level and financial composition of fiscal deficits, and supply...

This paper presents a theoretical framework to analyze the issue of exchange rate reform in the presence of parallel markets. In Ghana, which has carried out one of the most thorough structural adjustment programs in Africa, an increasingly high inflation rate has been attributed to major...

This paper provides an analytical and selective empirical survey of inflation in sub-Saharan Africa. It begins with an empirical assessment of inflation in Africa using various price indicators, and then looks at the major instruments of anti-inflationary policy. Instead of listing each...

Turkey has, alone among the high debt countries, managed to maintain a high growth rate after rescheduling its debt. This paper discusses two issues this experience raises. One, how did Turkey translate the extra breathing space that continued access to foreign financing gave it, into sustained...