After discussing the analyties open-economy adjustment, the authors examine the implications of the open capital account for Indonesia's adjustment, present the empirical estimates of a macroeconomic model and use the model to illustrate the nature of external adjustment necessary to ensure the...

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...

It is well established in the literature that, on average, economic growth is associated with reductions in income poverty. However, evidence suggests that some countries see a much faster decline in poverty with the same level of growth in income. The objective of this paper is to analyse the...