By Joaquin Muns
This ebook includes papers offered at a seminar in Vina del Mar, Chile, lower than the sponsorship of the important financial institution of Chile, the Federico Santa Maria collage, and the IMF. Reprinted in 1985.
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Extra resources for Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process
S. dollar terms, the combined exports of the non-oil developing countries of the Western Hemisphere are estimated to have contracted from $87 billion in 1981 to $80 billion in 1982, slightly below the 1980 level (Table 8). This fall in export earnings was principally the consequence of a 7 percent contraction in the unit value of exports, but it also subsumed a 1 percent decline in export volume. S. 8 billion). Mexico's exports were stable at $21 billion. With net capital inflow to the Western Hemisphere group dropping sharply and investment income payments (that is, interest payments on the external debt) claiming a much larger share of export earnings than in the preceding year, the region's imports contracted by nearly $20 billion.
From the national accounts, this definition may be equivalently interpreted as the current account balance or as the difference between national income and expenditure. The economics of the determination of the current account balance are quite different from the economics of the determination of the narrow definition of the balance of payments. The two are not, however, completely unrelated because the financial policies of the central bank may influence the income and expenditure decisions of the public and private sectors.
While it is desirable to stabilize inflation, inflationary expansion in a large number of developing countries is possible in 1983. This is said given the unfortunate structural constraints on a number of our economies and because immediate, drastic anti-inflationary policies could aggravate unemployment and depress the income of the public. This sociopolitical reality leads us to prefer the alternative of a gradual, progressive, medium-term anti-inflationary policy for certain countries in the region.
Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process by Joaquin Muns