Theoretical Aspects of the Design of Fund-Supported Adjustment Programs

Occasional Papers, September 15, 1987

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Canonical URL: Theoretical Aspects of the Design of Fund-Supported Adjustment Programs

This paper was originally prepared for a seminar of the Executive Board of the Fund.
In the seminar, Executive Directors "expressed a broad range of views with regard to both the adequacy of the Fund's approach to financial programming and the validity of the analysis presented in this paper."
Publication date: September 15, 1987.

The paper addresses theoretical aspects relevant to the design of Fund-supported adjustment programs, with emphasis on:
- adjustment program design and policy variables,
- balance of payments outcomes,
- demand for money and monetary expansion,
- domestic credit and the monetary base,
- exchange rate adjustments,
- external debt and foreign exchange.
Keywords used on the page: adjustment program, balance of payments outcome, Demand for money, Domestic credit, Exchange rate adjustments, Fund, fund staff, Global, Monetary expansion, OP, policy target, policy variable.

Executive Directors at the seminar expressed a broad range of views regarding:
- the adequacy of the Fund's approach to financial programming, and
- the validity of the analysis presented in the paper.