By Joaquin Muns
This e-book comprises papers awarded at a seminar in Vina del Mar, Chile, less than the sponsorship of the critical financial institution of Chile, the Federico Santa Maria collage, and the IMF. Reprinted in 1985.
Read or Download Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process PDF
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Extra info for Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process
Consider, for example, an expansionary domestic credit policy whereby the central bank purchases domestic debt in exchange for currency. If the economy were closed, this action would put upward pressure on prices and downward pressure on interest rates. However, given the openness of the economy, as expressed in the purchasing power and interest rate parity conditions, the policy would give rise to current account and capital account deficits that would lead to a loss of international reserves.
Interest rates exceeded that of other industrial countries and virtually did away with the substantial yield differentials among industrial countries that had prevailed earlier in the year. At the end of 1982, real short-term interest rates of the major industrial countries were all around 4 percent, still far above historical levels. 5 percent in 1982, the first such contraction since 1975. Imports of oil exporting countries grew much more slowly than in previous years, those of the industrial countries were flat and those of the non-oil developing countries contracted by an estimated 4 percent.
In the context of negotiations of medium-term adjustment programs in Mexico, Argentina, and Brazil, private lenders agreed to increase their overall exposure, although at a much slower pace than that of previous years. Notwithstanding the slower rate of net borrowing in 1982, the debt service burden of the non-oil developing countries of the Western Hemisphere— which increased very sharply in 1982—will decline only moderately in 1983. Interest payments on long-term and short-term debt together are projected to absorb 27 percent of exports of goods and services and amortization on the Table 9.