The short-term adjustment problem in developing countries involves both the improvement of the current account and the reduction of inflation. In both cases, the usual reason for adjustment is shown to be the fiscal deficit. The article distinguishes primary adjustment costs, which are inevitable, from secondary costs, which result, for example, from failure to devalue or from real wage rigidity. The article then analyzes the effects of expenditure...
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INFORMATION
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1989/01/31
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Article de revue
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14139
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1
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1
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2001/04/27
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Macroeconomic adjustment in developing countries
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fiscal deficit
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