Author: V.K. Bhalla
Publisher:
Published: 1993
Total Pages: 456
ISBN-13: 9788170418511
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The Decade Of The Eighties And The Early Nineties Of The Last Century Have Witnessed Changes In The World Economy And In International Economic And Financial Relationship. Several Governments In The Developing Countries Have Recently Embarked On A Liberalization Of Their Foreign Trade And Financial Markets; Many Have Also Decontrolled Domestic Prices And Investment Decisions. The Economies Of Eastern Europe And The Commonwealth Of Independent States (Cis) Have Also Begun To Establish New Political Structures And To Liberalise Their Economies. Liberalisation Policy Is Contemplated As A Measure Of Primary Importance And Is Expected To Improve The Allocation Of An Economy S Resources, Lead To A Greater Efficiency, Expand The Economy S Output, And Accelerate Its Growth. Such A Transition From A Less To A More Liberal Economy Raised Issues Of Great Interest To Policy Makers And Economists Alike.Reform Of Economic Policies In Developing Countries Is One Of The Most Frequently, And Least Understood Efforts Of The Last Decade. The Book Systematically Deals And Analyses The Dynamics Of Liberalisation Process And Compares The Countries Response In Considerable Detail. Struck By The Differences In Their Subsequent Economic Performance, A Closer Analysis Reveals That Their Experience Contradicts The Conventional View That The Ability To Absorb Shocks Depends On The Size Of The Shock, A Country S Experience With Inflation, Its Degree Of Outward Economic Orientation, And Its Various Political Attributes. Genuine Reforms Are Necessary If Countries Are To Achieve Sustained Growth In Real Incomes And Increase In Living Standards.Current International Developments Confirm That The Book Is Dealing With A Question Of Some Urgency: What Can A Developing Country Do To Ensure That It Will Adjust Smoothly And Swiftly After A Macro-Economic Shock? To Find Out What Factors Influence Adjustability, The Study Explores The Recent Stabilization Experience Of Some Developing Countries Around The World, Looking For Any Signs Of A Relationship Between Stabilization Policy And Economic Growth. It Examines The Various Components Of Policy Which Must Be Reformed Government Spending And Revenue, Trade And Exchange Rates, Controls On Private Sector Activity, Labour Market Regulations Etc. Finally, There Is An Analysis Of Why Reforms, Once Implemented, Succeed Or Fail, Accompanied By A Description Of Several Reform Efforts And Their Outcomes.
