Adjustment Lending Revisited: Policies to Restore Growth by Vittorio Corbo, Visit Amazon's Stanley Fischer Page, search

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Choksi and M. Michaely. 1990. Liberalizing Foreign Trade in Developing Countries: The Lessons of Experience. : World Bank. Rebelo,S. "Manuscript. World Bank. C. 1989. " National Bureau of Economic Research (NBER) Working Paper #2999. Carnbridge,Mass. Romer, Paul. 1986. " Journal ofPolitical Economy 94:1002-37. 1989. " World Bank, Policy, Planning and Research (PPR) Working Paper 279. C. -. 1990. " Journal of Political Economy 98(5, part 2)(October):S71-102. Sachs, J. 1987. " In V. Corbo, et al.

MIT Press. , and David Renelt. 1990. "Manuscript. WorldBank. C. , T. Scitovsky and M. Scott. 1970. Industry and 7rade in Sone Developing Countries. London: Oxford UniversityPress. Lucas, Robert. 1988. " Journal ofMonetary Economics 22:3-12. , and J. van der Gaag. 1990. " Manuscript. World Bank. C. Michaely, M. 1987. " Manuscript. World Bank. C. Mussa, M. 1982. " In J. ), Imporit Competition and Response. : University of Chicago Press. , and J. Page. 1991. " In J. de Melo and A. ), Trade Theory and Economic Reform North, South, and East: Essays in Honor of Bela Balassa.

The resourcebalancedeficit as a share of GDP fell in the EIAL countries by more than half on average between 1981-82 and 1983-84. To deal with the fiscal crisis starting in 1981-82, the typical EIAL country cut its public expenditures (usually by drastically reducing investment), increased its revenue and relied more on domestic financingof the budget deficit (via domestic interest-bearing debt or credit from the central bank). Bail-outs of firms hit hard by the large devaluations and the recession complicated the fiscal situation further.

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