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Adjustment, Conditionality, and International Financing: by Joaquin Muns

By Joaquin Muns

This ebook includes papers awarded at a seminar in Vina del Mar, Chile, below the sponsorship of the relevant financial institution of Chile, the Federico Santa Maria collage, and the IMF. Reprinted in 1985.

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8 billion). Mexico's exports were stable at $21 billion. With net capital inflow to the Western Hemisphere group dropping sharply and investment income payments (that is, interest payments on the external debt) claiming a much larger share of export earnings than in the preceding year, the region's imports contracted by nearly $20 billion. Virtually all of Table 8. S. dollars) Current account1 Merchandise Exports Imports Services and private transfers (Of which interest on indirect investment) Capital account2 Other3 Overall balance 1978 1979 1980 1981 1982 Proj.

Focusing on the short term, Koenig leaves aside the major questions of economic policy—which will be discussed later during the seminar. I would like to make the following points with respect to the paper. 1. Economic Growth In 1982 the world economic recession and the declining output of the industrial countries in terms of gross domestic product (GDP), especially that of the United States (which decreased by 2 percent), depressed the growth rates of the non-oil developing countries, and meant that most commodity prices were at their lowest levels in three decades and that the volume of international trade had ceased to grow.

3 SDR allocation and valuation adjustment. ©International Monetary Fund. Not for Redistribution 26 LINDA M. KOENIG this represented a fall in the real import level, as the unit value of imports decreased by less than 1 percent. This abrupt contraction in imports put an end to the substantial and accelerating rise in regional imports that had taken place over the preceding five years. Notably, in 1979 and 1980 the growth in the value of the region's imports had averaged 35 percent. Over this two-year period the combined current account deficit of the non-oil developing countries of the Western Hemisphere rose from $13 billion to $33 billion; the increase was financed by a $10 billion rise in the net inflow of long-term and short-term private capital and by a $10 billion deterioration in the overall balance of payments position of the region.

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