Using a survey of 300 state-owned enterprises (SOEs), we argue that the acceleration of inflation in China after 1984 was caused by the decentralization reforms in the state sector. These reforms allowed the SOEs to realize their innate tendencies to...
A group of low-income countries classified as HIPCs have continued to experience difficulties in managing and servicing their huge stocks of external debt. Most of these countries including Kenya are in Sub-Saharan Africa. The relatively high level...
Since joining the International Monetary Fund in 1945 as an original founding member, Egypt has signed four stabilization agreements with the Fund. These agreements were: a credit facility in May, 1962, which collapsed fairly rapidly; a stand-by...
Although the economy expanded very rapidly in the 1960s and 1970s, with the manufacturing sector growing three-fold, the great majority of the people were excluded not only from the fruits of this economic progress but also from any participation in...
Tanzania has not yet successfully had an IMF standby arrangement that ran its course, although several programmes have been implemented at various points in time. These programmes combined demand restraint and structural adjustment with the help of...
Part of Book Domestic Resource Mobilization and Financial Development
The public-debt-to-GDP ratio in South Africa increased from 26 per cent in the 2008/09 fiscal year to 73.9 per cent in 2023/24, raising fears that fiscal policy is not sustainable. This raises the question: did the government take steps to arrest the...
In 1970 the external debt of Tanzania, a least developed country, was 16.8 per cent of GDP and 58.6 per cent of exports. The ratio of per capita debt to per capita income was 14.4 per cent. By 2001 the debt had reached just over 100 per cent of GDP...
This paper considers some aspects of the effects of fiscal policy on macroeconomic adjustment in developing countries. First, the paper reviews the notion of the fiscal deficit in the particular context of developing countries. It then spells out the...
We provide a novel empirical analysis of the South Korean credit market that reveals large volumes of excess credit since the late 1970s, indicating that a sizeable proportion of total credit was being used to refinance unprofitable projects. Our...
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