The Balance of Payments Adjustment Process in Developing Countries deals with the manner in which the burden of adjustment to balance of payments disequilibrium in the 1970s was distributed between developed and developing countries. The book discusses the evidence on changes in the volume of trade; the evidence on price changes and their effects on the accounts of various groups of countries; and the general considerations regarding the character of the deficits of developing countries. The text also describes the mechanisms through which external disturbances are transmitted to the domestic economy, as well as certain questions relating to the financing of the deficits of developing countries. The changes in the world economy; the ways in which changes in the world economy affected the external accounts of the countries; and the effects of changes in the external accounts on developments in the domestic economy are also considered. The book further tackles the policy measures adopted to counter the deterioration in external balance and in growth performance and prospects; as well as the main issues that arise in the course of the adjustment process, at both national and international levels.

• Front Cover 2
• The Balance of Payments Adjustment Process in Developing Countries 5
• Copyright Page 6
• Table of Contents 7
• Foreword 9
• Country Analysts 13
• LIST OF TABLES 15
• Chapter 1. The International Setting 17
  • INTRODUCTION 17
  • SHIFTS IN CURRENT ACCOUNTS: PRICE AND QUANTUM CHANGES 19
  • CURRENT IMBALANCES AND THE ADJUSTMENT PROCESS 28
  • IMPORT CAPACITY, GROWTH, AND EXTERNAL FINANCE: AN OVERVIEW 30
• Chapter 2. Impact and Response 36
  • INTRODUCTION 36
  • DEVELOPMENTS IN THE EXTERNAL ACCOUNTS 37