By Joaquin Muns
This ebook includes papers provided at a seminar in Vina del Mar, Chile, lower than the sponsorship of the relevant financial institution of Chile, the Federico Santa Maria collage, and the IMF. Reprinted in 1985.
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Extra resources for Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process
7 ©International Monetary Fund. Not for Redistribution 24 LINDA M. KOENIG Inflation The average inflation rate for non-oil developing countries of the Western Hemisphere accelerated sharply, whereas for many other country groupings it declined. However, in the case of inflation, unlike that of real output, this was the product of developments in a few countries. 4 percent. Inflation moved from two digits to one in 12 countries of the region and declined substantially in several others. S. dollar, which contributed to a real effective appreciation of the currencies of most Western Hemisphere countries against the weighted average of trading partner currencies.
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.
Dollar, which contributed to a real effective appreciation of the currencies of most Western Hemisphere countries against the weighted average of trading partner currencies. The decline in the median inflation rate also reflected the adoption, in certain of the larger countries—notably Brazil and Chile—of economic strategies geared to the reduction of price increase (Table 7). The largest relative declines were experienced in the more open economies of Central America and the Caribbean. In contrast, the rate of price increase accelerated markedly in Argentina and Mexico, where expansionary fiscal policies and an exhaustion of foreign exchange reserves combined to greatly intensify pressures on the domestic economies.
Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process by Joaquin Muns