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application/pdfA Quantitative Appraisal of Adjustment LendingThis paper presents a quantitative analysis of adjustmentprogrammes. This is done by charting changes in various performanceindicators fonowing the receipt of the first adjustment loan, and byfurther contrasting the results with those for the comparator group ofcountries that did not receive adjustment loans. h is found that theaverage decline in the GOP growth rate in the loan-recipient countrieswas less than in the comparator groups. Similar results were obtained inregard to per capita GOP. At the same time, in both cases, a majority ofloan-recipient countries experienced an improvement in their relativeposition vis-d-vis the nonrecipient s. It is further apparent that theloan-recipient countries made an adjustment effort in the periodfollowing the fIrst loan. To begin with, economic expansion wasconcentrated in the traded goods sectors, industry and agriculture, bothof which experienced an improvement in the loan-recipient countriesrelative to the comparator groups. Also, the growth of consumptiondeclined substantially in absolute terms as well as relative to thenon-recipient countries. In turn, an acceleration is observed in thegrowth of investment that holds the promise for future economicgrowth.
Acrobat 5.0 Scan Plug-in for Windows; modified using iTextSharp 4.1.6 by 1T3XTSummer 1989,Vol. 28, No.2
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