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Public sector debt, fiscal deficits, and economic adjustment : a comparative study of six EMENA countries, Volume 1
 
Author:Thorne, Alfredo E.; Dastgheib, Azita; Country:Portugal; Algeria; Pakistan; Morocco; Serbia; Turkey;
Date Stored:2003/03/01Document Date:1992/01/31
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; Economic Theory & Research; Economic Stabilization; Strategic Debt Management; Public Sector Economics
Language:EnglishMajor Sector:(Historic)Economic Policy
Region:Europe and Central Asia; South Asia; Middle East and North AfricaReport Number:WPS840
Sub Sectors:(Historic)Macro/non-tradeCollection Title:Policy, Research working papers ; no. WPS 840. Trade and finance
Volume No:1  

Summary: The authors analyzed the experience of six countries (Algeria, Morocco, Pakistan, Portugal, Turkey, and Yugoslavia) and compared it with the experiences of Latin American countries. They conclude that some countries successfully absorbed the external shock of the 1980s by: (a) minimizing the effects of the external shock by combining external and domestic debt strategies; (b) adjusting their fiscal deficits; (c) experiencing a positive external shock; and (d) fostering growth by stimulating export growth and developing domestic financial markets. No single country fully implemented this strategy; those most successful in doing so were Morocco, Portugal, and Turkey. Their experience contrasts with that of some Latin American countries that experienced a similar external shock but failed to undertake fiscal adjustment and financed most of their deficit through money finance - thus experiencing high inflation levels and overburdening their private sector. In some respects, Yugoslavia had the same experience.

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