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Managing Currency Crises in Emerging Markets$
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Michael P. Dooley and Jeffrey A. Frankel

Print publication date: 2003

Print ISBN-13: 9780226155401

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226155425.001.0001

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IMF and World Bank Structural Adjustment Programs and Poverty

IMF and World Bank Structural Adjustment Programs and Poverty

(p.361) 11 IMF and World Bank Structural Adjustment Programs and Poverty
Managing Currency Crises in Emerging Markets
William Easterly
University of Chicago Press

This chapter examines the impact of the structural adjustment programs of the International Monetary Fund (IMF) and the World Bank on poverty reduction. It argues that structural adjustment, measured by the number of adjustment loans from the IMF and World Bank, reduces the sensitivity of poverty reduction to the rate of growth. Economic growth does reduce poverty but there is no evidence for a direct effect of structural adjustment on the average rate of growth. In fact, the poor benefit less from output expansion in countries with many adjustment loans than in countries with few.

Keywords:   structural adjustment programs, poverty reduction, IMF, World Bank, economic growth, poor people

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