Structural Adjustment Programs: Some New Findings.

Recent studies of structural adjustments highlight two results: intensive adjustment-lending countries performed better than nonadjustment-lending countries during the late 1980s, and middle-income countries performed better than low-income countries. However, the methodology has ignored the distribution of the growth rate in a country over the period 1985 to 1990. When this distribution of the growth rate is taken into account, low-income adjustment-lending countries performed better than middle-income countries during the late 1980s, especially when the growth rate of high-income economies is held constant. Copyright 1998 by Blackwell Publishing Ltd