Growth, Debt, and Politics: Economic Adjustment and the Political Performance of Developing Countries

By Lewis W. Snider | Go to book overview

Notes
2.
A.k.a. the " Washington consensus." See Williamson ( 1994: 26-28).
3.
There are three types of IMF programs: standby arrangements; Extended Fund Facilities, designed to meet conditions common to "underdevelopment," i.e., economies suffering from serious balance-of-payments problems related to structural maladjustments in production and trade where price and cost distortions have been widespread; and the Compensatory Financing Facility, designed for raw materials-exporting countries whose balance-of-payments difficulties are partly attributable to drops in export earnings for which they are not responsible. Data on the number of IMF-supported stabilization agreements and the number which were canceled for noncompliance is drawn from the IMF Annual Report of the Executive Directors and Kömeret al. ( 1984).
4.
Correlation between disturbance terms from different equations at a given time is known as "contemporaneous correlation." It differs from "autocorrelation" or "serial correlation" which refer to correlated disturbances over time in a single equation.
5.
In addition, trade-weighted real exchange rates, the mobilization ratio and covert profit transfers (state-generated rents) were some of the variables that registered the most definitive impact on this factor. Hence they cannot be included on the right-hand side of an equation that uses the transaction costs factor as the dependent variable. This is in contrast to the variable subsidies as a percentage of GDP, which loaded highly on the factor defining secondary import-substitution industrialization, but which made no contribution to any other factor. Since the factors are orthogonal to one another, any systematic trace of subsidies on the left-hand side of this equation is highly unlikely.
6.
The results for real interest rates generated using SURE with covert income and profit transfers used the same equation as was used to generate the results shown in Table 6.3. Hence the results in the latter regression were nearly identical for real interest rates as those summarized in Table 6.3.
7.
Producer goods used in manufacturing are examples of such capitalembodied technology; film-processing and telecommunications equipment are another. See Chapter 3.
8.
This is clearly evident by the summary of the mean relative export openness ratios by level of development.

Relative Export Openness Ratio by Level of Economic Development

Level of Economic
 Development
Relative Export Openness Ratio
MeanStd.Dev.Freq.
Least Developed Countries .135 1.39 216
Middle Income Developing Countries .199 1.56 576
Advanced Developed Countries .458 1.89 120
Developed Countries .783 2.46 24
Total .232 1.598 936
Notes: Relative export openness = percentage change in exports as a per-
centage of GDP/percentage change in the value of manufacturing as a
percentage of GDP.

-216-

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