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Stabilisation Targets and Instruments in Developing Countries

Journal of Economic Studies

ISSN: 0144-3585

Article publication date: 1 February 1988

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Abstract

The assignment of targets to instruments in developing countries cannot satisfactorily follow any simple universal rule. Which approach is appropriate is influenced by whether the economy is dominated by primary exports, by the importance of the domestic bond market and bank credit, by the extent of existing restriction in foreign exchange and financial markets, by the presence or absence of persistent high inflation, and by the existence or non‐existence of an active international market in the country's currency. Eighteen observations and maxims on stabilisation policy are tentatively drawn (pp. 64–8) from the material reviewed, and the maxims are partly summarised (pp. 69–71) in a schematic assignment, with variations, of targets to instruments.

Keywords

Citation

Clunies Ross, A. (1988), "Stabilisation Targets and Instruments in Developing Countries", Journal of Economic Studies, Vol. 15 No. 2, pp. 4-74. https://doi.org/10.1108/eb002667

Publisher

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MCB UP Ltd

Copyright © 1988, MCB UP Limited