@techreport{NBERw2226,
 title = "Trade and Exchange Rate Policies in Growth-Oriented Adjustment Programs",
 author = "Jeffrey D. Sachs",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "2226",
 year = "1987",
 month = "April",
 URL = "http://www.nber.org/papers/w2226",
 abstract = {The search for "growth-oriented adjustment programs" reflects a widespread malaise concerning IMF stabilization programs in countries suffering from external debt crises. A new orthodoxy is emerging from this search, which links recovery in the debtor countries to a shift to "outward-oriented" development, based on trade liberalization. This paper describes many important limitations of this new orthodoxy. The heavy emphasis on liberalization is a historical, and indeed runs contrary to the experiences of the successful East Asian economies. It also distracts attention from more pressing needs of the debtor economies.},
}