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Structural adjustment. Structural adjustment programs ( SAPs) consist of loans ( structural adjustment loans; SALs) provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experience economic crises. [ 1] Their stated purpose is to adjust the country's economic structure, improve international competitiveness ...
The Washington Consensus is a set of ten economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C. -based institutions such as the International Monetary Fund (IMF), World Bank and United States Department of the Treasury. [ 1]
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. [ 5] The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association ...
A developing country is a sovereign state with a less developed industrial base and a lower Human Development Index (HDI) relative to other countries. [ 3] However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. [ 4][ 5] The terms low and middle-income country ( LMIC) and ...
A number of civil society organisations [175] have criticised the IMF's policies for their impact on access to food, particularly in developing countries. In October 2008, former United States president Bill Clinton delivered a speech to the United Nations on World Food Day, criticising the World Bank and IMF for their policies on food and ...
Financial market theory of development is an economic theory to use private flows of capital in new stock markets to encourage domestic economic development in developing countries. The theory was put forward by the World Bank's World Development Report for 2000. The theory states foreign investors should have access to "well-regulated ...
Joseph Stiglitz. Joseph Eugene Stiglitz ( / ˈstɪɡlɪts /; born February 9, 1943) is an American New Keynesian economist, [ 2] a public policy analyst, political activist, and a full professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) [ 3] and the John Bates Clark Medal (1979). [ 4]
International monetary system. An international monetary system is a set of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and generally the reallocation of capital between states that have different currencies. [1] It should provide means of payment acceptable ...