Index. bargaining, cross-conditionality
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1 Index Administradoras de Fondos Previsionales (AFP) 96 Agency for International Development see US Agency for International Development aggregation of loans 6 agricultural industry Jamaica 296,311 loans ~e~co , Tanzania 235, 25~, 260 allocated transfer risk reserve (ATRR) 10 America see United States of America Argentina conditionality 17~ economic situation 156-8, , 324-5, 331, 335 International ~onetary Fund Letter of Development Policy World Bank ATRR (allocated transfer risk reserve) 10 Austral Plan, Argentine 158-9, 162,174 Baker plan 73 Argentina 157, 164, 166, 175 Costa Rica 130 ~e~co 201 balance of payments Argentina 173 Costa Rica Jamaica 286, 305, 312 ~e~co 195, 197 Bank of England matrix 34-5, 41-6,49 banking international 3-13 reform 127 banking sector loans bargaining, cross-conditionality Basle agreement 16-18, 21, 23-5, 39-40, 48 benefits, distribution Berg Report 57 biodiversity Brady Plan 21-5, 29-33, 47 Argentina 164 Costa Rica 133 Brandt Report 202, 207 Brazil ' debt crisis 124 debt servicing 58 maturity terms 102 Bretton Woods institutions see International ~onetary Fund, World Bank bridging loans 162, 167 Britain see Great Britain CAC~ (Central American Common Market) Canada 17, 23 Canadian International Development Agency (CIDA) 60 capital capital flows Chile Costa Rica 130 ~e~co 195 capital markets capital standard, international Caribbean Basin Initiative (CBI) 121, 128 cartel, creditor's 11-13, 21 'case by case' strategy 8, 16, 323 Costa Rica 125-6, creditor's cartel International ~onetary Fund 8-11
2 342 Index case studies, key questions 81-3 CBI (Caribbean Basin Initiative) 121, 128 Central American Common Market (CACM) Central Bank Argentina Chile 96-7, 104 Costa Rica 123 Netherlands 35 CFF (Credit Fund Facility) 65, 74 Chile adjustment , 323, 328-9, 332,336-7 creditors 87 debt rescheduling 60 economic situation negotiations CIDA (Canadian International Development Agency) 60 Citicorp 14 CODESA (Corporaci6n Costarricense de Desarrollo 127, 129 Commission Bancaire 46-7 competition, between banks Comptroller of the Currency 6-7, 24-5 controvers of cross-conditionality 55-6, Cooke Committee 31 co-operation and cross-conditionality copper 98, 100, 101, 110, Copper Stabilisation Fund (CSF) 98, 101, Corporaci6n Costarricense de Desarrollo (CODESA) 127, 129 Costa Rica balance of payments Brady Plan 22, 324 crisis 122-6, 325 debts economic situatioon 12~22, 33~32 exports 150, gradualism , inflation 151 legal reform payments default 13~32 reform shock , social indicator 147 stabilisation 122-6, 325 unemployment 151 wages 151 Credit Fund Facility (CFF) 65, 74 Credit Lyonnais 39 credit policy credit strike creditor banks creditor's cartel 11-13, 21 crops 232-4, cross-conditionality case studies, key questions 81-3 controversial areas 74-5 definition 6~ 1 effects 65-7 emergence 52-3 issues origins reform scope 61-5 CSF (Copper Stabilisation Fund) 98, 101, currency exchange policy 215 Debt Conversion Programme 299 debt crisis 4-8, 337 Mexico 191, 194-5, 20~2, 208,211,214 debt-equity swaps 191 debt/exports ratio 45 debt/gdp ratio 45 debt outstanding and disbursed (DOD) Chile 88,99 Costa Rica 146 debt reduction schemes 22-5, debt servicing 58-9, debt strategy 121-2, 133 democracy deregulation 293-4
3 Index 343 devaluation 291-2,294-5 development Costa Rica Tanzania 236 disbursement loans 168, 172, divestiture 127, 129 DOD see debt outstanding and disbursed economic crisis economic growth Jamaica Mexico 192 Tanzania 256 economic recovery programme (ERP) Economic Solidarity Pact 215 Economic Support Funds (ESFs) Costa Rica 125, Jamaica 273 EFF see extended fund facility electric power generation 218 EMOs (Export Marketing Organisations) 277,306 England see Great Britain ERP (economic recovery programme) ESFs see Economic Support Funds. European banking interest capitalisation 40-1 loan-loss reserves US banking 33-8,47-9 exchange rates Costa Rica 123, 125 Jamaica 288, 290, 305, 308, 309 Mexico 195, 196, 215 Tanzania , 251-4, 259 export-led growth 75-7 Export Marketing Organisations (EMOs) 277,306 exports Argentina , 162 Chile 114 Costa Rica 126-9, 135-7, 150, Jamaica 285, 293-4, 296, Mexico 194 Tanzania 232-4,237,251,253, extended arrangements 62-3 extended fund facility (EFF) 68 Chile 92,94-6 Jamaica ,276-7,302 external debt Costa Rica 133, Jamaica 287,292-4,298-9,307 Tanzania external sector Chile Costa Rica 121 external shocks , , 115 farm loan , 162, 163 Faunders, Walter 37 Federal Financial Institutions Examination Council 7 FERTIMEX 217 financial reform 332 Argentina Costa Rica Jamaica 319 financing, Chile fiscal policy Jamaica 306-7,308,309 Mexico 192-3, 215 Tanzania ftexibilisation 101 fob price 234-5,240 food production 237, 257 formal cross-conditionality 61 France bank size 17, 18 loan-loss reserves 23, provisioning 46-7 'free on board' (fob) price 234-5, 240 free-riders, banks as 12, 31-2 GOP see Gross Domestic Product General Accounting Office (GAO) Germany 6, 17,23 provisioning 34-5,46 government deficit 80-1
4 344 Index gradualism 123, , Great Britain 17,23,41 provisioning 33-7,41-7,49 gross domestic product (GOP) Chile 91,97, 106, 113, 114 Jamaica 286,293 Mexico 192 hire purchase 254 human costs of adjustment 79-80, 103 Hurricane Gilbert IADB (Inter-American Development Bank) 125 ICERC (Interagency Country Exposure Review Committee) 7 ILSA (International Lending Supervisory Act) 8-11 IMF see International Monetary Fund imports Argentina Chile 90-1, 98, los, 114 Costa Rica 129 Jamaica 285, 310 Mexico 198 Tanzania 232,235,237,245, 253-7,261-2 industrial policy Argentina 189 Mexico inflation 326-7,332-3 Argentina 158 Costa Rica 122-4, 125, 151 Jamaica 287,291,297,307 Mexico Tanzania 231 informal cross-conditionality 61 Inland Revenue (IR) 34-5,42 insolvency, potential 6 Institute for International Finance Inc. 7 Interagency Country Exposure Review Committee (ICERC) 7 Inter-American Development Bank (IADB) 125 interest capitalisation 40-1, 48 interest payments 324 Chile 110 Costa Rica 130 interest rates 123, 125 interest service ratio 44-5 international banking 3-13 International Lending Supervisory Act (ILSA) 8-11 International Monetary Fund (IMF) Argentina 156-9, bargaining position 58 case-by-case approach 8-11, 12 Chile 92-6, 99 controversial areas Costa Rica 122-6, 128, cross-conditionality 60,61,64 debt reduction 31,32,37,49 effects future Jamaica , , Mexico 191,202,204-11,214 objectives Structural Adjustment Facilities 62 Tanzania 227-8, 236, , 250,25~ World Bank investments IR (Inland Revenue) 34-5,42 Jamaica conditionality economic situation 265-6, ,332 IMFIWorld Bank conflicts Manley regime Sector Adjustment Loans stabilisation/adjustment programmes , 330 Jamaica Labour Party (JLP) 269, Japan banks 15-19, 24, 33-4 debt reduction 31 productivity 19-20
5 Index 345 Joint Memorandum 8-9 Kissinger, Henry 21 Knox, David 159 LDCdebt 20-5 legal reforms 12~ letter of development policy ,17~, letters of intent 202, liberalisation Argentina Chile 105 Costa Rica 124, , 135 Jamaica 285,307 Mexico 209,216 loan-loss reserves 23-5 Basle agreement 18 capital requirements tax treatment 31 'machino-facture' 20 macroeconomic policies Argentina Mexico 215 Manley regime 266-9,315 matrix 34-5, 41-6, 49 maturity terms 102 means and uses test 7 Mexico bond swap transaction 46 Brady Initiative 22 conditionality debt crisis 8, 124, economic situation , foreign debt maturity terms 102 World Bank ,328 modernisation monetary policy Jamaica 306, 308, 309 Tanzania moratoriums 44 MRC (multisector rehabilitation credit agreement) 244 multilateral creditors 92-9, negative resource transfers (NRT) 58-9 net transfers 103 Netherlands 35 new money Chile 92 interest capitalisation 40-1,48 ODA (Overseas Development Administration) 60 Organisation of Petroleum-Exporting Countries (OPEC) 4,27 output-reducing adjustment overlending 9, 10 Overseas Development Administration (ODA) 60 package deals (debt servicing) 57-8 participation payment default pension reforms 96 People's National Party (PNP) 266-9, Peru 58 Plan Primavera PNP (People's National Party) 266-9,274-5 policy advice 54-6 positive net transfers 59 preferential exchange rate 100 pricing cross-conditionality 77-9 Jamaica Tanzania 241, 255 privatisation banks 39 industry 305,327,328 producer prices 234-5,240,253-4 productivity Chile Japan Tanzania 260-1,291-2,297 provisioning policies 41-7, 48-9 prudence, banking public investment, reduction of 80-1
6 346 Index Public Sector Investment Programme (PSIP) 277, 281 public sector reform Argentina Costa Rica Tanzania 255 real producer prices (RPP) 234-5, 240,253-4 recessions 122, 129 reconstructuring fees 9 refinancing Chile 104 Jamaica 298 reforms Argentina Costa Rica Jamaica rescheduling debts Argentina 158 Chile Costa Rica 124 Jamaica matrix 44 Mexico restructuring of banking risk-avoidance 4-5 roll-over credit 4-5 RPP (real producer prices) 234-5, 240,253-4 running adjustment 236, SAFs see Structural Adjustment Facilities SALs see Structural Adjustment Loans SAP (structural adjustment programme) 238-9,242, savings Costa Rica 136, Mexico Tanzania 256 Seaga 303-4, 313, 317 SECALs see sectoral adjustment loans Sectoral Adjustment Loans (SECALs) 60, 64-5, 73, 326, 328-9,334 Argentina 163, 169, 174 Jamaica 281-4, 309, 320 Security Pacific self-reliance shock treatment 122-4, , SIDERMEX 217 social security reform 96 social service expenditure 289, 296 sovereign lending 5-7, 12, 14, 21-5 stabilisation Argentina 158, 167, 179 Costa Rica Jamaica standby agreements 62-3 Argentina 165 Costa Rica Jamaica 268,270-2,307 Tanzania (SBAs) 244-5,250-1 stocks market Structural Adjustment Facilities (SAFs) 62-4,72-4,337 Tanzania 244-5,250,256,331 Structural Adjustment Loans (SALs) 61,326,328-9 Chile 92, 97-8, Costa Rica 128-9,130 cross-conditionality 57,60,61, 64-5,69-73,77-9 Jamaica 265,270-7,281-4, 307,320-1 Turkey 67 structural adjustment programmes (SAPs) 238-9,242, structural lending Adjustment see Structural Adjustment Loans subsidies 241 Switzerland 46 syndicated loans 5, 12, 14, 21-5 'systemo-facture' 20 Tanzania economic crisis economic situation 227-8, performance
7 Index 347 policy contents policy responses structural adjustment policies 250-9, 327 tax policies 33-8,48,334-5 tax reforms Argentina Costa Rica 123 Jamaica 297,307 Tanzania 241,256 Taylorism 20 technical policy advice 54 technological strategy 138 tourism (Jamaica) 312 trade policy Argentina Mexico trade policy loans (TPLs) 161-3, transfer risks 6 transitional target ratios 18 Trust Fund flows 62, 65 Turkey 67, 79 unemployment Costa Rica 137, 151 Jamaica 287,295, 307 UNICEF (United Nations International Children's Emergency Fund) 79 United States of America compared with European banking debt reduction influence on overseas banking 4-25 interest capitalisation 40-1 Uruguay 73 US Agency for International Development (USAID) 60 Costa Rica 125, 135 Jamaica , 301-2, Venezuela 102 visible import cover 45 voluntary debt reduction 24 wages Costa Rica 137, 151 Mexico Tanzania 241 West Germany 6, 17,23 provisioning 34-5,46 World Bank Argentina bargaining position 58 Chile 92, 97-8, 100, 103, 104 conditionality controversial areas Costa Rica 128-9, 130 cross-conditionality 60,61,64-5 debt reduction 31,37 effects future International Monetary Fund Jamaica 265 Mexico 191,202,208,224 objectives policy advice Tanzania 227-8, , 260, , ,
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