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Adjustment to external shocks: Kenya 1986-95
Örebro University, Department of Business, Economics, Statistics and Informatics.ORCID iD: 0000-0003-4078-7349
2002 (English)In: African Development Review, ISSN 1017-6772, E-ISSN 1467-8268, Vol. 12, no 1, p. 78-88Article in journal (Refereed) Published
Abstract [en]

This paper analyses the process of stabilization and adjustment in Kenya during the period 1986–95, using a variant of the dependent economy model. The country’s adjustment experience has not been smooth, with terms of trade shocks, unfavourable movements in aid flows and policy reversals contributing to an uneven performance. It is argued that the tight monetary policy regime succeeded to stabilize the economy although the process was prolonged as fiscal adjustment was delayed. Finally, when the budget deficit was reduced the choice of higher protection as a means of raising revenue had a negative impact on export performance.

L’article analyse le processus de stabilisation et d’ajustement au Kenya sur la période 1986–95. Les résultats de l’ajustement ont connu des mouvements en dents de scie, sous l’effet de la détérioration des termes de l’échange, à l’évolution heurtée des apports d’aide et aux dérapages des politiques. En utilisant une variante du modèle de l’économie dépendante, nous analysons le processus de stabilisation et d’ajustement durant cette période. Nous avançons que l’austérité monétaire a permis de stabiliser l’économie, même si cela a pris beaucoup de temps à cause de l’ajustement budgétaire tardif. Enfin, lorsque le déficit budgétaire a été réduit, le renforcement des mesures de protection institué en vue d’augmenter les recettes a eu une incidence négative sur la tenue des exportations.

Place, publisher, year, edition, pages
2002. Vol. 12, no 1, p. 78-88
National Category
Economics and Business Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:oru:diva-26465DOI: 10.1111/1467-8268.00016OAI: oai:DiVA.org:oru-26465DiVA, id: diva2:570527
Available from: 2012-11-19 Created: 2012-11-19 Last updated: 2017-12-07Bibliographically approved

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Levin, Jörgen

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CiteExportLink to record
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  • apa
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