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C. Fred Bergsten, William R. Cline, John Williamson. / "April 1985." / Includes bibliographical references.

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The purpose of this study was to analyze, using a medium term scenario of three years, the impact 9f the Baker Plan on the economies of fifteen debt laden countries. A central argument of this scenario was to assess whether growth and creditworthiness would be restored in these countries. A model using projections of debt service, imports, exports and capital requirements was developed to test these variables. Baker's package of $29 billion over three years (1985-1988) was contrasted with the model projections. The findings showed that, in the short-term, Baker's proposal will fall short of restoring growth and creditworthiness. However, the supply side policies suggested by Baker Initiative are the right way to go if the indebted countries are to resume growth and creditworthiness in the long run.

The distinctive features of inflation targeting include the publishing of the formal (official) target band or point target for the rate of inflation at one or more time horizons and the explicit confirmation that low and steady inflation is the long-run objective of monetary policy. There are four main preconditions of inflation targeting: 1) an independent central bank that is free from fiscal and political pressures; 2) a central bank that has both the ability to forecast inflation and the capability to model inflation data; 3) the presence of fully deregulated prices and an economy that is affected by changes of commodity prices, as well as exchange rates; and 4) the presence of sound banking system and well developed capital markets. In most developing countries, the use of seigniorage revenues as a source of financing government debts, the lack of commitment by monetary authorities to low inflation as a primary goal, the absence of the central bank’s functional independence, and of powerful models to make domestic inflation forecasts, prevent the satisfaction of these preconditions. This dissertation investigates the extent to which Malawi meets the preconditions for inflation targeting by comparing the situation in that country to other developing countries, which have already adopted the framework. Malawi is committed to the central bank’s functional independence as well as the pursuit of prudent fiscal policy measures for the attainment of low inflation. Despite the failure to meet all the preconditions, this study recommends that Malawi should adopt an inflation targeting framework due to the strength of commitment of the monetary authorities in satisfying these preconditions.

Thesis (MA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The HIPC Initiative offers qualifying heavily indebted poor countries the opportunity to renege on their debt obligations in return for an emphatic commitment to poverty reduction and reform. This dissertation assesses the effectiveness of the HIPC Initiative in light of the fact that one third of the world's population continues to live on an average of US$1 per day. In evaluating the HIPC Initiative one simple question is posed: taking into consideration the abject poverty experienced by over a billion people in the developing world, and the urgency with which it must be addressed, is the HIPC Initiative extensive enough, deep enough or broad enough to effectively challenge worldwide poverty? Using quantitative and qualitative research methods, the dissertation investigates this question by examining the divergent points of view offered by the World Bank and IMF on the one hand, and NGOs on the other as they comment on the most hotly debated issues surrounding the effectiveness of the HIPC Initiative. The analysis leads us to an evaluation of the following issues: establishing debt sustainability to qualify for HIPC relief; the issue of conditionality and the use of poverty reduction strategy papers; funding the HIPC Initiative; the likelihood of HIPCs escaping the debt trap after HIPC relief; and finally, how the HIPC Initiative is contributing to attaining the Millennium Development Goals is evaluated. After probing the stances of the World Bank and IMF, and the contrasting views of NGOs the conclusions indicate that the HIPC Initiative is neither extensive, deep nor broad enough to effectively challenge poverty, or to provide indebted poor countries with a lasting escape from the burden of unsustainable debt. / AFRIKAANSE OPSOMMING: Die Heavily Indebted Poor Countries (HIPC) Inisiatief bied aan arm lande met 'n groot skuldlas, wat kwalifiseer vir hulp, die geleentheid om hul skuldverpligtings af te las in ruil vir 'n definitiewe verbintenis tot armoede-vermindering en -hervorming. Hierdie verhandeling evalueer die doeltreffendheid van die HIPC Inisiatief teen die agtergrond van die feit dat een derde van die wêreld se bevolking op 'n gemiddelde van een Amerikaanse Dollar per dag oorleef. Hierdie evaluering van die HIPC Inisiatief stel 'n eenvoudige vraag: Is die HIPC Inisiatief voldoende en uitgebreid genoeg om die uitdaging van wêreldwye armoede aan te spreek indien 'n mens die uiterste armoede van meer as 'n biljoen mense in ontwikkelende gebiede in ag neem, sowel as die dringendheid waarmee dit aangespreek moet word? Deur van kwantitatiewe en kwalitatiewe navorsingsmetodes gebruik te maak, ondersoek die verhandeling hierdie vraag deur uiteenlopende gesigspunte van die Wêreldbank en die Internasionale Monitêre Fonds (IMF) aan die een kant, en Nie- Regerings Orginisasies (NRO's) s'n aan die ander kant, te ondersoek aan die hand van hul kommentaar op die belangrikste kwessies oor die doeltreffendheid van die HIPC Inisiatief. Hierdie ontleding lei tot 'n evaluering van die volgende kwessies: bepaling van lande se potensiaal om met terugbetalings vol te hou ten einde vir hulp deur die HIPC te kwalifiseer; die kwessie van voorwaardelikheid en die gebruik van armoedeverligtingstrategieë; befondsing van die HIPC Inisiatief; die moontlikheid dat die HIPC's die skuldstrikke na toepassing van HIPC-bystand sal ontsnap; en laastens, hoe die HIPC Inisiatief se bydrae tot die bereiking van die Millenium Ontwikkelingsdoelwitte geëvalueer word. Die standpunte van die Wêreld Bank en die IMF sowel as die teengestelde sienings van die NRO's word ondersoek. Die gevolgtrekking toon dat dat die HIPC Insiatief nie uitgebreid, diep of breed genoeg is om armoede doeltreffend hok te slaan nie, of om skuldlastige arm lande te help om finaal van hul skuldlas te ontsnap nie.