02102cas a2200241 a 4500 AALejournalIMF012631 230101c9999 xx r poo 0 0eng d 15.00 USD 9781557750099 0251-6365 BD-DhAAL BD-DhAAL International Monetary Fund. Search for Efficiency in the Adjustment Process : Spain in the 1980's; Op 57. Washington, D.C. : International Monetary Fund, 1988. 1 online resource (56 pages) Occasional Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses the main features of Spain's recent adjustment effort and assesses its impact on the overall economic situation. It provides a brief historical background on Spain's economic development from 1960 to the early 1980s. The chapter also discusses the authorities' stance on monetary and fiscal policy and examines the role of exchange rate policy in the recovery of the external accounts. The progress in the fiscal area would appear to have been less satisfactory when viewed in terms of the size of the nonfinancial deficit, which over 1982-1986 hovered about 5.5 percent of gross domestic product. The government's medium-term economic strategy is to consolidate the recent gains by maintaining the economy on a path of noninflation growth. Monetary policy is likely to continue to play an active role in this process, as was made clear in early 1987 when the Bank of Spain tightened its stance significantly in response to the buoyancy of domestic demand and the concomitant expansion of private sector credit. Mode of access: Internet Occasional Papers; Occasional Paper ; No. 1988/001 Full text available on IMF http://elibrary.imf.org/view/books/084/14355-9781557750099-en/14355-9781557750099-en-book.xml IMF e-Library