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Contenido: Foreword -- Prefacio -- Préface -- Acknowledgments -- Abbreviations and acronyms -- 1. Background -- Pt. 1. Macroeconomic policy, structural reforms, and their impact -- 2. Macroeconomic policy -- 3. Microeconomic aspects of fiscal reforms -- 4. Financial sector reforms -- 5. Public enterprise reforms -- 6. The social impact of adjustment -- Pt. 2. Adjustment loans and sector reforms -- 7. Adjustment programs in the industrial sector -- 8. The agricultural sector -- 9. The energy sector -- Pt. 3. Management and capacity building for SALs and SECALs -- 10. Borrower ownership of adjustment programs, and the political economy of reform -- 11. Technical asistance and adjustment loans -- 12. The Bank's role in supporting adjustment operations -- Annexes -- Tables -- Figures -- Boxes

This study analyzes the outcomes of 99 loans to 42 countries over the period 1980-92. It evaluates and compares individual country experiences, based primarily on The Operations Evaluation Department (OED ' s) in-depth performance audits of the structural and sectoral adjustment lending (SALs and SECALs) and related studies. It assesses the quality of advice, the design of policy reform, and the results achieved, identifies the successes and the shortcomings of adjustment programs, and the reasons for these outcomes, and deals with practical concerns pertaining to adjustment lending. The overview looks at the role of adjustment lending within the context of the Bank ' s country assistance strategies - the mix and sequencing of SALs, SECALs, and investment lending. The end product is an issue-specific report, based on country-by-country empirical work and borrowers ' commentaries, with an operational slant. It includes suggestions for improving the effectiveness of adjustment lending. The report also includes an economic analysis of the adjustment process in borrower countries, and an institutional analysis of Bank/borrower relations. In particular, it presents a pioneering treatment of the borrower ownership concept and an extensive data appendix.