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Structural adjustment programmes (SAPs) consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experienced economic crises. The two Bretton Woods Institutions require borrowing countries to implement certain policies in order to obtain new loans (or lower interest rates on existing ones). The conditionality clauses attached to the loans have been criticized because of their effects on the social sector.〔 SAPs are created with the goal of reducing the borrowing country's fiscal imbalances in the short and medium term or in order to adjust the economy to long-term growth. The bank from which a borrowing country receives its loan depends upon the type of necessity. The IMF usually implements stabilization policies and the WB is in charge of adjustment measures.〔 SAPs are supposed to allow the economies of the developing countries to become more market oriented. This then forces them to concentrate more on trade and production so it can boost their economy.〔Greenberg, James B. 1997. A Political Ecology of Structural-Adjustment Policies: The Case of the Dominican Republic. Culture & Agriculture 19 (3):85-93〕 Through conditions, SAPs generally implement "free market" programmes and policy. These programs include internal changes (notably privatization and deregulation) as well as external ones, especially the reduction of trade barriers. Countries that fail to enact these programmes may be subject to severe fiscal discipline.〔 Critics argue that the financial threats to poor countries amount to blackmail, and that poor nations have no choice but to comply. Since the late 1990s, some proponents of structural adjustment, such as the World Bank, have spoken of "poverty reduction" as a goal. SAPs were often criticized for implementing generic free-market policy and for their lack of involvement from the borrowing country. To increase the borrowing country's involvement, developing countries are now encouraged to draw up Poverty Reduction Strategy Papers (PRSPs), which essentially take the place of SAPs. Some believe that the increase of the local government's participation in creating the policy will lead to greater ownership of the loan programs and thus better fiscal policy. The content of PRSPs has turned out to be similar to the original content of bank-authored SAPs. Critics argue that the similarities show that the banks and the countries that fund them are still overly involved in the policy-making process. Within the IMF, the Enhanced Structural Adjustment Facility was succeeded by the Poverty Reduction and Growth Facility, which is in turn succeeded by the Extended Credit Facility. ==Conditions== Typical stabilisation policies comprise:〔 *balance of payments deficits reduction through currency devaluation *budget deficit reduction through higher taxes and lower government spending, also known as austerity *restructuring foreign debts *monetary policy to finance government deficits (usually in the form of loans from central banks) *raising food prices to cut the burden of subsidies *raising the price of public services *cutting wages *decrementing domestic credit. Long-term adjustment policies usually include:〔〔 *liberalisation of markets to guarantee a price mechanism *privatization, or divestiture, of all or part of state-owned enterprises *creating new financial institutions *improving governance and fighting corruption *enhancing the rights of foreign investors vis-à-vis national laws *focusing economic output on direct export and resource extraction *increasing the stability of investment (by supplementing foreign direct investment with the opening of domestic stock markets). These conditions have also been sometimes labeled as the Washington Consensus. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「structural adjustment」の詳細全文を読む スポンサード リンク
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