Developing countries must now use monetary policy as part of their adjustment programmes but its targets, the techniques, and the theory were developed for advanced countries. Low income countries do no have the sophisticated financial sectors that rich ones can assume, and the shocks and size of adjustments which they face may be much greater. Using six country studies, with special analysis of the roles of the external sector and the informal financial sector, this book analyses the interaction between monetary policy, the financial sector, and development.

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