This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth. It emphasizes the importance of structural microeconomic characteristics in the transmission of policy shocks and the response of the economy to adjustment policies. It has particular relevance to the economics of developing countries.

The book is directed to economists interested in an overview of the economics of reform; economists in international organizations, such as the UN, the IMF, and the World Bank, dealing with development; and economists in developing countries. It is also a text for advanced undergraduate students pursuing a degree in economic policy and management and students in political science and public policy.

Pierre-Richard Agénor is Hallsworth Professor of International Macroeconomics and Development Economics in the School of Economic Studies of the University of Manchester, United Kingdom, and Co-Director of the School's Centre for Growth and Business Cycle Research. His research interests include international macroeconomics, development economics, and growth theory.