This volume, edited by James M. Boughton and K. Sarwar Lateef, contains the proceedings of a conference held in Madrid, Spain, in 1994, by the IMF and the World Bank to commemorate the fiftieth anniversary of the Bretton Woods conference of July 1944 that created the two institutions. The conference provided a forum for reflection and for reassessing the roles of the institutions as they approach the twenty-first century.
The second day of the conference opened with a session on ways to ensure that adjustment programs contribute effectively to economic growth in developing countries. The first speaker was Tony Killick, Senior Research Fellow and former Director of the Overseas Development Institute, who spoke on conditionality and the connection between adjustment and development. He has published numerous studies analyzing the effectiveness of adjustment programs. He was followed by Alassane Ouattara, who has dealt with the linkages between adjustment and growth both in his former capacities as Governor of the Central Bank of the West African States and as Prime Minister of Cote d’Ivoire and in his present capacity as Deputy Managing Director of the IMF. The Governor of the Central Bank of Spain, Luis Angel Rojo, chaired the session and moderated the discussion that followed the formal presentations.
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