Evaluation of structural adjustment programmes in Jordan

Kreishan, Fuad M. (2004) Evaluation of structural adjustment programmes in Jordan. Doctoral thesis, University of Northumbria at Newcastle.

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Abstract

This thesis evaluates the macroeconomic impact of structural adjustment programs (SAPs) in Jordan during the period 1992-2001. The study has made an attempt to address and find answers to the following three interrelated questions. Firstly, to what extent have the programs achieved their own targets? Secondly, have the SAPs resulted in an improvement on the initial economic situation in Jordan before the introduction of SAPS? Thirdly, what are the effects of typical SAP's instruments on the main macroeconomic variables in Jordan?
In investigating these questions, the thesis has applied three different approaches: (i) the before-after approach, (ii) the actual-target approach, (iii) using some statistical tests, the study estimated an Error-Correction Model for the main macroeconomic targets of the structural adjustment programs.
The statistical findings, in general, suggest that the most successful aspect of Jordanian experience, under the structural adjustment programs, were the remarkable increase in the international reserves and exports. These programs, however, did not have much impact on the economic growth, the inflation rate and the imports.
As to the effectiveness of the SAPs instruments, the results have shown that the domestic credit, the interest rates and the devaluation have significant impact on the behavior of key macroeconomic targets, while there was little effect to fiscal policy. Although the variation in these instruments seems to lead macroeconomic targets towards the desired goal, it also appears, in some cases, to have unfavorable effects on the program objectives.

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