ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Peking Trial

short-run if the measures hold down present consumption or in the future if their immediate impact is on investment. Measures to increase supply usually take some time to be effective and normally do not eliminate the need for other adjustment policies. On the second point, responsibility for adjustment costs must be attributed to the underlying economic situation that produces the need, in the first place, for corrective action rather than to those who assist, to whatever degree, in the formulation of these policies. The Fund reduces the costs of adjustment by providing countries with additional financial resources. It should be noted that these costs can be expected to be considerably lower than those of failing to take corrective action.

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