Tove Strauss: Trade Union Institute for Economic Research, Postal: FIEF, Wallingatan 38, SE-111 24 Stockholm, Sweden
Abstract: Since almost two decades back a large number of LDCs have embarked on World Bank supported structural adjustment programs with the objective to promote econ-omic growth and private investment. I consider how the design of reform programs can increase reform credibility and thus reduce uncertainty in the economy. Using new data on adjustment lending, I test the effects of reform on private investment behavior. I find that while most political factors seem to have no effect on private investment response in reforming countries, magnitude as well as scope of reforms are important explanatory variables.
23 pages, December 22, 2000
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