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Mr. Vito Tanzi and Mr. Mario I. Bléjer

Abstract

One of the most important and lasting contributions of J. M. Keynes’s thought to the development of modem economic theory has been the central role he assigned to fiscal policy in stabilizing output. Within the Keynesian framework, the economic result of the fiscal sector, whether a deficit or a surplus, is the most important balancing factor in the economy. The magnitude of the deficit or surplus is the central piece in the determination of the levels of aggregate demand, income, prices, and, eventually, in an open economy, of the balance of payments.

Ms. Margaret Garritsen De Vries

From its beginning, the Fund’s central concern has been the balance of payments positions of its members. Of its six purposes, as stated in Article I of its Articles of Agreement, two deal with the need to reduce balance of payments disequilibrium: (v) To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity