Journal Article
Foreword

The papers in this special issue represent the concluding stage of a 10-year research project, in the framework of UNU/WIDER, on economic stabilization and medium-term adjustment, directed by Professor Lance Taylor. This project has been one of the longest and one of the most important and interesting components in the work of UNU/WIDER. The research on short-term macroeconomic stabilization and medium-term adjustment was started in the mid-1980s when structural adjustment programs were at their zenith on the agendas of the international financial institutions, as key instruments for transforming economic and social realities in a number of developing countries.