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Real imports of capital and intermediate goods declined sharply for highly indebted countries in the 1980s. These economies were faced with the need to substitute previously imported factors of production with domestic capital and labour. This study empirically analyzes the degree of import dependence of 12 developing countries. In order to visualize the implications of the differing degrees of import dependence, a partial equilibrium econometric model is used to analyze the reaction of the trade account on external shocks and domestic policies in Columbia and Ecuador. Simulations show that the dependence on imported production means can transform an ""adjustment with growth"" of the external account into an ""adjustment or growth"" controversy.

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9783540550891

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