The present invention is directed to a poly(ethylene glycol)-grafted
aliphatic polyester represented by Formula 1: ##STR00001## wherein X
is an aliphatic ester, R is hydrogen or C.sub.1-5 alkyl, Z is the binding
moiety of an initiator or a chain transfer agent, m/l is from 0.1 to 50,
n is from 2 to 50, w is 1 or greater, and y is from 1 to 200. Further
disclosed is a method for preparing the poly(ethylene glycol)-grafted
aliphatic polyester of the present invention.