Finance & Development articles from December 1997

Finance & Development archives from December 1997

Aid spurs growth - in a sound policy environment.(Cover Story)
December 1, 1997... Foreign aid to developing countries has been criticized as wasteful and even counterproductive. Careful examination of the recent experience with foreign aid shows, however, that it can be an effective investment when a recipient country's...

Capital flow sustainability and speculative currency attacks. (includes related articles on mechanics of speculative attacks and on Hong Kong's resilient financial system)
December 1, 1997... Private capital flows to the developing world reached a record $235 billion in 1996. Increased access to global financial markets has brought substantial benefits to many countries but it has also made them vulnerable to sudden shifts in investor...

Sovereign debt: managing the risks.
December 1, 1997... Many developing countries that have borrowed heavily in foreign currencies are now faced with an important policy challenge: how to manage the currency, interest rate, and maturity risks associated with these debts. Greater access to the...

The IMF monetary model: a hardy perennial.
December 1, 1997... The IMF monetary model has been adapted to changing circumstances since its inception over 40 years ago. The model's chief architect examines why it still remains useful From the day in 1947 when the International Monetary Fund opened its...

Are international labor standards needed to prevent social dumping?
December 1, 1997... International labor standards have become the newest point of contention in trade disputes between industrial and developing countries. Are they necessary or are they disguised protectionism? A US presidential task force composed of apparel...

Explaining the dividend yield in the United States.
December 1, 1997... Dividend yields on US stocks have fallen to historic lows during the past two years, leading some to suggest that the stock market may be overvalued. Is a change in the economic fundamentals affecting US stock markets largely responsible for this...

Productivity growth in Canada and the United States.
December 1, 1997... Since 1973, the growth of real output and productivity in Canada and the United States has slowed significantly. Understanding this slowdown is a vital concern for economists and policymakers in assessing the capacity for non-inflationary growth....

Job uncertainty, unemployment, and inflation in the United States.
December 1, 1997... In the major industrial countries, low unemployment usually creates inflationary pressures. But during the recent economic expansion in the United States, prices have held steady despite low unemployment. What is behind this atypical behavior?...

Private participation in infrastructure: lessons from Asia's power sector.
December 1, 1997... Many countries need to expand and improve their infrastructures in order to remain competitive and ensure continued high growth rates. Using illustrations from Asia's power sector, this article discusses approaches countries can take to...

A new initiative to promote clean coal. (includes related article on coal preparation in China)
December 1, 1997... The production and consumption of coal are increasing in some developing countries, even as concerns about coal's environmental impact mount. The Worm Bank has launched a new initiative to encourage reforms that will lead to a cleaner and more...

Developing rural financial markets. (includes related article on urban-biased government policies)
December 1, 1997... Many developing countries have tried to spur income growth and reduce poverty in rural areas by making low-interest loans to farmers. The results have been disappointing. A broader approach emphasizing policy and legal reforms and savings...

Egypt: poised for sustained growth?
December 1, 1997... Egypt's economy has come a long way since the 1980s. Growth is recovering and confidence in the economy is rising. Tough macroeconomic policies and deep structural reforms are doing the trick. In early 1996, Egypt embarked on the second phase...

Can public pension reform increase saving?
December 1, 1997... Many economists think that countries can boost national saving by privatizing public pension plans. The evidence suggests, however, that less radical reforms may be just as effective. In most countries, public pension plans are defined-benefit...