Finance & Development articles from December 1998

Finance & Development archives from December 1998

The implications of EMU for IMF surveillance.(European Monetary Union)(Cover Story)
December 1, 1998... How will EMU affect the way the IMF monitors economic developments in its European members? The third and final stage of European Economic and Monetary Union (EMU) is set to begin on January 1, 1999, with the establishment of a currency...

Policy challenges for the euro area.(European Monetary Union)(Cover Story)
December 1, 1998... Improved economic performance and a sound policy framework in the euro area provide a solid basis for EMU. But important challenges remain: making an eclectic approach to monetary policy transparent, strengthening public finances further,...

The euro area and the world economy.(Cover Story)
December 1, 1998... European monetary union will bring both new opportunities and fresh challenges for economic policies in countries outside the euro area. The advent of European Economic and Monetary Union (EMU) and the development of a single, more powerful...

Ensuring financial stability in the euro area.(includes related article on financial system supervision and lender of last-resort-operations in the EMU)(Cover Story)
December 1, 1998... The introduction of the euro is expected to spur the creation of pan-European financial institutions and markets, with considerable benefits for consumers and investors. Challenges remain within the euro area institutional framework for the...

Capital account liberalization and the IMF.
December 1, 1998... Capital account liberalization have substantial benefits, but recent experience also underscores its risks. How should liberalization be sequenced and managed to ensure that the benefits dominate? The growth of international financial...

Sequencing capital account liberalization.
December 1, 1998... A country that is liberalizing its capital account faces the challenges of strengthening financial institutions to ensure they are capable of operating in a more market-oriented system and deciding how to achieve monetary aims and maintain...

Capital account liberalization in the Southern Mediterranean.
December 1, 1998... The debate on capital mobility has intensified in the wake of East Asia's recent financial crisis, largely because of the risk of sudden reversals. The crisis demonstrates the importance of a strong macroeconomic stance, sound institutions, and...

Financial crises in emerging markets.
December 1, 1998... Since 1982, emerging markets have been rocked by three major financial crises. How can they manage the risks associated with greater integration into the international financial system? Since the Thai baht first came under attack in July...

Are banking crises predictable?
December 1, 1998... Many countries have experienced financial sector distress at some time. Although bank failures can come as a surprise, information is often available that can signal a banking system's vulnerability to crisis. Strains and disturbances...

Monetary policy in Russia.
December 1, 1998... Over the last few years, Russia has succeeded in developing the tools to carry out an effective monetary policy in a market economy. What monetary policy instruments has the central bank used to achieve this objective, and what lessons has it...

Are currency boards a cure for all monetary problems?
December 1, 1998... Currency board arrangements may be coming back into fashion. What recent successes have countries had with currency boards and in what circumstances are they most to be effective? Currency board arrangements, under which domestic currency...

From grandmotherliness to governance: the evolution of IMF conditionality.
December 1, 1998... IMF conditionality has evolved steadily over the years. It continues to evolve. Recent developments have produced both a fresh approach and new challenges. On first sight, there is something unchanging, even eternal, about the dilemmas...