Finance & Development articles from December 2001

Finance & Development archives from December 2001

From the editor.(Ian S. McDonald, Finance and Development)(Brief Article)(Editorial)
December 1, 2001... THE TERRORIST attacks on the United States of September 11 resulted in the tragic loss of thousands of innocent lives. They also brought out the best in many people, whose heroic and selfless acts were heartening to us all. It is now time,...

Overview of the Main Issues. (Globalization and Africa).(economics)(Statistical Data Included)
December 1, 2001... THE ARTICLES that follow examine how Africa can reposition itself to take full advantage of globalization--while minimizing the risks in the process--to accelerate economic growth and reduce poverty. Together, these articles sketch a road map...

Africa Faces Challenges of Globalization. (Globalization and Africa).(economics)(Statistical Data Included)
December 1, 2001... GLOBALIZATION is multidimensional, affecting all aspects of life--economic, cultural, environmental, and social--as well as relations between governments and nations on the five continents. Globalization is characterized, in particular, by...

What Africa Needs to Do to Benefit from Globalization. (Globalization and Africa).(economics)(Statistical Data Included)
December 1, 2001... GLOBALIZATION, which is not a new phenomenon, may be defined as the increasing interaction among, and integration of, the activities--especially economic activities--of human societies around the world. This definition contains both a...

The need for Stronger Domestic Policies and International Support. (Globalization and Africa).
December 1, 2001... GLOBALIZATION, or the increasing economic integration among nations, has accelerated sharply over the past half century, driven largely by the remarkable expansion of international trade and capital flows, as well as by the extraordinary...

An Agenda for Trade, Investment, and Regional Integration. (Globalization and Africa).(economics)(Illustration)(Statistical Data Included)
December 1, 2001... THE IMPORTANCE of enhancing sub-Saharan Africa's trade performance, which was very weak in the 1980s and 1990s, cannot be overemphasized (Chart 1). Africa's non-oil exports in 2000 came to about $69 billion. If Africa had retained its share of...

The Role of Institutional Reforms. (Globalization and Africa).(economics)
December 1, 2001... GLOBALIZATION began gaining momentum in the 1960s when businesses in search of larger markets expanded their reach and interests beyond national borders. Four major developments have defined and strengthened this process: * the expansion...

Mauritius A Case Study. (Globalization and Africa).(successful economics)(Statistical Data Included)
December 1, 2001... "And they (the political parties in Mauritius) seem to recognize that, at the end of the day, they will be left with what they started with: an agricultural colony, created by empire in an empty island and always meant to be part of something...

Growth Strategy for North Africa A Regional Approach. (Globalization and Africa).(economics)(Statistical Data Included)
December 1, 2001... ALTHOUGH the North African countries made significant progress toward achieving financial stability under IMF-supported programs during the mid-1980s and the 1990s, growth in these countries has remained below potential. Notwithstanding the...

How Tunisia Is Meeting the Challenges of Globalization. (Globalization and Africa).
December 1, 2001... TUNISIA's approach to globalization was inspired by dramatic changes in the world economy at the end of the twentieth century: the end of the Cold War, which had governed international relations for nearly half a century; rapid technological...

Making Globalization Work in Africa. (Globalization and Africa).
December 1, 2001... MAKING globalization work in Africa is one of the most urgent tasks facing the region's policymakers. There is no doubt that economic growth rates in sub-Saharan Africa have lagged far behind those of other regions and that Africa is the region...

The New International Financial Architecture and Africa. (Globalization and Africa).
December 1, 2001... AT FIRST GLANCE, the new international financial architecture would seem to have little relevance for Africa--it was built up in response to developments that took place far from Africa and whose direct impact on Africa was limited....

Kohler Calls For Coordinated International Response in Wake of September 11 Attacks. (Bulletin).(Horst Kohler)
December 1, 2001... In the aftermath of the terrorist attacks on the United States, Horst Kohler, Managing Director of the IMF, called for a coordinated international response to deal with weakness in the world economy and the new risks in the global economic...

IMF Releases Reduced World Economic Outlook Projections. (Bulletin).
December 1, 2001... Economic prospects for 2001-02 have weakened since the IMF released its World Economic Outlook projections in May 2001, and downside risks have been further exacerbated by the September 11 terrorist attacks on the United States. In the IMF...

External Financing for IMF Technical Assistance. (Bulletin).(Brief Article)
December 1, 2001... As part of its mandate, the IMF provides technical assistance to member countries working to strengthen their capacities for effective economic management. This assistance focuses on the IMF's core areas of competency--macroeconomic policy,...

The Rising Inequality of World Income Distribution. (Point of view).(Statistical Data Included)
December 1, 2001... DOES it matter what is happening to world income distribution (among all 6.2 billion people, regardless of where they live)? Amartya Sen, the recent Nobel laureate in economics, warns that arguing about the trend deflects attention from the...

Refocusing IMF Conditionably.(International Monetary Fund/economic policy)
December 1, 2001... Shortly after he assumed office as Managing Director of the IMF in May 2000, Horst Kohler launched a reform of the conditionality associated with its lending. What lies behind this change in approach, and what prospects does it have for...

Human Rights -- and the IMF.(International Monetary Fund)
December 1, 2001... Human rights and macroeconomic stability are far from incompatible. Rather, they both play crucial roles in the fight against poverty. By supporting sound economic policies and encouraging constructive dialogue within civil society, the IMF...

International Trade and Poverty Alleviation: How does trade liberalization affect the poor, and how can they be protected against its negative short-term effects?(macroeconomics)
December 1, 2001... TRADE REFORM has long been part of the arsenal of policies used to promote economic efficiency, the development of new markets, and growth. Perhaps surprisingly, even after more than fifty years of trade negotiations, there is still significant...

Are Foreign Investors in Emerging Market Economies a Panic-Prone Herd? (Financial Focus).(analysis)(Statistical Data Included)
December 1, 2001... Foreign investors in emerging market economies have been blamed for touching off recent financial crises by rushing en masse to sell their investments. To what extent has such herdlike behavior occurred, and what have been the consequences? ...

Oil Funds Problems Posing as Solutions?(macroeconomics)(Statistical Data Included)
December 1, 2001... Heavy dependence on oil revenues--which are volatile and unpredictable, and will, sooner or later, dry up--greatly complicates a country's fiscal policy. To tackle these problems, many oil-producing countries are setting up oil funds. But are...

A Fresh Look at Keynes Robert Skidelsky's Trilogy.
December 1, 2001... Keynes is widely recognized as the dominant economist of the past century. A recent scholarly biography evaluates how well his reputation has stood the test of time. The publication of the final volume of Robert Skidelsky's impressive...

New Book Features IMF's Role in Combating the Global Debt Crisis.(Silent Revolution: The International Monetary Fund, 1979-1989)
December 1, 2001... THE 1980s were a tumultuous period during which the IMF came of age as a participant in global financial markets. Silent Revolution: The International Monetary Fund, 1979-1989, written by James M. Boughton and published by the IMF in October...

The Fed. (Book Reviews).(The Inside Story of How the World's Most Powerful Financial Institution Drives the Market)
December 1, 2001... The Inside Story of How the World's Most Powerful Financial Institution Drives the Markets Free Press, New York, xiii + 350 pp., $27.50/Can$41.95 (cloth). In Martin Mayer's view, the U.S. Federal Reserve is not unlike the Wizard of Oz:...

The Rules of the Global Game. (Book Reviews).(A New Look at U.S. International Economic Policymaking)
December 1, 2001... A New Look at U.S. International Economic Policymaking University of Chicago Press, Chicago, Illinois, 2001, xvi + 329 pp., $32.50 (cloth). This is three books in one: one on political economy, one on the fundamentals of international...

Trade liberalization. (Letters to the Editor).(David J. Steinberg, U.S. Council for an Open World Economy)(Brief Article)(Letter to the Editor)
December 1, 2001... Opposing protectionism in both rich and poor countries ("Targeting Rich-Country Protectionism," September 2001), Professor Jagdish Bhagwati would have been even more effective if the multilateral liberal trade initiative he favored were more...

Professor Bhagwati responds. (Letters to the Editor).
December 1, 2001... Mr. Steinberg's suggestions indeed constructively supplement mine. Eliminating border barriers on an MFN (most-favored-nation) basis multilaterally is a goal that many of us have long suggested as being good not only in itself but also as...

Water management. (Letters to the Editor).
December 1, 2001... The article "Optimal Water Management in the Middle East and Other Regions" by Franklin M. Fisher and Hossein Askari (September 2001), states: "The World Bank is the leading institution with the potential to ameliorate the global water...