Finance & Development articles from June 1996

Finance & Development archives from June 1996

Financing oil and gas projects in developing countries.
June 1, 1996... In the future, investment opportunities in the oil and gas sector are likely to be concentrated in developing countries. Project financing is scarce, however, because of the commercial and political risks. What can be done to mitigate the risks...

Policy reform in Russia's oil sector.
June 1, 1996... Despite difficult circumstances, policy reform in Russia's oil sector has been impressive. Nevertheless, further reforms and investments in excess of $60 billion over the next 10 years will be needed to help the sector realize its potential....

Energy and the environment: technical and economic possibilities.
June 1, 1996... Total energy consumption in developing countries is expected to soar over the next few decades. But this does not necessarily bode ill for the environment. Technological advances are making it possible to reduce pollution considerably, even as...

How successful are IMF-supported adjustment programs?
June 1, 1996... How successful have countries been during adjustment programs? While most have seen a quick turnaround in their external accounts, a sharper focus on medium-term sustainability, firm nominal anchors, and better coordination of fiscal and monetary...

The response of investment and growth to adjustment policies.
June 1, 1996... The basic pillars of economic growth - investment and saving - are strongly influenced by the private sector's confidence in a country's policies. The timeliness, sustainability, and consistency of policies are therefore critically important....

The quality of fiscal adjustment and growth.
June 1, 1996... Fiscal adjustment is usually the first step on the road to macroeconomic stability. But sustained growth requires that as much attention be paid to the way the government's deficit is cut as to the size of the cut. The principal objective of...

The Tobin tax and exchange rate stability.
June 1, 1996... Recent turbulence in world financial markets has rekindled interest in the so-called Tobin tax on international financial transactions as a way to discourage speculative currency trading and reduce exchange rate volatility. A two-tier structure...

Why a two-tier Tobin tax won't work. (response to article by Paul Bernd Spahn in this issue, p. 24)(Counterpoint)
June 1, 1996... Financial market variability is a perennial problem for investors and policymakers alike. While attractive in some ways, a two-tier Tobin tax would not solve this problem and would have a number of undesirable side effects. In his article in...

The revenue decline in the countries of the former Soviet Union.
June 1, 1996... In almost all the countries of the former Soviet Union, severe revenue losses have complicated stabilization efforts. The situation can be alleviated by measures to broaden tax bases and improve tax administration. In 1989, general government...

The implicit pension debt. (includes related article on measuring defined-benefit pension liabilities)
June 1, 1996... Underfunded pension plans are a serious problem for industrial and developing countries alike. Because this implicit pension debt has important macroeconomic implications, governments need to tackle the problem as soon as possible. In contrast...

Forget convergence: divergence, past, present, and future.
June 1, 1996... Looking for evidence of income convergence among the world's nations has become a fashionable pursuit. Far from narrowing, the gap between the incomes of the rich and poor countries has grown markedly and is likely to widen further....

Secured transactions: the power of collateral.
June 1, 1996... In many developing countries, businesses are unable to get low-cost, long-term loans from private lenders to finance investment projects. Reforms that make it easier for borrowers to use movable property as collateral would give comfort to...

Stock market development and corporate finance decisions.
June 1, 1996... In developing countries, how is the growth of stock markets affecting corporate financing decisions? Initially, stock market development tends to be accompanied by higher corporate debt-equity ratios and more business for banks. Over the past...