Finance & Development articles from June 2001

Finance & Development archives from June 2001

From the editor.(Brief Article)
June 1, 2001... RECENT FINANCIAL CRISES have sparked considerable debate about the benefits and possible risks of international capital flows. While foreign direct investment (FDI) is generally considered favorably, other flows of capital are viewed with some...

Private Capital Flows and Growth.(contributes to productivity growth and increased investment)
June 1, 2001... International capital flows have increased dramatically in recent years, but their impact on developing countries has not been clear. Whereas capital flows have been associated with higher growth in some countries, they have also been...

How Beneficial Is Foreign a Direct Investment fr Developing Countries?
June 1, 2001... The resilience of foreign direct investment during financial crises may lead many developing countries to regard it as the private capital inflow of choice. Although there is substantial evidence that such investment benefits hose countries,...

FDI and Corporate Tax Revenue Tax Harmonization or Competition?
June 1, 2001... OECD countries with high corporate tax rates have experienced both high net outflows of foreign direct investment and a decline in corporate tax revenue. Identification of a causal link between these two trends has implications for the debate...

Can the World Economy Afford U.S. Tax Cuts?
June 1, 2001... The International Dollar Standard Redux ON JANUARY 25, 2001, Alan Greenspan, the Chairman of the Board of Governors of the U.S. Federal Reserve System, ended his long-standing opposition to tax cuts--opposition that had been the hallmark of...

Exchange Rate Regimes.(Statistical Data Included)
June 1, 2001... During the past decade, many countries have changed their exchange rate regimes, moving from crisis-prone soft pegs to hard pegs or floating regimes. This trend is likely to continue, particularly among emerging market countries. IN RECENT...

Competition and Business Entry in Russia.
June 1, 2001... Despite privatization, robust competition is still lacking in much of Russia's industrial sector, stifled by excessive concentration, vertical integration, and geographic segmentation. Many established firms enjoy protection from new (and...

Transition Countries' Choice of Exchange Rate Regime in the Run-Up to EMU Membership.(European Economic and Monetary Union)
June 1, 2001... An important decision for the Central and Eastern European countries seeking membership in the European Union is choosing the most appropriate exchange rate regime. Experience has shown that many considerations are involved in this decision and...

Latvia on the Way to the European Union.
June 1, 2001... Having met most of the criteria for membership in the European Union, Latvia is addressing a few remaining challenges. These include closing the income gap and achieving structural, fiscal, and monetary convergence. AS IT ENTERS the third...

Integration, Interdependence, and Globalization.
June 1, 2001... Although many commentators say we are living in a time of unprecedented global integration, the world economy was actually more integrated at the end of the nineteenth century. Despite increasing integration in some respects, today's world is...

Who Has a New Economy?(Statistical Data Included)
June 1, 2001... In the second half of the 1990s, the United States enjoyed strong economic growth combined with low inflation and increased labor productivity, leading many observers to proclaim the birth of a "new economy" linked to advances in information...

Poverty Reduction in Developing Countries The Role of Private Enterprise.
June 1, 2001... The role of private enterprise in development has been neglected by scholars, governments, and aid organizations. This is regrettable: a vibrant private sector generates jobs, raises incomes, and makes better, cheaper goods and services...

Macroeconomic Policies and Poverty Reduction.
June 1, 2001... Some Cross-Country Evidence What is currently-known about how countries' choices of macroeconomic policies affect their incidences of poverty, and what are the most promising directions for further investigation of this important...

IMF Financing and Moral Hazard.(International Monetary Fund)
June 1, 2001... Although it has been argued that IMF financing may create moral hazard, it is not easy to find clear evidence of such an effect. If the extent of IMF-included moral hazard were known, any costs would have to be weighed against the possible...

Crisis Resolution and Private Sector Adaptation.
June 1, 2001... The approach [to dealing with developing countries' debt crises] was balanced, in that all parties accepted a need for burden sharing within a concerted effort. It was case-by-case, in recognition of the fact that each of the restructuring...

Financial Crises in Emerging Markets.(Review)
June 1, 2001... An Essay on Financial Globalisation and Fragility New Haven, Connecticut, and London, Yale University Press, 2000, xx + 199 pp., $25/[pound]16.95 (cloth). A DOMINANT ASPECT of recent economic history is the rapidly growing role of...

From Subsistence to Exchange and Other Essays.(Review)
June 1, 2001... Peter Bauer Princeton University Press, Princeton, New Jersey, 2000, xi + 153 pp., $19.95/[pound]12.50 (cloth). THIS ECLECTIC collection of essays by a leading conservative voice in development economics includes not only the staples...

Maestro.(Review)
June 1, 2001... Bob Woodward Greenspan's Fed and the American Boom Simon & Schuster, New York, 2000, 270 pp., $25 (cloth). Greenspan Justin Martin The Man Behind Money Perseus Publishing, Cambridge, Massachusetts, 2000, xviii + 284 pp.,...

Il Fondo monetario inernazionale.(Review)
June 1, 2001... Giuseppe Schlitzer Il Mulino, Bologna, 2000, 128 pp., EUR 7.23 (paper). MORE THAN 50 years after its creation, the IMF is still widely misunderstood. Some perceive it as a development bank that extends long-term loans, others as a sort...