Finance & Development articles from March 1993

Finance & Development archives from March 1993

Discounting our descendants? ('The Economics of Global Warming' by William Cline) (Advice & Dissent)
March 1, 1993... Global warming used to be considered an esoteric topic, a matter best reserved for scientists and alarmists. But in recent years, policymakers all over the world have been forced to bone up on this futuristic issue the possible warming of the...

"Give greenhouse abatement a fair chance."
March 1, 1993... Global warming from the buildup of carbon dioxide, methane, and other greenhouse gases is nearly unique as an environmental problem, because it involves global rather than local effects and is irreversible on a time scale of three centuries or...

"Act now on global warming - but don't cook the books."
March 1, 1993... William Cline's new book provides a thoroughly careful and fully transparent analysis of the economics of global warming--an excellent demonstration of the application of the economist's tool-kit to a pressing policy issue. But his...

Portfolio investment flows to developing countries.
March 1, 1993... Portfolio investment flows have recently been the fastest growing form of external finance for developing countries, accounting for one fifth of all capital flows to the developing world. Currently, these flows are heavily concentrated in a...

Foreign direct investment in the United States.
March 1, 1993... In current dollars, the average annual inflow of direct investment into the United States during 198-90 was more than five times large as in 1975-80. After decades as the leading source country for outward direct investment, by the mid-1980s...

Determinants of US manufacturing investment abroad.
March 1, 1993... Recent technological and business changes are forcing multinationals to rethink their investment strategies. A recent study by the International Finance Corporation (IFC) examines whether these changes might be prompting US multinationals, in...

The how and why of credit auctions. (includes related articles)
March 1, 1993... Concerns about misallocation of resources and adverse effects on the development of domestic capital markets have led international lending institutions and their developing member countries to explore alternatives to subsidized administered...

Energizing trade of the states of the former USSR.
March 1, 1993... For the 15 newly independent states of the former USSR, transitional trade and payments arrangements are urgently needed to stop the precipitous decline in trade. Next steps should include a sharp cut in export controls, a reduction of state...

Can market forces discipline government borrowing?
March 1, 1993... Market discipline means that financial markets can send signals that prevent a borrower from abusing the system--borrowing without means or intention of repaying. In practice, however, market discipline can be too weak, allowing borrowers to...

Coordinating public debt and monetary management.
March 1, 1993... The interplay between financial sector reforms and public debt management strongly suggests that it would be imprudent to undertake financial reforms without due consideration of public debt issues. At the same time, it would be unwise to...

Currency substitution in high inflation countries.
March 1, 1993... Currency substitution--the use in a given country of multiple currencies as media of exchange-raises major and often controversial policy questions: Should currency substitution be encouraged or discouraged? How does it affect the choice of a...

Targeting the real exchange rate in developing countries.
March 1, 1993... A number of developing countries have recently adopted real exchange rate rules as a means of maintaining international competitiveness in the face of high domestic rates of inflation. But will adopting such rules readily lead to hyperinflation...

A first look at financial programming.
March 1, 1993... News stories about IMF loan agreements are frequent. These stories often describe at length details of the country's "adjustment" program, including its main objectives and the policy measures that the government is planning to implement....

Does petroleum procurement and trade matter? The case of sub-Saharan Africa.
March 1, 1993... A major portion of sub-Saharan Africa's foreign exchange earnings are devoted to the procurement of petroleum. This situation could be ameliorated: a revamping of policies and practices in hydrocarbons procurement and distribution could yield...