Finance & Development articles from March 1999

Finance & Development archives from March 1999

Africa: an agenda for the 21st century.(Cover Story)
March 1, 1999... Africa is at a crossroads. Will it continue to open up its political systems to broader participation and reform its economies to integrate them more fully into the global economy, or will it revert to political and economic practices that have...

Adjustment and growth in sub-Saharan Africa: the unfinished agenda.(Cover Story)
March 1, 1999... After a prolonged crisis, sub-Saharan African countries have been broadening their reform efforts and enjoying improved economic growth rates. The gains they have made are fragile, however, and to achieve sustained progress they need to...

Sub-Saharan Africa: economic policy and outlook for growth.(Cover Story)
March 1, 1999... In recent years, improved policies in many sub-Saharan African countries have led to better economic performance. As policy-makers in the region work to sustain high growth rates and reduce poverty, how can they most effectively meet the...

Impact of the Asian crisis on sub-Saharan Africa.
March 1, 1999... Most sub-Saharan African countries have been largely unaffected by the Asian crisis. What accounts for this relatively favorable outcome, and what steps should these countries consider taking to reduce poverty and increase economic growth in a...

The monetary policy of the Eurosystem.
March 1, 1999... On January 1, 1999, Europe entered a new era with the adoption of a single currency - the euro - by 11 of the European Union's 15 member states. In this article, a member of the European Central Bank's Executive Board describes the framework...

What deposit insurance can and cannot do.
March 1, 1999... A deposit insurance system can contribute to financial stability, but only if it is adequately funded and if other safeguards - such as a strong bank supervision program - are also in place. In AESOP's fable about the hare and the tortoise,...

Economic policy implications of global financial flows.
March 1, 1999... Globalization presents fresh challenges to the world economy, and its implications have yet to be fully assimilated at the national level. At the same time, the lack of a lender of last resort creates a vacuum in the international institutional...

Systemic aspects of recent turbulence in mature markets.(financial markets)
March 1, 1999... The recent turbulence in mature financial markets appeared out of proportion to the events that triggered it. This experience suggests that both private and public financial institutions should display a much greater awareness of potential...

Foreign direct investment in developing countries.
March 1, 1999... Foreign direct investment has grown at a phenomenal rate since the early 1980s, and the world market for it has become more competitive. Developing countries are becoming increasingly attractive investment destinations, in part because they can...

A trade policy perspective on capital controls.
March 1, 1999... Capital is tradable in the same way many goods and services are: it can be imported or exported at prices that reflect international demand and supply. Much trade analysis is thus valid for capital movements, and experience with trade...

Corporate restructuring and governance in East Asia.(includes related articles on corporate restructuring in India and Korea)
March 1, 1999... Corporate restructuring and improved corporate governance are essential parts of economic reform programs under way in many countries. How can corporations be restructured to promote growth and reduce excessive debt without placing undue...

Contingent government liabilities: a hidden fiscal risk.
March 1, 1999... Many governments have faced serious fiscal instability as a result of their contingent liabilities - that is, fiscal obligations contingent on the occurrence of particular events. But these obligations are not budgeted and accounted for, nor...

Private infrastructure, public risk.
March 1, 1999... Whether developing countries reap the full benefits of privatizing infrastructure will depend on how risks are allocated. If governments assume risks that should be borne by investors, they may reduce incentives for efficiency and incur...