Finance & Development articles from September 1995

Finance & Development archives from September 1995

Workers need open markets and active governments.(Cover Story)
September 1, 1995... Nearly everywhere, countries are moving toward greater use of markets. This change can expand opportunities for workers, but only if they are equipped to make use of them. Governments retain a key role in a market-driven world, not least in the...

Wages, inequality, and international integration. (includes related article)(Cover Story)
September 1, 1995... Does the growing integration of the world economy offer an opportunity or pose a threat to the world's workers? The outcome depends on whether governments pursue market-based policies that take advantage of international opportunities....

The outlook for workers in the 21st century.
September 1, 1995... Even under the best policy scenario, international income inequality will change only gradually. However, if policies that favor convergence are not followed, things could actually get worse. Can the twenty-first century usher in an era of...

Unemployment in Spain: causes and remedies.
September 1, 1995... Unemployment, a serious problem in many European countries, is especially pressing in Spain, where nearly one fourth of the work force has been jobless since 1994. Spanish unemployment is notable for its persistence as well as its magnitude. What...

Do self-employment programs work? (includes related article)
September 1, 1995... Programs that help the unemployed start their own businesses have proven to be a potentially cost-effective tool in job creation in a number of industrial countries. They are not a panacea, however. Job creation is an important concern not only...

Corporate governance in transition economies.
September 1, 1995... Insider control is making it difficult for many companies in transition economies to get management oversight and financing. This article draws on Japan's experience with the role of banks in corporate governance. During the initial phase of...

Banking reform in transition economies. (includes related article)
September 1, 1995... Countries making the transition to a market economy have pursued a variety of approaches to banking reform. To become globally competitive, however, transition economies will need to accelerate bank privatization and the reform of bank management...

Transfers and the transition from central planning.
September 1, 1995... As former centrally planned economies make the transition to market orientation, they are finding it hard to both achieve strong economic growth and maintain the system of cradle-to-grave security their governments have long provided by means of...

Decentralizing fiscal systems in transition economies.
September 1, 1995... The transition economies are in the midst of decentralizing their fiscal systems. If improperly designed, these new systems pose a risk to the adequate provision of essential services, interregional equity, and the efficient allocation of...

Does inflation really lower growth?
September 1, 1995... In the 1950s and 1960s, the growth costs of inflation were not considered a serious issue. The surge in inflation in the 1970s and 1980s changed views on this issue radically. Large growth costs surface only at higher rates of inflation, but the...

Currency boards: issues and experiences.
September 1, 1995... Currency boards are making a comeback. Several countries have established them in an attempt to stabilize their currencies and control inflation. Although they limit the freedom to set fiscal and monetary policy, currency boards have proven...

Agricultural liberalization in the Uruguay Round.
September 1, 1995... Bringing agricultural trade under multilateral discipline and converting nontariff barriers into tariffs are important achievements of the Uruguay Round. However, the actual liberalization achieved has fallen well short of expectations. The...

Purchasing power parity measures of competitiveness.
September 1, 1995... Governments are perennially concerned over whether their countries' products are internationally competitive. But how should competitiveness be assessed? Indicators based on the concept of purchasing power parity are useful benchmarks but cannot...

Funding the metropolitan areas of South Africa.
September 1, 1995... South Africa's major cities, long divided along racial lines, are being restructured as the country moves toward democracy. How and where will the boundaries of the relevant municipalities be drawn, and how will their governments be financed?...