It has been argued that “buy-backs” and “debt-equity swaps” allow developing countries to benefit from market discounts on their external debt. It is argued here, however, that if such programs are expected to be successful in increasing the market value of remaining debt, they also lead...

WILLIAM. white, who joined the International Monetary Fund in 1948, spent his entire professional life in the Research Department. Present and past staff members, many of whom benefited from his advice, have asked that his contribution-to the work of the Fund should receive recognition in Staff...

This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure...

The IMF's World Economic Outlook is packed with country specific facts, figures, and worldwide projections that present the outlook for growth, inflation, trade, and other economic developments in a clear, practical format. Leading international economists pull together the latest data on key...

The World Economic Outlook is the product of a unique international exercise in information gathering and analysis performed by IMF staff to guide key initiatives and to serve IMF member countries. Published at least twice a year in English, French, Spanish, and Arabic, the World Economic...

The global economy grew strongly in the first half of 2007, although turbulence in financial markets has clouded prospects. While the 2007 forecast has been little affected, the baseline projection for 2008 global growth has been reduced by almost 1⁄2 percentage point relative to the July 2007...

This paper focuses on expectations for the American economy focused on the likelihood of secular stagnation, which continued to be debated throughout the post-war period. Concerns rose during the late 1960s and early 1970s about rapid population growth smothering the potential for economic...

This paper describes the issue of corruption around the world. The paper surveys and discusses issues related to the causes, consequences, and scope of corruption, and possible corrective actions. It emphasizes the costs of corruption in terms of economic growth. It also emphasizes that the...

This paper uses microeconomic panel data to examine differences in the cyclical variability of employment, hours, and real wages for skilled and unskilled workers. Contrary to conventional wisdom, it finds that, at the aggregate level, skilled and unskilled workers are subject to the same degree...

The transition strategy from administratively set interest rates to market rates is discussed. Despite worldwide trends toward financial liberalization, few monetary authorities are prepared to accept as reasonable any interest rate level that is market determined. The paper suggests some...