La globalizacion ha venido ocurriendo desde hace cientos de anos y, con el tiempo, se ha acelerado. Puede ser juzgada bajo muchos criterios, pero sin duda el mas importante es el desarrollo en todas sus formas y, en particular, la reduccion de la pobreza. Este libro proporciona una comprension...

From a development perspective, capital flows can both provide significant benefits and entail significant costs. Consequently, the development impacts of capital flows do not readily lend themselves to simple generalizations. This survey considers the development benefits and costs of four...

. Political commitment is the key ingredient needed for economic take-off and long-term growth. Poor countries will be unable to escape the vicious circle of poverty unless they and the international community join forces. . Inappropriate financial policies can lead to a decline in and poor...

. Lowering interest rates and, thus, the cost of borrowing in the rand zone (Lesotho, Namibia, Swaziland and South Africa) is a priority to promote investment and economic growth. . Local-currency interest rates in these countries are driven by those on rand-denominated transactions. Reducing...

. In 1990-1991, worldwide military expenditure amounted to $950 billion. This bill could be reduced by the year 2000 by over $300 billion.. . Excessive military expenditure jeopardizes development prospects. . Policies to achieve transparency and to strengthen military security arrangements...

In this study, we analyse extended periods of growth in Africa based on panel estimations from 27 African countries during the 1960-1996 period. Only a dozen of such rapid growth episodes are observable in Africa since 1960, and several of them eventually came to an end. We use all existing...

Latin American sovereign bonds represent a significant share of the emerging debt class (50 per cent by early 2001) and so have considerably shaped the dynamics of this market. Recent financial turmoil, contagion episodes and investors’ renewed concerns with debt default call for a better...

Ce document présente un modèle dynamique de simulation de l'économie mexicaine, centré sur les effets de l'endettement public. Trois principales variables sont au coeur de la dynamique économique qui est décrite ici: le taux d'intérêt réel interne, le prix du marché secondaire de la...

In this paper we aim to answer the following two questions: <I>1) has the Common Monetary Area in Southern Africa (henceforth CMA) ever been an optimal currency area (OCA)? 2) What are the costs and benefits of the CMA for its participating countries?</I> In order to answer these questions, we carry...</i>

Three novel macroeconomic policy challenges are discussed in this paper: the macroeconomic implications of China’s emergence; the implications of intensifying financial integration; and the interaction of Asia’s foreign exchange regime with monetary policy in the OECD area. First, China may...