Capital flows have increased significantly in recent years and are a key aspect of the global monetary system. They offer potential benefits to countries, but their size and volatility can also pose policy challenges. The Fund needs to be in a position to provide clear and consistent advice with...

Rodriguez and Rodrik (2000) argue that the relation between openness and growth is still an open question. One of the main problems in the assessment of the effect is the endogeneity of the relation. In order to address this issue, this paper applies the identification through heteroskedasticity...

Assiduously tracking the trends and consequences of globalization, the IMF's quarterly magazine Finance & Development has been a major forum for discussing-and dissecting-the policy options and challenges faced by governments in an era when many national decisions transcend borders. This...

This paper outlines the IMF's perspective on the economic impact of corrup-tion and experience in helping countries design and implement strategies to address it. Corruption has a broader corrosive impact on society. It undermines trust in government and erodes the ethical standards of private...

Updates the Board on progress in the WTO negotiations under the Doha Development Agenda in the run-up to the Hong Kong SAR Ministerial in December, and presents proposals on aid for trade to be submitted to the Development Committee and International Monetary and Finance Committee in September...

This paper summarizes recent developments in the Doha Round negotiations, and aid for trade. As requested by the Development Committee last September, it reviews existing mechanisms for cross-country and regional aid for trade needs. It proposes possible options to overcome the coordination and...