Aid for trade can support countries trying to further benefit from the expanding global market place by helping to address poorly performing infrastructure and institutions. Needless to say, good policies also matter: trade liberalization, improving incentives for private investment in trade,...

The paper describes the evolution of the corporate stock and bond markets in Korea and the Government’s role in this evolution and its policy with regard to internationalization of the capital market. The paper analyzes problems encountered in gradually opening the Korean capital market to...

The paper argues that the endogenous behavior of monetary authorities provides an important channel through which fiscal policy influences financial variables, and that growing internationalization has increased the sensitivity of financial conditions to fiscal policy. The core of the argument...

This paper discusses how international financial institutions (IFIs) can deal with new global challenges. The paper highlights that surveillance is the primary responsibility of the IMF. To make it more effective, more attention should be paid to long-term, structural developments that, if left...

This paper discusses principles and functions of the IMF. The IMF is a specialized agency of the United Nations system set up by treaty in 1945 to help promote the health of the world economy. Through its work, the IMF helps to keep the world economy running as smoothly as possible. Its work is...

This 2001 Annual Report reviews economic developments in the world during FY2000. Output growth in emerging Asia picked up in 2000 as this region continued its recovery from the 1997–98 crisis. The pace of economic expansion, however, slowed from mid-2000, largely as a result of the U.S....

This 2002 Annual Report describes world economic and financial developments in FY2002. During FY2002, the IMF faced important new challenges in an unusually unsettled world environment. After a period of strong expansion, the global economy experienced a widespread slowdown during the 2001...

This paper presents the views of Lawrence H. Summers on the U.S. current account deficit and the global economy. Summers highlights that the U.S. current account deficit is currently running well in excess of US$600 billion at an annual rate, in the range of 5.5 percent of GDP. It represents...

The Annual Report 2000 to the Board of Governors reviews the IMF's activities, policies, and financial position during the financial year (May 1, 1999 through April 30, 2000), as well as developments in the world economy. The Annual Report 2000 highlights the efforts of the IMF, together with...

This 2004 Annual Report highlights that during FY2004, the IMF continued to work with its member countries to foster sustained growth and financial stability—and reduce poverty in its low-income members—through its surveillance activities and policy advice; lending in support of stabilization...