This paper examines the Staff-Monitored Program (SMP) for Malawi. The authorities have requested staff monitoring of their macroeconomic program for the 2004/05 fiscal year (June–July) with a view to establishing a performance track record that could lead to a new Poverty Reduction and Growth...

Corporate priorities, government policies, and public demand are driving companies across the world to improve their environmental and social footprint. In South Africa, the Petco Producer Responsibility Organisation NPC is scaling up the recycling of plastics, while improving livelihoods for...

An empirical study that shows that countries’ reserve holdings are sensitive to the rates at which they can borrow on international financial markets, this analysis confirms the view that holding major currencies as reserve assets has costs that are frequently unrecognized. Between 1978-82 for...

The Czech government has made further progress in improving fiscal transparency that was already high by international standards. The measures implemented to broaden the coverage of general government data have been commended. Improved reporting on fiscal risks, including those arising from...

This study surveys recent trends in private market financing for developing countries. In addition to examining developments in flows to developing countries through banking and securites markets, it analyzes the institutional and regulatory framework for developing country finance,...

This paper analyzes legal impact of the Articles of Agreement of the IMF on the business transactions of private persons and corporations. At the heart of the Articles is the simple idea that the member states of the IMF should observe certain rules of good conduct in monetary policy, and that...

This paper presents a survey by IMF staff of recent trends in private market financing for developing countries. In addition to summarizing recent developments in capital flows to developing countries through banking and securities markets, it analyzes three issues of particular interest in the...

Japan’s position is one of the largest and richest economies in the world. Tokyo as a financial marketplace is not a major intermediator of global capital flows. The current macroeconomic environment is conducive to spillovers being larger than captured by the empirical analysis. Apart...