This paper describes the importance of luck, timing, and political institutions in beating inflation. The paper highlights that countries experiencing high inflation typically make several disinflation attempts, some of which succeed only temporarily. If a country trying to stabilize prices and...

This paper highlights that 10 new members joined the European Union on May 1, 2004, in the biggest enlargement of the community since its inception. However, the core economic concern is the weak growth performance of Europe—and particularly of the 12 countries at the epicenter of European...

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s...

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s...

This paper highlights that despite unprecedented gains in living standards in some countries over the past few decades, poverty continues as a harsh reality in too much of the developing world. The causes lie in part with poor country governments that have not followed through on the policies...

The paper highlights that over the past century, access to education has increased enormously, illiteracy has fallen dramatically, and a higher proportion of people are completing primary, secondary, or tertiary education than ever before. But huge problems remain. About 115 million children of...

'Wising Up to the Costs of Aging' looks at how falling fertility and rising life expectancy have combined to threaten the ability of many countries to provide a decent standard of living for the old without imposing a crushing burden on the young. In our lead article, Ronald Lee and Andrew Mason...

Asia Leading the Way explores how the region is moving into a leadership role in the world economy. The issue looks at Asia's biggest economy, China, which has relied heavily on exports to grow, and its need to increase domestic demand and to promote global integration if it is to continue to...

Asia Rising -- explores Asia's role in the world economy, the challenges faced from globalization, the quest for greater regional financial integration, the problem of lagging investment, and why East Asia performed so much better than Latin America. It also looks at the recovery of Japan and...

'Crisis Shakes Europe: Stark Choices Ahead' looks at the harsh toll of the crisis on both Europe's advanced and emerging economies because of the global nature of the shocks that have hit both the financial sector and the real economy, and because of Europe's strong regional and global trade...