The volatility of short-term capital flows (or 'capital surges') is now recognized as a major problem for macroeconomic management in developing countries; but the consequences for the 'real' economy - that is, the behaviour of government, firms and households which subsequently translates into...

The paper reviews the functioning of the IMF in relation to its own objectives, as laid down in the Articles of Agreement, and the needs of developing countries. It finds serious deficiences in its functioning as a global financial institution. It typically takes a country-by-country stand, and...

The emerging model for development assistance in the coming decades is based on supporting the full integration of developing countries into the global economy by correcting for failures in product and factor capital markets. 'Aid as such would be confined to humanitarian emergencies and...