Since the early 1990s, many countries in sub-Saharan Africa have made significant progress in opening their economies to external competition through trade and currency liberalization. This paper analyzes trade and policy developments for 22 countries in eastern and southern Africa, looks at...

This paper examines the consequences of heightened capital mobility and of the integration of developing economies in increasingly globalized markets for the exchange rate regimes of the industrial, developing, and transition economies. It builds upon previous studies by IMF staff on various...

The effect of exchange rate volatility on trade flows was examined by a 1984 IMF study on G-7 countries. Over the past two decades, many developments in the world economy, such as the currency crises in the 1990s and increasing cross-border capital flows, may have exacerbated exchange rate...

China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s...

One of the more important yet puzzling aspects of the recent global stagflation has been the rather surprising resiliency of growth rates of real income in non-oil developing countries during the 1973-80 period in the face of the marked slowdown of corresponding growth rates in the industrial...

Vielfältig sind die Krisenzeichen unserer Zeit. Der gesellschaftliche Zusammenhalt schwindet, die politischen Strukturen erodieren und die wirtschaftlichen Verhältnisse überzeugen nicht mehr. Von einer Tendenzwende wird angesichts der Neuerungen, Enttäuschungen, Unbestimmtheiten,...