Employment creation has dropped off the direct agenda of most central banks. The so-called “global best practice” approach to central banking has not focused on economic growth or employment generation but rather on keeping inflation in the low single digits. However, the policy record shows...

This paper reviews both multi-country and country studies on the impact of trade liberalization on growth and employment in developing countries. These studies reveal sharply contrasting effects of trade liberalization on employment, suggesting that country-specific and contingent factors are...

Strong opinions about the impact of globalization on poverty are not always backed by robust factual evidence. As argued in this paper, however, it is not all that easy to lay our hands on ‘robust’ facts. Quantitative analyses of trade liberalization appear highly sensitive to basic...

This paper discusses some of the problems of method and data in measuring world inequality. It describes some recent attempts to do so and produces its own estimates. There is no simple answer to the question of whether or not the world is becoming more unequal. If a variety of methods are...

The exchange rate affects the economy through many channels and, consequently, has diverse macroeconomic and development impacts. Five are analysed in this paper: resource allocation, economic development, finance, external balance and inflation. The use of the exchange rate as a developmental...

Drawing on available theory and evidence, this paper attempts to identify some key factors contributing to international financial instability to develop ataxonomy of policy instruments to enhance financial stability and debt management in emerging market economies. The purpose is to relate each...

Various different and sometimes contradictory lessons have been drawn from the 1997-1998 East Asian crisis experiences. The ideological implications and political differences involved have complicated the possibility of drawing shared lessons from the crises. The seeming calm and increased...

This study reviews the growth and development performance of developing countries in the latter part of the 20th century. Sustained growth among “successful” countries was accompanied by structural change in terms of output and labour share shifts, trade diversification, sustained...

This paper deals with the social welfare consequences of the stagnation of Latin American growth per capita during the far-reaching economic and social changes that took place during the period 1980-2003. This period of transformation saw large-scale foreign actors gradually increase their...

In early 2007, the Indonesian government decided to withhold its bird flu virus samples from WHO’s collaborating centres pending a new global mechanism for virus sharing that had better terms for developing countries. The 60th World Health Assembly subsequently resolved to establish an...