The high debt burden continues to hamper the growth prospects of many developing countries and is increasing their vulnerability. Bilateral official aid has declined sharply and financing by multilateral organizations is low. Developing countries have experienced net negative resource transfers,...

In emerging markets, policies for preventing and managing financial crises should be understood following the standard open economy macroeconomics text treatment. This, however, will prevent us from fully comprehending how to deal with these crises. To deal with financial crises in emerging...

Drawing on the Indonesian experience in 1997, this paper demonstrates the complexity of managing banking crises deals. It aims at deriving conclusions from this experience for other developing countries facing similar problems. The paper also refers to comparative experiences of other countries,...

A consensus has developed that the International Monetary Fund (IMF) is not fulfilling its role, prompting multiple proposals for reform. However, this paper argues that the focus on reform should be complemented with an exploration of alternatives outside the IMF which hold the potential to not...

The essence of ownership is the acceptance of full responsibility for the consequences of a programme. Ownership matters because of the expectation that programme design will be more appropriate and country authorities will be resolute in taking steps domestically to ensure full implementation...

In the context of the financial governance of the International Monetary Fund, what are the equity implications of the way in which the IMF distributes the cost of running its regular (non-concessionary) lending operations as well as how it funds its concessionary lending and debt relief...

The paper discusses the issue of globalization from the perspective of employment and labour. It argues that it is the ideological basis of policy prescriptions advanced in support of globalization, rather than the increasing global interdependence, that is the real source of controversy and...

This paper analyses the quest for technological progress in China, a large, semi-industrialized, socialist developing country. In the introduction, it is argued that international income convergence is not an automatic product of market forces. Therefore, the path of technological progress in a...

The Exchange Rate: Economic Policy Tool or Market Price? The paper reconsiders the failure of mainstream economics to come up with a consistent and valid exchange rate theory. There has been broad consensus among economists for decades that changes in the

Technology Diffusion, Human Capital and Economic Growth in Developing Countries This paper (i) uses a newly constructed dataset on machinery imports from both developed and developing countries with significant domestic R&D expenditure to assess technology transfer to developing countries, and...