This paper reviews issues in the development of a market-based system of monetary control in developing countries. It focuses on the appropriate sequencing of financial reform that would facilitate the transition toward a market-based system and measures required to strengthen the effectiveness...

Mobilization of national saving is an important determinant of investment and growth. It assumed greater importance in the case of the Iranian economy, given the difficult external environment. This paper discusses the recent saving performance of the Iranian economy, particularly in relation to...

This note examines the impact of measurable and unmeasurable (not correlated with observed aggregates) information on secondary market LDC loan prices. The Institutional Investor country risk ratings are used to construct a proxy for the non-quantifiable information that moves debt market...

This paper examines the extent to which there has been convergence in real per capita incomes across developing countries during the last two decades. In the analysis particular emphasis is placed on the separate roles played by private and public sector investment in determining both the extent...

This paper emphasizes on the policy reaction of the agencies and their authorities to countries in various stages of debt-servicing difficulties. It was found that, largely for competitive reasons and provided that significant arrears had not emerged, agencies as a group had tended to remain...

This paper examines the theory underpinning the design of optimal tariffs in a developing economy, and the experience of implementation of tariff reforms. A central issue is whether and when a case can be made for a uniform tariff structure. While theory advocates a differentiated tariff...

Poverty alleviation is typically addressed in financial programming through additive programs that target vulnerable groups but without modifying the underlying stabilization and adjustment targets. Instead, this paper integrates the poverty alleviation objective into the financial programming...

Exchange rate reforms in developing countries have often aimed at floating the exchange rate in an attempt to unify the official and parallel markets for foreign exchange. This paper examines the anticipatory dynamics associated with such reforms. The analysis shows that if the future unified...

A broad set of possible determinants of private saving behavior is examined, using data for a large sample of industrial and developing countries. Both time-series and cross-section estimates are obtained. Results suggest that there is a partial offset on private saving of changes in public...

Despite the rapid increase in FDI flows to LICs, there have been relatively few studies that have specifically examined these flows. This paper attempts to partially fill the void by throwing light on one particularly dynamic aspect of global FDI-flows from Brazil, Russia, India and China...