Securitization of future hard currency receivables, that is, converting them into tradable securities, can allow developing country borrowers with good credit to overcome sovereign credit ceilings, and raise financing in international capital markets. The note examines the case of PEMEX,...

Aid alone cannot finance development; bringing in fresh sources of finance is essential. The emergence of a multiplicity of new financing options is good news for developing countries, but it also raises challenges. The authors in this stimulating book assess the changing landscape of...

"Global Finance and Development" describes and explains the variety of relationships between finance and development. Finance is broken down into its various aspects in separate chapters on aid, debt, portfolio investment, FDI, microfinance and remittances (see sections three and four for...

Features -- Rethinking Growth -- Getting the Diagnosis Right -- Getting Out of the Rut -- The Quest Continues -- Breaking Down Barriers to Growth -- Levers for Growth -- Growing Pains -- Examining Global Imbalances -- Going too Fast? -- New Customs -- Departments -- Letters to the Editor --...

This issue of F&D looks at the growing role of emerging markets. Analysis by the IMF's Ayhan Kose and Eswar Prasad, professor of trade policy at Cornell University, argues that their economic ascendance will enable emerging markets such as Brazil, China, India, and Russia to play a more...

Latin America: An End to Boom and Bust? covers prospects in that region, which has managed to sustain a decade of prosperity after a history of boom and bust cycles. In our cover story, Nicolás Eyzaguirre, Director of the IMF's Western Hemisphere Department, says Latin America has the potential...

Crisis Stalls Globalization: Reshaping the World Economy"" examines the multiple facets of the recession-from the impact on individual economies to the effect on the global payments imbalances that were partially at the root of the crisis-and offers a variety of suggestions for supporting a...

'Africa: Making Its Move' explores some of the obstacles facing sub-Saharan Africa as it attempts to capitalize on changes that offer fresh opportunities for growth and poverty reduction. The lead article describes the changes and suggests how Africa can build on them to progress further. Other...

Cracks in the System: World Economy Under Stress"" explores the rapidly changing institutional and policymaking landscape around a financial crisis that now threatens a deep and prolonged global recession. The lead article looks at how the world got into the mess and what to do about it, both...