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Unequal Alliance
"An excellent book. . . . [It] provides a unique picture of the processes of globalist institution transformation in a crucial, less developed country."—John Willoughby, American University
Finance & Development, December 1985
This paper elaborates the introduction of surveillance that gave the IMF broader responsibilities with respect to oversight of its members’ policies than existed under the par value system. The IMF’s purview has been broadened under the new system but, by the same token, its members are no longer obliged to seek its concurrence in changes in exchange rates. The continuing volatility of exchange rates, and their prolonged divergence from levels that appear to be sustainable over time, have been matters of growing concern.
IMF Staff papers
The Mundell-Fleming model of international macroeconomic originated in the early 1960s and has been extended during the ensuing quarter century. This paper develops an exposition that integrates the various facets of the model and incorporates its extensions into a unified analytical framework. Attention is given to (1) the distinction between short-run and long-run effects of policies, (2) the implications of debt and tax financing of government expenditures, and (3) the role of the exchange rate regime in this regard. By identifying the key mechanisms operating in the model, the exposition clarifies the model’s limitations and facilitates comparison with other, more current approaches.
Finance & Development, June 2004
This paper highlights that 10 new members joined the European Union on May 1, 2004, in the biggest enlargement of the community since its inception. However, the core economic concern is the weak growth performance of Europe—and particularly of the 12 countries at the epicenter of European integration that use the euro as their common currency—relative to the rest of the world and especially the United States. The paper highlights that underlying this concern are the problems of sagging long-term trends in the growth of productivity, and the use of labor resources.
IMF Staff papers, Volume 37 No. 1
This paper examines factors affecting saving, policy tools, and tax reform. The literature on factors affecting saving and capital formation in industrialized countries is reviewed, and measurement problems are examined. The effect on the saving rate of real rates of return, income redistribution, allocation of saving between corporations and individuals, growth of public and private pension plans, tax incentives, the bequest motive, energy prices, and inflation is considered. The limited tools available to policymakers to affect savings are discussed.
The Banker
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