Abstract

This conference focuses on a topic that is both important and appropriate for the International Monetary Fund. As I thought about my contribution, I could not help but reflect on the ongoing currency crisis in Asia. This experience highlights the fact that macroeconomic crises can very quickly undermine the significant increases in living standards achieved gradually through sustained development strategies. There is a macroeconomic dimension to equity issues, just as there is an equity dimension to macroeconomic policy and performance. I believe that there is much to be gained from interactions among the diverse groups of researchers and policymakers who are concerned about these issues but typically attend disparate conferences.