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International Monetary Fund

Abstract

Drawing on recent examples of corruption in the Baltics and former Soviet Union, this pamphlet analyzes the links between governance and corruption, and emphasizes the high economic cost that corruption exacts. The pamphlet outlines how the IMF is working with the countries of the former Soviet Union to curb corruption, and put in place the regulatory and legal changes needed to support good government.

Mr. Gian M Milesi-Ferretti, Ms. Enrica Detragiache, Mr. A. J. Tweedie, Mr. Michael Mussa, Mr. Barry J. Eichengreen, and Mr. Giovanni Dell'Ariccia

Abstract

This paper addresses the potential gains and risks of open capital markets by first looking at what classical economic theory suggests aboutthe benefits of capital mobility and then examining the counterargumentsarising from problems of incomplete information and other distortions.It shows that the risks of removing controls on flows of capital acrossnational borders are similar to those associated with removing controlson domestic financial institutions. The paper then explores how to manageliberalization to minimize the risks and maximize the benefits.

Mr. Friedrich Schneider and Dominik Enste

Abstract

Examines the role of the shadow, or underground, economy. Looks at ways of measuring it, the relationship between the shadow economy and the main stream economy, why it has been growing in size, and its effects on overall economic growth. How can states limit the size of the shadow economy, and does it matter that it exists?

Mr. Steven T Phillips and Mr. Timothy D. Lane

Abstract

Examines the issue of moral hazard inrelation to IMF loans to countries in financial difficulties. Concerns about moral hazard have had a prominent place in recent discussions on how the architecture of the international financial system should be reformed and what the IMF’s role should be.

Mr. Friedrich Schneider and Dominik Enste

Abstract

Examines the role of the shadow, or underground, economy. Looks at ways of measuring it, the relationship between the shadow economy and the main stream economy, why it has been growing in size, and its effects on overall economic growth. How can states limit the size of the shadow economy, and does it matter that it exists?

Mr. Friedrich Schneider and Dominik Enste

Abstract

Examina el papel de la economía sumergida, o economía subterránea. Analiza la forma de medirla, la relación entre la economía sumergida y la economía formal, las razones por las cuales está creciendo en tamaño, y sus efectos en el crecimiento económico general. ¿Cómo pueden los Estados medir la economía sumergida, y es importante su existencia?

Mr. Steven T Phillips and Mr. Timothy D. Lane

Abstract

Examines the issue of moral hazard inrelation to IMF loans to countries in financial difficulties. Concerns about moral hazard have had a prominent place in recent discussions on how the architecture of the international financial system should be reformed and what the IMF’s role should be.

Mr. Friedrich Schneider and Dominik Enste

Abstract

Examines the role of the shadow, or underground, economy. Looks at ways of measuring it, the relationship between the shadow economy and the main stream economy, why it has been growing in size, and its effects on overall economic growth. How can states limit the size of the shadow economy, and does it matter that it exists?

Mr. Steven T Phillips and Mr. Timothy D. Lane

Abstract

Examina la cuestión del riesgo moral en relación con los préstamos del FMI a países en dificultades financieras. Las preocupaciones en torno al riesgo moral han ocupado un lugar prominente en las recientes discusiones sobre cómo reformar la arquitectura del sistema financiero internacional y cuál debería ser el papel del FMI.

Mr. Steven T Phillips and Mr. Timothy D. Lane

Abstract

Examines the issue of moral hazard inrelation to IMF loans to countries in financial difficulties. Concerns about moral hazard have had a prominent place in recent discussions on how the architecture of the international financial system should be reformed and what the IMF’s role should be.