Browse

You are looking at 1 - 10 of 17 items for :

  • Globalization x
Clear All
Michel Camdessus

Abstract

Thank you for giving me the honor of speaking with you on the occasion of this Summit of the Organization of African Unity. I am all the more conscious of this honor because this meeting is taking place at this particular point in time. Despite all the tragedies besetting it, Africa is moving forward. Economic growth has resumed in most of the continent, and your countries are reaping the fruits of implementing sound economic policies.

Elisa Diehl

The global economy is showing signs of recovering from the financial crises of the previous two years, according to the governors representing the IMF’s 182 member countries. Speaking during the plenary sessions of the 1999 Annual Meetings of the IMF and the World Bank, held on September 28–30 in Washington, D.C. most governors nonetheless cautioned that great care would be necessary to nurture the recovery, which they considered fragile. A second key message to emerge from the governors’ addresses was one of unanimous support for the enhanced Heavily Indebted Poor Countries (HIPC) Initiative and approval of the strengthened link between poverty reduction and debt relief.

International Monetary Fund. Communications Department

NEOLIBERALISM IS NOW the go-to moniker for everything that went wrong in the late 20th century and the new millennium. Often a term of abuse, it is a synonym for a crassly materialistic and superficial belief in the inherent superiority of markets. Its standard bearers were British Prime Minister Margaret Thatcher and US President Ronald Reagan.

Michel Camdessus

Abstract

In a world that becomes more global every day, in a world where private business every day plays an increasingly dominant role in innovation, investment, financing, and ultimately human progress, let me tell you how much I appreciate the opportunity to address this transatlantic business council. Of course the timing of your meeting could not have been more appropriate.

Mr. Ayhan Kose, Mr. Kenneth Rogoff, Mr. Eswar S Prasad, and Shang-Jin Wei

Abstract

This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.

Mr. Ayhan Kose, Mr. Kenneth Rogoff, Mr. Eswar S Prasad, and Shang-Jin Wei

Abstract

The recent wave of financial globalization that has occurred since the mid-1980s has been marked by a surge in capital flows among industrial countries and, more notably, between industrial and developing countries. Although capital inflows have been associated with high growth rates in some developing countries, a number of them have also experienced periodic collapses in growth rates and significant financial crises that have had substantial macroeconomic and social costs. As a result, an intense debate has emerged in both academic and policy circles on the effects of financial integration on developing economies. But much of the debate has been based on only casual and limited empirical evidence.

Mr. Ayhan Kose, Mr. Kenneth Rogoff, Mr. Eswar S Prasad, and Shang-Jin Wei

Abstract

Measures of de jure restrictions on capital flows and actual capital flows across national borders are two indicators of the extent of a country’s financial integration with the global economy. Understanding the differences between them is important when evaluating the effects of financial integration. By either measure, developing countries’ financial linkages with the global economy have risen in recent years.1 A relatively small group of developing countries, however, has garnered the lion’s share of private capital flows from industrial to developing countries, which surged in the 1990s. Structural factors, including demographic shifts in industrial countries, are likely to provide an impetus to these North-South flows over the medium and long terms.

Mr. Ayhan Kose, Mr. Kenneth Rogoff, Mr. Eswar S Prasad, and Shang-Jin Wei

Abstract

Theoretical models have identified a number of channels through which international financial integration can help to promote economic growth in the developing world. It has proven difficult, however, to empirically identify a strong and robust causal relationship between financial integration and growth.

Michel Camdessus

Abstract

Ladies and gentlemen, I am very pleased to participate in this forum, not only because of the importance of transparency and good governance, but also because it gives me the opportunity to express my admiration for the work that Transparency International is doing around the world. By helping to enhance public sector accountability and transparency and developing greater public awareness about the need for and requirements of good governance, your organization is performing a vital service to individual countries and the global economy. So I was very pleased in looking at my schedule following the most recent series of negotiations in Asia to find an opening—all too small, but large enough—for me to come to pay tribute to the work that you do. On the advice of my friend and former colleague at the Ministry of Finance, Mr. Dommel, I will do so by describing the IMF’s activities in this field and recounting, without embellishment, our experience in Asia.

Christine Ebrahim-zadeh

The debate on the merits of globalization continues, with one side arguing that it raises living standards and the other that it worsens poverty and inequality. At a September 22 IMF Book Forum, Martin Wolf, Associate Editor and Chief Economics Commentator at the Financial Times, offered a robust defense of globalization and an upbeat assessment of its prospects. In discussing his new book, Why Globalization Works, he rebutted claims that globalization undermines sovereignty, weakens democracy, intensifies inequality, favors “exploitative” multinational corporations, and devastates the environment.