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Nachiket Mor, R. Chandrasekar, and Diviya Wahi

Abstract

It is widely believed1 that the reforms of 1991, both in the industrial sector and the financial sector, released a variety of forces that propelled India into a new growth trajectory.2 In this paper, we are going to assess the role that the banks played in making this growth happen and the impact that these reforms had on banks.

James M. Boughton and K. Sarwar Lateef

Abstract

On July 1–22,1944, delegates from 44 nations met at Bretton Woods, New Hampshire, to design a framework for future international economic cooperation. Faced with an exceedingly ambitious agenda—to agree on fundamental principles, to design a set of institutions capable of furthering those principles, and to draft the Articles of Agreement to govern those institutions—these delegates managed in just three weeks to realize nearly all of their goals. That “political miracle,” as Richard Gardner calls it (in Chapter 4 of this volume), was all the more remarkable for having been accomplished in the midst of a global war by delegates from countries with broadly diverse experiences and objectives. The design of the Articles was largely the product of the British and U.S. delegations, but many other countries—China, France, and India are prominent examples—put their stamp on the final product. As Jacques Polak—one of several veterans of Bretton Woods who gathered 50 years later in Madrid—noted in a tribute (see Box), for all who were there in 1944 it was one of the most intense experiences, perhaps the defining experience, of their professional lives. And “Bretton Woods” entered the lexicon as a symbol of international economic cooperation and stability.

International Monetary Fund. Finance Dept.

Abstract

The International Monetary Fund was founded some 70 years ago near the end of World War II. The founders aimed to build a framework for economic cooperation that would forestall the kinds of economic policies that contributed to the Great Depression of the 1930s and the global conflict that ensued. The world has changed dramatically since 1944, bringing extensive prosperity to many countries and lifting millions out of poverty. The IMF has evolved as well, but in many ways its main purpose—to support the global public good of financial stability and prosperity—remains the same today as when the organization was established.

A.P. C J and S J. P

Abstract

Mozambique is a success story in sub-Saharan Africa. It has benefited from sustained large foreign aid inflows, strong and broad-based growth, and deep poverty reduction. Since its civil war ended in 1992, Mozambique’s growth record has been impressive, and its growth has especially benefited the poor: consumption among people below the poverty line has grown strongly, thanks to an expanding agricultural sector, increased nonfarm activities in rural areas, and higher wages. Today, Mozambique has one of the lowest levels of income inequality in Africa, and its absolute poverty and the poverty gap (which takes into account the distance separating the poor from the poverty line) have decreased substantially. (See Figure 1.1.) This remarkable growth performance was made possible by prudent macroeconomic policies, structural reform, and substantial donor assistance. On the political side, Mozambique has succeeded in bringing about reconciliation and solidifying its nascent democracy through three general and presidential elections.1

Abstract

The third and final keynote speaker was Jacques de Larosière, President of the European Bank for Reconstruction and Development, former Managing Director of the IMF, and former Governor of the Banque de France. Introducing Mr. de Larosière’s speech on stabilization and reform of the international monetary system was Hans Tietmeyer, President of the Deutsche Bundesbank.

S M

Abstract

Mozambique has experienced impressive economic growth over the past decade. GDP growth has averaged about 8 percent a year, which compares favorably with the growth takeoffs of Indonesia, Malaysia, the Philippines, and Thailand (the four members of the Association of Southeast Asian Nations referred to in this book as the ASEAN-4) and other Asian countries in the mid-1970s (see Chapter 1).

Steven Dunaway and Annalisa Fedelino

Abstract

In recent years, fiscal policy in China has been prudent. Fiscal deficits have been lower than budgeted, because revenue overperformances relative to the budget targets were not fully spent and the stock of government debt has remained low and even declined in 2004 and 2005 (Figure 10.1). Fiscal policy has largely been guided by the government’s medium-term focus on fiscal consolidation aimed at making room for likely future expenditures on contingent liabilities, such as the banking sector’s large nonperforming loans, and a need for higher social spending as the population ages.

Suman Bery and Arvinder Singh

Abstract

Major debates on the industrialization of agrarian economies view labor mobility—sectoral and spatial, from agriculture to industry and from villages and small towns to cities—as central to understanding the pace and nature of industrialization. Many see labor mobility as the result of the commercialization and capitalization of agriculture, which leads to an increasing number of peasants who are alienated from the land and must be absorbed by the expanding urban and industrial sector. Indeed, industrialization is seen as hinging on the successful, rapid, and smooth transfer of the so-called surplus labor from agriculture to nonagriculture. Land and labor productivity rises in agriculture as a result of the labor transfer, which enables it to contribute more capital resources to the developing industrial sector through terms of trade (TOT) favorable to industry. The labor transfer mobilizes the savings of the rural households directly or through taxes and provides a ready “home market” for industrial sector goods. Speedy development of the industrial sector itself, along with rural industrialization and increasing urbanization, takes care of the transferred labor from agriculture.

Abstract

The final afternoon began with a session on the role of IMF surveillance and, more specifically, on the functioning of the international monetary system. Two of the featured speakers had served in the late 1980s as deputies to their country’s finance minister for the international economic cooperation and surveillance activities of the Group of Seven: Canada’s Wendy Dobson and Japan’s Toyoo Gyohten. Ms. Dobson subsequently became Professor of Economics at the University of Toronto and authored a book on international economic cooperation for the Institute for International Economics; Mr. Gyohten became Chairman of the Bank of Tokyo and co-authored a book on international cooperation with Paul Volcker. The third speaker, Jacob Frenkel, participated in the work of the Group of Seven in his capacity as Economic Counsellor and Director of Research at the IMF before leaving that post to become Governor of the Bank of Israel. The session was chaired by Maria Schaumayer, Governor of the Austrian National Bank.