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International Monetary Fund. External Relations Dept.

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx

International Monetary Fund. External Relations Dept.

Turkey introduced a disinflation program in December 1999, supported by an IMF Stand-By Arrangement of about $3.9 billion. The following description of Turkey’s program is based on a report included in the May 2000 World Economic Outlook and updated to reflect more recent developments.

Harinder S. Kohli and Edilberto Segura

This paper highlights the sources of payments problems in less developed countries. Growth in the industrial countries has a direct impact on the current account of the developing countries through its influence on both the prices and volumes of their exports. An increase in the real effective exchange rate is clearly a fundamental determinant of a deteriorating current account since, other things being equal, it tends to raise domestic demand for imports and to reduce foreign demand for exports.

Ernest Sturc

This paper is based on a lecture delivered at a seminar of Brazilian professors organized by the International Bank for Reconstruction and Development and the International Monetary Fund in Rio de Janeiro, Brazil, on September 19, 1967.