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Mr. Ramana Ramaswamy

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.


For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Alain Mingat and Carolyn Winter

This paper focuses on overcoming the challenges of globalization. The paper highlights that globalization has the potential to make all individuals better off. However, there is no assurance that all individuals will be better off or that all changes will be positive. The studies that show that, on average, poverty declines with economic growth are encouraging. But averages hide the negative impact on individual countries and on certain groups. In addition, there are important questions about the relationships between economic policies and outcomes, especially the impact of macroeconomic and structural reform policies on poverty.

International Monetary Fund. External Relations Dept.
We need to understand more deeply a number of critical issues that confront the World Bank and its member countries before we can transform knowledge into effective actions
International Monetary Fund. External Relations Dept.

This paper reviews the influence of the tropical climate on economic development. The paper highlights that the effect of climate is clearly not the only ruling constraint on economic development. It is claimed that climatic factors severely hamper development through their impact on both human beings and their agriculture. Human economic activity is directly and adversely affected through the widespread extent and impact of diseases; and tropical agriculture suffers in the quality of its soils, its rainfall, and its multiplicity of pests and diseases.

Mark Baird and Sudhir Shetty

This paper describes why the international community needs to act now to stand a chance of meeting the Millennium Development Goals (MDGs). The paper gives example of Ethiopia, one of the poorest countries in the world, with an estimated per capita income of about US$100. According to the World Bank, recent national household surveys find 44 percent of the people in Ethiopia cannot meet basic needs. The paper discusses that Ethiopia in many ways epitomizes why the MDGs are important and why more money is needed to achieve them.

Mr. Jorge P. Guzmán and Mr. Michael G. Kuhn


This paper reviews recent developments in multilateral official debt restructuring during 1988 and 1989.1 This period was marked by two significant trends: debtor countries increasingly relied on debt reschedulings through the Paris Club and official creditors further adapted their policies in response to protracted problems in the most heavily indebted low-income countries.2

Mr. Jorge P. Guzmán and Mr. Michael G. Kuhn


From 1976 through 1989, 50 debtor creditors concluded 150 multilateral rescheduling agreements with official creditors for a cumulative cash-flow relief of nearly $110 billion.4 During the first half of the 1980s, Paris Club creditors consolidated $19 billion in 46 reschedulings for 21 countries. Activity in the Paris Club more than doubled during the second half, as 45 debtor countries obtained 93 rescheduling agreements and the amount consolidated by official creditors more than quadrupled to $85 billion.