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Mr. Joshua E. Greene and Delano Villanueva

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.

Nurun N. Choudhry

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Mr. Benedict J. Clements, Christopher Faircloth, and Marijn Verhoeven

The June 2007 issue of F&D spotlights gender equality. The lead article discusses progress toward fulfilling the Millennium Development Goal (MDG) on redressing gender discrimination and empowering women and related MDGs. The section also looks at how budgeting with gender issues in mind can help countries promote gender equality and what needs to be done to get girls from 'excluded' social groups into school. Other articles focus on Asia 10 years after the financial crisis, the implications of China's and India's growing ties with Africa, and making remittances work for Africa. 'Country Focus' looks at the challenges facing Bulgaria now that it has joined the European Union, 'Picture This' highlights the globalization of labor, and 'Back to Basics' gives a primer on microfinance. Two other pieces discuss the efficiency of public spending in Latin America and how countries can use the public sector balance sheet approach to diagnose vulnerabilities that are not immediately visible in the budget.

International Monetary Fund. Research Dept.
Research summaries on (1) public investment, and (2) bank transaction taxes; announcement of forthcoming (November 2006) Jacques Polak Seventh Annual Research Conference; country study on Italy; listing of contents of Vol. 53, No. 2 of IMF Staff Papers, summary of recently published book entitled "Divergent Paths in Post-Communist Transformation: Capitalism for All or Capitalism for the Few?"; summary of (January 2006) Warsaw Conference on European Union (EU) enlargement and related flows of labor and capital; listing of recent IMF Working Papers; and listing of visiting scholars at IMF, January-April 2006.
Mr. Giovanni Melina, Ms. Susan S. Yang, and Luis-Felipe Zanna
This paper presents the DIGNAR (Debt, Investment, Growth, and Natural Resources) model, which can be used to analyze the debt sustainability and macroeconomic effects of public investment plans in resource-abundant developing countries. DIGNAR is a dynamic, stochastic model of a small open economy. It has two types of households, including poor households with no access to financial markets, and features traded and nontraded sectors as well as a natural resource sector. Public capital enters production technologies, while public investment is subject to inefficiencies and absorptive capacity constraints. The government has access to different types of debt (concessional, domestic and external commercial) and a resource fund, which can be used to finance public investment plans. The resource fund can also serve as a buffer to absorb fiscal balances for given projections of resource revenues and public investment plans. When the fund is drawn down to its minimal value, a combination of external and domestic borrowing can be used to cover the fiscal gap in the short to medium run. Fiscal adjustments through tax rates and government non-capital expenditures—which may be constrained by ceilings and floors, respectively—are then triggered to maintain debt sustainability. The paper illustrates how the model can be particularly useful to assess debt sustainability in countries that borrow against future resource revenues to scale up public investment.
International Monetary Fund. External Relations Dept.

Wrapping up the second leg of a four-country Andean visit, IMF Managing Director Rodrigo de Rato on February 17 congratulated Ecuador’s authorities on a strong macroeconomic performance in 2004 and an impressive effort to lower inflation, strengthen the country’s fiscal stance, and reduce public debt. At the same time, he urged the authorities to press ahead with reform efforts to boost prospects for sustained growth and poverty reduction.