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International Monetary Fund. External Relations Dept.

Amid blaring headlines on Iraq, war, and reconstruction, several African finance ministers and a central bank governor held a press briefing on April 11 in Washington to remind the world that their continent’s needs required urgent and continued attention. Charles Konan Banny (Governor of the Central Bank of West African States), Benjamin Radavidson (Madagascar), Timothy T. Thahane (Lesotho), Joseph B. Dauda (Sierra Leone), and Gerald M. Ssendaula (Uganda) reported on progress with the New Partnership for Africa’s Development (NEPAD), highlighted pressing issues, among them market access, meeting the UN’s Millennium Development Goals, and debt relief. They appealed to donors to attend to Afghani and Iraqi needs but not withdraw support for Africa’s determined effort to reduce poverty.

Kenji Takeuchi, Cem Cakmakli, Shahid Yusuf, Robert Picciotto, Ajay Chhibber, Jean Drèze, Amartya Sen, Ezra F. Vogel, Mary O. Furner, Barry Supple, Anne O. Krueger, and Julian L. Simon

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.

Shlomo Reutlinger and Marcelo Selowsky

One billion people, half the population of the developing world, live on diets that are deficient in essential calories. One third of them are children below the age of ten. This article discusses the magnitude of the problem, and reviews the economic implications of specific intervention programs designed to solve it.

International Monetary Fund. External Relations Dept.

How can the development community advance the use of ethical thinking in the cause of economic and social progress? Opening the Ethics and Development Day conference held at the Inter-American Development Bank (IDB) on January 16, Nobel Prize Laureate in Economics Amartya Sen proposed a more active, participatory role for citizens in applying ethics to further sustainable development.

International Monetary Fund
The aim of the paper is to shift the focus of famine analysis away from food supply towards the macroeconomic determinants of food entitlement—i.e., to the ability of individuals to purchase food. Towards this end, we develop a model to demonstrate how loose monetary and fiscal policies may give rise to famine even when there is no change in per capita food output. We illustrate our findings with a description of the 1974 Bangladesh famine.
International Monetary Fund. Asia and Pacific Dept

This Selected Issues paper examines how surges in global financial market volatility spill over to emerging market economies (EMs) including India. The results suggest that a surge in global financial market volatility is transmitted very strongly to key macroeconomic and financial variables of EMs, and the extent of its pass-through increases with the depth of external balance-sheet linkages between advanced countries and EMs. The paper also looks at food inflation, which has often been singled out as a key driver of India’s high and persistent inflation.

Mr. Bankim Chadha and Mr. Ranjit S Teja

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.

Wendy S. Ayres and Alex F. McCalla

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.