Browse

You are looking at 1 - 9 of 9 items for :

  • Society and Social Sciences x
  • Globalization x
  • Archived Series x
  • Globalization x
  • Commercial policy x
Clear All
International Monetary Fund. External Relations Dept.

Vietnam became the 150th member of the World Trade Organization (WTO) on January 11, 2007. Before joining, Vietnam had made great strides toward integration with the global economy. Since 1993, the sum of exports and imports in relation to GDP has more than doubled, and its export market share has more than tripled. With exports becoming a leading engine of growth, GDP growth has averaged more than 7½ percent a year, and poverty has fallen sharply. Given this impressive performance, an obvious question is how the WTO will offer new opportunities and challenges for Vietnam’s future.

International Monetary Fund. External Relations Dept.

In the last week of January, several heads of state, chief executives of some of the world’s largest corporations, academics, and senior officials of international organizations met in Davos, a small Swiss Alpine town, to discuss the state of the world. The occasion was the annual meeting of the World Economic Forum, the Geneva-based foundation that famously serves as a vehicle to bring together governments, the corporate sector, multilateral institutions, and civil society. The IMF was represented by First Deputy Managing Director Stanley Fischer. Also present in Davos this year were hundreds of people protesting globalization. They believed the main players in the international community are not acting in the best interests of the world.

International Monetary Fund. External Relations Dept.

One of the main points of contention surrounding globalization is whether the flow of technology, skills, culture, ideas, news, information, entertainment, and people across borders consigns many parts of the world to grinding poverty. On February 18, Jagdish Bhagwati (Professor, Columbia University), in discussing his new book, In Defense of Globalization, took on the skeptics, arguing that, when properly managed, globalization is the most powerful force for social good in the world today. The venue was an IMF Economic Forum moderated by Raghuram Rajan (Economic Counsellor and Director of the IMF’s Research Department) and with commentary by Daniel Yergin (Chair, Cambridge Energy Research Associates and author of The Commanding Heights: The Battle for the World Economy).

International Monetary Fund. External Relations Dept.

Following are edited excerpts of an address given by IMF First Deputy Managing Director Stanley Fischer at the France-Africa Summit in Yaoundé, Cameroon, on January 19. The full text is available on the IMF’s website (www.imf.org).

International Monetary Fund. External Relations Dept.

How can the United States successfully manage the challenges of globalization? A new paper by Peter Orszag (Brookings Institution) and Michael Deich (The Hamilton Project), “Meeting the Challenge of a Global Economy: Trade, Economic Security and Effective Government,” recommends a philosophy of “embracing international competition while investing in workers and market-friendly insurance.”

Mr. Ayhan Kose, Mr. Eswar S Prasad, and Mr. Marco Terrones

During his distinguished tenure as the Economic Counselor of the IMF and Director of its Research Department, Michael Mussa made many important contributions to the literature on globalization and its implications for both industrial and developing countries. Having been at the Fund during the trying periods of the Asian and Russian crises, Mussa had a special appreciation for the challenges faced by emerging market economies in trying to balance the benefits and risks of globalization. Many of his writings on this topic have focused on how developing countries could attain the growth benefits of globalization while minimizing their susceptibility to financial and balance of payments crises.

International Monetary Fund. External Relations Dept.

Is globalization a positive force or a destructive force? On April 11, panelists at an IMF Economic Forum entitled “Globalization: North-South Linkages” explored what has happened to growth, poverty, and inequality as a result oftrade and financial liberalization. The panelists were Graciela Kaminsky, Professor of Economics at the George Washington University; David Dollar, Research Manager, Development Research Group, World Bank; and Carol Graham, Deputy Director of Economic Studies, Brookings Institution. Carmen Rein-hart, Deputy Director of the IMF’s Research Department, moderated. The panelists seemed to agree that globalization may not bestow benefits uniformly across the globe but that it does more good than harm.

International Monetary Fund. External Relations Dept.

Based on a simple but powerful promise—that international economic integration will improve economic performance—globalization has tremendous appeal to policymakers and world leaders as a development strategy, according to Dani Rodrik of Harvard University. Speaking at a seminar organized by the IMF Institute in Washington on May 15, Rodrik explained that as countries reduce tariff and nontariff barriers to trade and open up to international capital flows, the expectation is that growth increases. This, in turn, will reduce poverty and improve the quality of life for most of the population of developing countries.

International Monetary Fund. External Relations Dept.

The IMF’s Executive Board on May 15 approved an augmentation of Turkey’s three-year Stand-By Arrangement by SDR 6.4 billion (about $8 billion), bringing the total to SDR 15 billion (about $19 billion). The full text of Press Release 01/23, including details of Turkey’s economic program, is available on the IMF’s website (www.imf.org).