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Mr. Thomas Helbling and Ms. Sena Eken

Abstract

Following the 15-year civil war that started in 1975, Lebanon's government began the difficult task of economic stabilization and confidence building, on the one hand, and postwar reconstruction and development, on the other. The government led the reconstruction effort by formulating programs that aimed to rapidly rehabilitate the country's severly damaged infrastructure in preparation for private-sector-led growth over the medium term. At the same time, Lebanon introduced an exchange-rate-based nominal anchor policy to stabilize expectations and cut inflation. This paper analyzes the government's progress with the policies adopted.

Mr. Eliot Kalter, Mr. Steven T Phillips, Mr. Manmohan Singh, Mr. Mauricio Villafuerte, Mr. Rodolfo Luzio, and Marco A Espinosa-Vega

Abstract

This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully sequenced financial liberalization with in a strengthened regulatory framework.Chile has succeeded in sustaining these policies-despite external and domestic forces to the contrary-because of carefully designed institutional arrangements that encourage policies oriented toward long-term success.

Mr. Christian H. Beddies, Ms. Marie-Helene Le Manchec, and Ms. Bergljot B Barkbu

Abstract

Low-income countries continue to face significant challenges in meeting their vast development needs while maintaining a sustainable debt position, even after many of these countries have benefited from substantial debt relief. These challenges are further exacerbated by changes in the financial landscape, including the emergence of new creditors and investors, the use of more complex financing vehicles, and the development of domestic markets. The joint World Bank/IMF debt sustainability framework is well placed to help address these challenges and reduce the risks of renewed episodes of debt distress. This paper explains the analytical underpinnings of the framework and the means to ensure its full effectiveness.

Mr. Manmohan S. Kumar and Mr. Pablo Emilio Guidotti

Abstract

This study discusses the evolution of domestic public debt in several indebted countries and its relationship with their external debt and underlying fiscal developments. It examines the links between domestic and external debt, taxes, subsidies, and government spending, and reviews strategies for managing domestic public debt.

Mr. Ishan Kapur, Mr. Jerald A Schiff, Mr. Michael T. Hadjimichael, Mr. Philippe Szymczak, and Mr. Paul Louis Ceriel Hilbers

Abstract

The first sub-Saharan African country to pursue broad economic and structural reform - aided by external finance and technical aid - Ghana is an example of adjustment with growth. Ghana's experience, discussed in this paper, illustrates the need for complementary policy actions and the right sequencing and speed of reforms.

Mr. Manmohan S. Kumar and Mr. Pablo Emilio Guidotti

Abstract

In recent years, there has been an increasing concern about the growth of domestic public debt in developing countries with high levels of external debt and its implications both for stabilization policies and for attempts to deal with the external debt problem. Despite the critical impact the growth of domestic public debt can have in these areas, very few studies have provided a systematic analysis of the domestic public debt situation in these countries.1

International Monetary Fund

Abstract

Over the past two decades, Nigeria has not reaped fully the benefits of its national wealth. Apart from a promising but brief interlude in which structural adjustment was pursued vigorously, the country’s development has stagnated and its economic and social conditions have deteriorated. During the 1980s and early 1990s, the population grew by more than 3 percent per annum, outstripping real GDP growth, and real per capita GDP declined by a cumulative 15 percent. Taking into account the deterioration in the terms of trade during this period, real per capita national income has dropped by some 45 percent.

Mr. Mark P. Taylor, Mr. Peter Isard, Mr. Morris Goldstein, and Mr. Paul R Masson

Abstract

The purpose of this part of the study is to consider the prospects for achieving greater stability in the international monetary system. In line with a number of other recent studies,1 an underlying presumption is that the key currencies in the system during the period ahead will be those of the United States, Japan, and the European Community (EC).

Mr. Mark P. Taylor, Mr. Peter Isard, Mr. Morris Goldstein, and Mr. Paul R Masson

Abstract

Monetary, or exchange rate unions can be defined as areas within which exchange rates bear a permanently fixed relationship to each other. Without capital controls, only one monetary policy can exist in such areas.1 Such areas of exchange stability might also involve the replacement of the currencies of member countries by a common currency, that is, the formation of a common currency area or currency union. But because the implications for monetary policy independence are the same for monetary and currency unions, the two will be treated together in this paper.2

Mr. Gerwin Bell, M. Zühtü Yücelik, Mr. Paul J Duran, Mr. Saleh M. Nsouli, and Ms. Sena Eken

Abstract

Tunisia’s adjustment experience during 1986–92 provides useful insights into the structural and macroeconomic policies that enabled the authorities to reestablish financial balances while transforming the economy, in a relatively short time, from an inward-looking and heavily regulated one into a predominantly market- and export-oriented one.