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Irving S. Friedman

This paper analyzes the issue of migrant workers in Europe. The paper highlights that the number of migrant workers currently in the major industrialized countries of Western Europe is not accurately known. The actual annual flow of migration into Western Europe has been growing rapidly in recent years. Most migrants are so-called annual or permanent workers, although in France, particularly in agriculture, and in Switzerland, “seasonal” migration is also important. The paper also highlights that the sectoral distribution of migrant workers tends to follow the pattern of sectoral employment growth in the receiving country.

Parvez Hasan

This article surveys the distributional problem in four East Asian countries: Korea, Malaysia, the Philippines, and Indonesia. The focus is on the nature of the problem of equity in each country and the policies that have been followed to ensure a broader distribution of the benefits of growth. The author finds that the problems of poverty, employment, and regional backwardness are unlikely to be solved without rapid overall growth, strong political commitment, and substantial government intervention in key sectors.

Mr. Robert P Flood
This paper analyzes the financial implications of the 1956 crisis of nationalization of the Suez Canal by Egypt. It examines the regional distribution of public employment in Italy. The paper quantifies the impact of changes in the U.S. monetary policy on sovereign bond spreads in emerging market countries. Specifically, the paper explores empirically how country risk, as proxied by sovereign bond spreads, is influenced by U.S. monetary policy, country-specific fundamentals, and conditions in global capital markets. Modeling the IMF’s statistical discrepancy in the global current account is also discussed.
International Monetary Fund
This supplement provides background information on various aspects of capacity development (CD) for the main Board paper, The Fund’s Capacity Development Strategy—Better Policies through Stronger Institutions. It is divided into nine notes or sections, each focused on a different topic covered in the main paper. Section A explores the importance of institutions for growth, and the role the Fund can play in building institutions. Section B presents stylized facts about how the landscape for CD has changed since the late 1990s. Section C discusses the difficulties of analyzing CD data because of measurement issues. Section D provides a longer-term perspective on how Fund CD has responded to member needs. Section E contains information on previous efforts to prioritize CD, assesses Regional Strategy Notes (RSNs) and country pages, and suggests ways to strengthen RSNs, including by using the Fund’s surveillance products. Section F compares the technical assistance (TA) funding model proposed in the 2011
Mr. Sanjeev Gupta and Mr. Karim A. Nashashibi

An orderly adjustment process is essential for improving the longer-term position for the poor. Some measures to mitigate the short-term negative impact of adjustment programs are also needed

Yukon Huang and Peter Nicholas

This paper reviews the World Bank lending for structural adjustment. The World Bank has always stressed the need to use limited investable resources efficiently. It has attempted to identify investment priorities in recipient countries and lent for projects that promised a high rate of return. The Bank’s Operational Manual defines structural adjustment lending as nonproject lending to support programs of policy and institutional change necessary to modify the structure of an economy so that it can maintain both its growth rate and the viability of its balance of payments in the medium term.

International Monetary Fund. Communications Department

PHOTO: COURTESY OF THE TAX JUSTICE NETWORK

David Morawetz

What has been the experience of the developing world with economic development over the past twenty-five years? The author reviews this period, and highlights some of the lessons that may be learned and some of the questions that arise from that experience.