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ASSAF RAZIN and EFRAIM SADKA

This first issue of Volume 51 for 2004 includes a new paper by Peter B. Clark and Jacques J. Polak, along with a tribute from the Editor to Mr. Polak in honor of his 90th birthday. This issue also launches a new featured section, "Data Issues," which will be devoted in future issues to on-going discussions of the latest in econometric and statistical tools for economists, data puzzles, and other related topics of interest to researchers.

Andrew M. Kamarck

This is the final article in our series commemorating the fortieth anniversary of Bretton Woods. Andrew Kamarck was with the World Bank for 28 years, holding a number of senior positions in the institution. Since retiring from the Bank, he has been Associate Fellow at the Harvard Institute of International Development. In this strictly personal perspective, he reflects about the Bank’s past efforts to promote development, including some of the obstacles it has faced, and the important role it has to play in the future.

Bahram Nowzad

This paper highlights that 1977 was an eventful year for the IMF. Drawing on the IMF’s resources during 1977 totaled more than SDR 3.4 billion. These were accompanied by a record volume of repurchases, which reduced the total net drawings for the year to SDR 427 million. At the end of 1977, total net drawings on the IMF since its inception were equivalent to about SDR 15.5 billion. In 1977, the IMF also carried out its gold sales to members at SDR 35 per ounce under the IMF’s “restitution” program.

International Monetary Fund. External Relations Dept.

The longer the U.S. economic expansion persists, the more it seems to puzzle analysts. Is it an instance of a particularly fortunate virtuous cycle—bred of good policy but extended by extraordinary good luck? Or, as is increasingly asked, does it reflect structural, and permanent, changes that may have enduring implications for the U.S. economy and perhaps others?

JEMMA DRIDI and KIMBERLY ZIESCHANG

This first issue of Volume 51 for 2004 includes a new paper by Peter B. Clark and Jacques J. Polak, along with a tribute from the Editor to Mr. Polak in honor of his 90th birthday. This issue also launches a new featured section, "Data Issues," which will be devoted in future issues to on-going discussions of the latest in econometric and statistical tools for economists, data puzzles, and other related topics of interest to researchers.

International Monetary Fund. External Relations Dept.
This paper discusses the study on development planning conducted by a small group within the World Bank. The study reveals that most countries not only encounter the same planning problems, they make the same mistakes. The paper highlights that although most countries with development plans have not succeeded in carrying them out, some countries without national development plans or national planning agencies have been developing rapidly. The paper also highlights that the lack of government support is the prime reason why so few development plans are carried out.
EPHRAIM W. CHIRWA and MLACHILA MONTFORT

This first issue of Volume 51 for 2004 includes a new paper by Peter B. Clark and Jacques J. Polak, along with a tribute from the Editor to Mr. Polak in honor of his 90th birthday. This issue also launches a new featured section, "Data Issues," which will be devoted in future issues to on-going discussions of the latest in econometric and statistical tools for economists, data puzzles, and other related topics of interest to researchers.

International Monetary Fund. External Relations Dept.

In recent years, Finland’s economy has performed favorably. Growth, which has outpaced that in the euro area, is expected to surpass 3 percent in 2006; the external current account has remained in surplus; and inflation has remained below the euro area average, thanks to strong productivity growth and wage moderation, increased domestic competition, and low nonfuel import prices. Public finances are in surplus but have weakened because of personal income tax cuts and growing local government expenditures. This weakening, along with the imminent rise in old-age dependency, is clouding the long-term outlook for growth and fiscal sustainability, the IMF said in its annual review.