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International Monetary Fund. External Relations Dept.

This paper describes development of the agriculture sector in Northwest Mexico. The paper highlights that owing to the projects in the river valleys of the northwest and others throughout the country, Mexico grows enough to feed itself and to export in substantial quantity. A third of the crops are produced on the 13 percent of cultivable area now under irrigation. The engineers of Hydraulic Resources are proud of their achievements; they have the visual evidence and the statistics to prove the importance of their contribution to Mexico.

Alexandre Lamfalussy, Peter Bauer, Bob Woodward, Justin Martin, and Schlitzer Giuseppe

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.

Joseph C. Wheeler

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.

Mr. Shaun K. Roache
This paper quantifies the effect of public investment on growth in the ECCU. The results, emerging from panel vector autoregressions, indicate that the return on public investment, as defined by Perreira (2000), is very likely negative. This means that the total change in real output induced by one EC dollar of public investment, due to its short-run impact on demand, or the longer-run impact on supply, is below one EC dollar. Public investment shocks also appear to appreciate the real exchange rate, suggesting that the short-run demand impact is larger than the long-run supply response.
Giulia Bettin, Mr. Andrea F Presbitero, and Mr. Nikola Spatafora
This paper examines how international remittances are affected by structural characteristics, macroeconomic conditions, and adverse shocks in both source and recipient economies. We exploit a novel, rich panel data set, covering bilateral remittances from 103 Italian provinces to 107 developing countries over the period 2005-2011. We find that remittances are negatively correlated with the business cycle in recipient countries, and increase in response to adverse exogenous shocks, such as natural disasters or large declines in the terms of trade. Remittances are positively correlated with economic conditions in the source province. Nevertheless, in the presence of similar negative shocks to both source and recipient economies, remittances remain counter-cyclical with respect to the recipient country.
International Monetary Fund
Update on the Financing of The Poverty Reduction and Growth Facility (PRGF) and the Heavily Indebted Poor Countries (HIPC) Operations and the Subsidization of Post-Conflict Emergency Assistance
International Monetary Fund. External Relations Dept.

The economic recovery from the slowdown of 1997–98 has proved to be much stronger than anticipated, and global growth is now estimated at 3.3 percent in 1999, according to the IMF’s latest World Economic Outlook. This new estimate represents a sharp upward revision from the projection of 2.2 percent made in December 1998. In addition, the world growth projection for 2000 has also been raised in the latest projections, to about 4¼ percent.