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Bruce Rich, Andrew Steer, Anne O. Krueger, Mr. James M. Boughton, Jahangir Amuzegar, Bahram Nowzad, JEFFREY SACHS, Mr. Mark Allen, Ludger Schuknecht, L. Alan Winters, Mr. Michael P. Leidy, Derek Crabtree, A. P. Thirtwall, Mr. Alan A. Tait, Dominique Foray, Dominique Foray, Christopher Freeman, and Ashish Arora

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.

Nagy Hanna

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. Michael P. Dooley, Mr. Jeffrey A. Frankel, and Mr. Donald J Mathieson

Miller’s interesting argument is a good example of a class of alternative explanations of saving-investment correlations. The basic idea behind these arguments is that sources of independent shocks to national saving and investment rates that are thought to be important quantitatively are either not independent or are not shocks at all. In this case, it is argued that there arc good reasons to believe that changes in debt-financed government expenditures are fully offset ex ante by changes in an ultrarational private sector’s saving and investment behavior. Thus, from the point of view of international capital markets, no disturbance will be observed. A similar argument is that, although there are various shocks to the system that appear to require net saving flows across countries, these shocks are fully dissipated by changes in relative prices so that no observed intertemporal trade is predicted.

Lauren Cooper

For certain needs, pairing similar organizations may be the most effective means of providing technical assistance