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Mr. Paul Cashin, Ms. Hong Liang, and C. John McDermott

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.

sir Frank Wakefield Holmes

Abstract

This volume, edited by Sir Frank Holmes of the Institute of Policy Studies in New Zealand, contains the proceedings of a seminar held in Wellington, New Zealand. The seminar concentrates on problems of economic adjustment facing countries in the South Pacific. Subjects covered in the eight papers include case studies of adjustment in developed and edveloping countries, and the role of private capital aid and exchange rate, pricing, and trade policies in adjustment and development.

International Monetary Fund. External Relations Dept.
This paper reviews the 1975 Annual Meetings of the Boards of Governors of the IMF and the World Bank that were held in Washington, D.C., from September 1–5. The paper highlights that three separate but related themes dominated the discussion at the Annual Meetings. The first was the need to combat recession without aggravating inflation. The second was the immediate needs of developing countries in the present situation. And the third was the urgency of making further progress toward reform of the international monetary system.
International Monetary Fund
This paper examines and tests the existence of political budget cycles in Papua New Guinea during the period 1988–2004. Several factors point to the existence of political budget cycles in Papua New Guinea. The paper provides an overview of the political business cycle literature, and Papua New Guinea’s political structure and processes. It also describes the data set and the empirical methods used to test for the presence of election-influenced spending, and presents the results of a time-series analysis.
International Monetary Fund
This report describes Papua New Guinea's recent economic developments by assessing its output and price developments. The paper discusses the central government finances, tax and expenditure policies, the public sector reform program, and pension funds. The study also analyzes the institutional and operational aspects of the Bank of Papua New Guinea under the central banking act; instruments of monetary policy; and monetary policy and developments. The report reviews the nature and operation of the foreign exchange market, developments in the balance of payments, and external debt trends.
International Monetary Fund
This paper reviews economic developments in Fiji during 1990–95. The reorientation of policies, although incomplete, led to stronger growth of nontraditional exports and non-sugar manufacturing, and to a pickup in GDP growth to an average of 4.1 percent between 1988 and 1993. Fiscal deficits declined in the early 1990s, although often larger than budgeted, and the external current account progressively turned into a surplus position. Despite the actions undertaken, however, private investment did not recover from its slump in the late 1980s impeding the economy from fully exploiting its growth potential.
International Monetary Fund. Research Dept.
This paper analyzes portfolio diversification, leverage, and financial contagion. It studies the extent to which basic principles of portfolio diversification explain “contagious selling” of financial assets when there are purely local shocks. The paper demonstrates that the elementary portfolio theory offers key insights into “contagion.” Most important, portfolio diversification and leverage are sufficient to explain why an investor will find it optimal to significantly reduce all risky asset positions when an adverse shock impacts just one asset.
International Monetary Fund. External Relations Dept.
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