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Mitchell A. Seligson and John T. Passé-Smith

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.

John H. Adler

This paper focuses on the subject of development and income distribution, and suggests a method whereby economic development can be skewed in favor of the poor. The paper underscores that improvements in the distribution of income can be achieved by applying shadow cost significantly below money cost to determine the social cost of employing members of low-income groups and to use the social consolidation strategy in the choice of technology in the physical construction of projects. The application of this method would result in the more extensive use of labor instead of capital equipment.

International Monetary Fund. External Relations Dept.
This paper focuses on the subject of development and income distribution, and suggests a method whereby economic development can be skewed in favor of the poor. The paper underscores that improvements in the distribution of income can be achieved by applying shadow cost significantly below money cost to determine the social cost of employing members of low-income groups and to use the social consolidation strategy in the choice of technology in the physical construction of projects. The application of this method would result in the more extensive use of labor instead of capital equipment.
Mr. Robert P Flood and Mr. Eduardo Borensztein
This paper presents a broad overview of postwar analytical thinking on international macroeconomics, culminating in a more detailed discussion of recent progress. The paper reviews important empirical evidence that has inspired alternative modeling approaches, as well as theoretical and policy considerations behind developments in the field. The paper presents an empirical study of fiscal policy in countries with extreme monetary regimes. It also examines members of multilateral currency unions, dollarized countries that officially use the money of another country, and countries using currency boards.
International Monetary Fund. External Relations Dept.
On January 22, the IMF announced that more than 85 percent of its members had consented to an increase in the IMF’s quotas. The text of Press Release No. 99/4, issued on January 22, follows.
International Monetary Fund. Research Dept.

Staff Papers draws on IMF Working Papers, which are research studies by members of the Fund’s staff. A list of Working Papers issued in 1991:4 follows; additions will be noted in future issues.

Mr. Garbis Iradian
This paper examines the empirical relationship between inequality and growth, and analyzes the impacts of growth, inequality, and government spending on poverty reduction. A new panel dataset has been assembled on inequality and poverty that reduces measurement error and ensures comparability across countries and over time. The empirical results in this paper challenge the belief that income inequality has a negative effect on growth and confirm the validity of the Kuznets curve. Credit market imperfections in low- and medium-income countries are identified as the likely reason for the positive link between inequality and growth over the short-to-medium term. In the long term, inequality may have an adverse impact on growth.
International Monetary Fund

This Selected Issues paper analyzes Pakistan's tax reform and revenue performance. The paper assesses the nature and magnitude of Pakistan's actual twin debt problem in a historical context, and reviews the policy options. The study highlights the factors explaining the recent stagnation in merchandise exports, and analyzes the country's export performance with regard to the linkages between performance and the structure of exports. The paper reviews a survey of poverty in Pakistan, and also provides a statistical appendix report of the country.

Ms. Anne Epaulard

Few would dispute that, on average, economic growth benefits the poor and that poverty reduction is a product of economic growth. However, data from developing and transition economies show that, for a given growth rate of per capita GDP, some countries achieve more poverty reduction than others. Understanding why this is so can help countries identify which economic policies are most effective in reducing poverty. A new IMF Working Paper, “Macroeconomic Performance and Poverty Reduction,” studies the link between growth and poverty reduction and concludes that there is no trade-off between them.