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Hans P. Binswanger

This paper discusses quantitative indicators that measure such macroeconomic variables as the growth of national product, inflation. The importance of considering several indicators in a dynamic context becomes particularly relevant during periods when needed economic and financial adjustment measures are undertaken. Rationales given for maintaining negative real interest rates in developing countries range from keeping down the cost of servicing the public sector’s debt, or of investment, to avoiding the consequences of other policies.

International Monetary Fund. External Relations Dept.

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.

International Monetary Fund. External Relations Dept.

This paper presents the views of Michel Camdessus, Managing Director of the IMF, on how the IMF can face new challenges. Camdessus believes that the key responsibility for resolving debt difficulties lies with the indebted countries themselves. They need to be more resolute in adopting and implementing sound macroeconomic policies and bold structural reforms. Camdessus states that the IMF has available US$12 billion to support adjustment in the low-income countries through the structural adjustment facility and the enhanced structural adjustment facility.

A A. Walters

In a World Bank Staff Occasional Paper published in December 1968, “The Economics of Road User Charges,” Professor Walters applies the principle of marginal cost pricing to roads. He concludes that tolls which limit the use of empty or uncongested roads have the least justification of any tax, and he favors instead forms of congestion levy, which are analyzed in some detail in the paper. If a tax is nonetheless required for revenue, he shows that a commodity tax commonly does less damage to output than a ton-mileage tax (e.g., on gasoline). This article contains his basic arguments against the thesis that the costs of the road improvement must be covered by the charges on the road user.

International Monetary Fund
This report provides the IMF's projections and estimates on Thailand's expenditure on gross domestic product at current prices; balance of payments during 1995–2000; gross domestic product by industrial origin at current and constant prices during 1995–99; investment and savings at constant prices; gross domestic product at 1988 prices; selected energy prices; mining and agricultural productions during 1995–2001; central government fiscal accounts and revenue and grants; central government expenditure by economic classification,1995/96–1999/2000; summary of the central and local government tax system; financial and monetary surveys during 1996–2001, and so on.
Mr. Jeremy Clift

Prize or Penalty: When Sports Help Economies Score" looks at why countries vie to host the world's most costly sporting events. And, in a series of articles on "After the Crisis," we discuss why some countries were hit harder than others; how were shocks transmitted round the world, and whether protectionist pressures might intensify in 2010. As usual, we take on a number of hot topics, including housing prices, bankers' bonuses, Ponzi schemes, and inflation targeting. In "Picture This" we see that the number of hungry is on the rise, topping 1 billion. Our regular "People in Economics" column profiles Daron Acemoglu, the Turkish-born intellectual who won the American Economic Association's award in 2005 for the most influential U.S. economist under the age of 40. "Back to Basics" explains inflation; and "Data Spotlight" looks at how dollarization is declining in Latin America. Also includes articles by Nick Stern on climate change and Simon Johnson on bonuses and the "doomsday cycle