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International Monetary Fund. External Relations Dept.

On May 25, the IMF Executive Board completed the second review under the Stand-By credit for Ecuador and approved its extension to December 31, 2001. The full text of News Brief No. 01/47 is available on the IMF’s website (www.imf.org).

Mr. Timothy D. Lane

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.

Ms. Kalpana Kochhar, Mr. Erik Offerdal, Mr. Louis Dicks-Mireaux, Mr. Mauro Mecagni, Ms. Jianping Zhou, Mr. Balázs Horváth, Mr. David John Goldsbrough, and Ms. Sharmini Coorey

Abstract

Following the severe economic shocks—a sharp deterioration in the terms of trade and higher world interest rates—of the late 1970s and early 1980s and the ensuing debt crisis, a large number of developing countries undertook adjustment policies in order to restore growth on a sustainable basis. However, the mediumterm response of growth and investment to these policies was frequently slow, even in countries that undertook significant measures. This study is born from that experience, and it aims to identify how adjustment policies could better contribute to reinvigorating growth in developing countries. The influence of macroeconomic policies and core structural reforms on the mainstays of growth—investment, saving, total factor productivity, and employment—is examined drawing upon the experience of eight developing countries. These are Bangladesh, Chile, Ghana, India, Mexico, Morocco, Senegal, and Thailand. The group was chosen to include both low- and middle-income cases as well as examples of countries that have, or have not, encountered external debt crises, and to include countries—most notably Chile and Thailand—that have achieved a markedly higher growth rate following a period of adjustment. The focus of this study is on policies and their effects rather than to estimate the independent effect of Fund-supported programs on growth. The analysis builds on separate studies prepared for many of the countries in the context of the IMF’s regular consultations with member countries, known as Article IV consultations, as well as on many other books, articles, and work in the IMF and World Bank.1 The main lessons emerging from studies other than this are summarized in Appendix I.

Ms. Kalpana Kochhar, Mr. Erik Offerdal, Mr. Louis Dicks-Mireaux, Mr. Mauro Mecagni, Ms. Jianping Zhou, Mr. Balázs Horváth, Mr. David John Goldsbrough, and Ms. Sharmini Coorey

Abstract

Under the IMF’s mandate, resolving member countries’ external financing problems must receive priority in IMF-supported programs; this objective, however, should be pursued with sensitivity toward the ultimate goal of economic policies, namely, improving living standards through higher growth. This was an important message of the last review of the conditionality attached to the use of IMF resources.4 The review found that although, on average, growth strengthened moderately over the period covered, no country shifted to a distinctly more rapid pace of growth.

Ms. Kalpana Kochhar, Mr. Erik Offerdal, Mr. Louis Dicks-Mireaux, Mr. Mauro Mecagni, Ms. Jianping Zhou, Mr. Balázs Horváth, Mr. David John Goldsbrough, and Ms. Sharmini Coorey

Abstract

This section draws upon cross-country evidence for as large a group of countries as possible, to examine some of the long-term influences on growth and the role of several policy-related variables. With the aid of a control group and econometric estimates of the long-term determinants of growth, shifts in the growth performance of the eight countries during various adjustment periods are examined. Broad conclusions are summarized here and details of the econometric exercises are discussed in Appendix II.

International Monetary Fund. Research Dept.
This paper analyzes the link between economic growth and structural reforms. The paper highlights that as the recovery from the financial crisis firms up, many country authorities will turn their focus from short-term stabilization policies to more structural policies to spur long-term potential growth. The paper discusses that the global financial crisis has affected growth in countries of all income levels and has led to substantial output losses that in many cases could be permanent. The paper also presents a discussion on monetary policy and asset prices.
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.

The Fifty-Second Annual Meetings of the IMF and the World Bank concluded with a consensus that global opening and integration offer the only path to worldwide prosperity and that strong IMF surveillance over the policies of its 181 members remains essential. The meetings achieved important and concrete results for the IMF, notably an endorsement by ministers and governors of the IMF’s role in promoting the liberalization of capital flows, agreement on a 45 percent increase in IMF quotas, and agreement on an “equity” SDR allocation that doubles SDRs allocated to date.