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International Monetary Fund. External Relations Dept.
This paper describes problems and prospects associated with urbanization. The paper sees the rapid urbanization in the less developed world not as a crisis that can be “dealt with” by urgent measures but as a major historical phenomenon that calls for analytical study as well as current action in the hope that it can be influenced to play a positive role in economic development. The paper also analyzes the exchange rates at the beginning of the 1970s.
Mr. Francisco Roch
Colombian house prices have increased significantly between 2005 and 2016. This paper estimates the extent of misalignments in house prices relative to fundamentals and evaluates the overall risk to the economy from the housing sector. The results suggest a moderate house price misalignment relative to fundamentals which is, however, mitigated by housing finance characteristics.
A. S. Shaalan

THIS PAPER concerns itself with a specific facet of inflation, namely the probable impact of inflation on the composition of investment. The central question in this context may be formulated in the following manner: If an inflationary situation—or the expectation of one—is superimposed on the existing structure of market opportunities in a less developed economy, what are likely to be the effects on the investments made by businessmen? In this connection, it is necessary to insist that statements regarding the probable direction of investment under inflationary conditions require an examination of the nature and comparative attractiveness of investment outlets within an economy. Put differently, it may be postulated that if stability of prices is expected there will be a certain “investment mix” composed of various forms of capital, with various degrees of capital intensity, which the community, acting freely, wishes to achieve. If prices are expected to rise, there will be a different mix of investment. In what way does an inflationary environment, directly or indirectly, change the disposition of investors so to allocate their investment resources as to deviate from the “stability” investment mix? In the present paper, a theoretical exposition of this question will be followed by an attempt at empirical verification of some of the theoretical arguments.