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Arturo Israel

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 William Ryrie

This paper anlayzes the role of the International Financial Corporation (IFC) in promoting economic development in developing countries with the private sector. IFC promotes growth of new companies, indigenous companies, and helps to introduce more capital from private sources into developing countries. Many countries need to develop capital market institutions such as stock exchanges, securities companies, leasing companies, and financial intermediaries of one kind or another. IFC has a special department, partly financed by the World Bank, that has provided expertise in these areas to a number of countries.

Jean-Claude Milleron

This paper presents a snapshot of changes in the world’s health and demographic conditions. The paper highlights that in most parts of the world, individuals are healthier and living longer, thanks to improved health services and living conditions and the more widespread use of immunization, antibiotics, and better contraceptives. Although this trend is likely to continue, hopes are fading in some regions where progress slowed or stopped in the 1990s, primarily as a result of the AIDS epidemic. Moreover, most regions of the developing world will not reach the Millennium Development Goals for health by 2015.

International Monetary Fund

Abstract

This report, commissioned by the Executive Board, was prepared by a committee of academic economists. The report assesses the appropriateness of current research activities, the quality and added value of the IMF's economic research and its utility in the IMF among its member countries and within the wider economics community. This publication also includes responses to the report by the IMF's staff, Managing Director, and Executive Board.

Hollis B. Chenery

An understanding of the relationship between overall growth and structural change is central to any choice of priorities in development policy. The author summarizes results from several econometric studies of structural change and the source of economic growth, and identifies the principal strategies that have led to successful development in the past 20 years.

International Monetary Fund. External Relations Dept.

Based on a simple but powerful promise—that international economic integration will improve economic performance—globalization has tremendous appeal to policymakers and world leaders as a development strategy, according to Dani Rodrik of Harvard University. Speaking at a seminar organized by the IMF Institute in Washington on May 15, Rodrik explained that as countries reduce tariff and nontariff barriers to trade and open up to international capital flows, the expectation is that growth increases. This, in turn, will reduce poverty and improve the quality of life for most of the population of developing countries.

Sayuri Shirai
This paper provides a theoretical model to address the issue of how industrialization affects the structure of international trade. Considering both horizontal and vertical product differentiation, the model shows that intra-industry trade increases when product quality improvement emerges in a developing country and when a difference in relative factor endowments between a developed and a developing countries shrinks. To promote understanding of the conclusions of the model, the paper also uses actual trade data between Japan and Indonesia and between Japan and Korea.
Kyu Sik Lee

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.

The IMF is weighing a new financing instrument designed to help prevent confidence crises in emerging market countries by providing a line of contingent financing. The need for a new loan instrument designed specifically with emerging market countries in mind was proposed as part of Managing Director Rodrigo de Rato’s medium-term strategy, which seeks to improve the IMF’s ability to meet the needs of its member countries in today’s globalized world.