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International Monetary Fund


At the dawn of the twenty-first century, Africa is at a crossroads. It must quickly select the path it wishes to follow. Either the continent takes its destiny squarely into its own hands, or it leaves the shaping of its future to chance or to special interests. Africa does indeed have a choice. On one hand, it can allow the forces of implosion and ethnic warfare to become the masters of its fate, to the advantage of a few potentates lacking in vision or warlords with transient alliances. Thus, history would repeat itself, with all the suffering that this entails, and this old continent will be at the mercy of all types of corruption. Africa would be stripped of the wealth of its soil and the promise of its youth and left marginalized, adrift in the wake of history.

Barber B. Conable

This paper describes the World Bank’s mission in a changing world. Conditionality of the Bank is different in several ways as it operates over a longer timeframe and relates to the more comfortable issues of economic growth rather than financial stabilization. The longer timeframes of the Bank’s programs require reaching agreement with borrowing countries on the desirability of maintaining the course that’s being advocated for an extended period. Many developing countries are unduly sensitive about the possibility that they may have to exercise their sovereignty more forcefully in the future.

International Monetary Fund


I am honored to be here to share with you the IMF’s thoughts on the turbulent events of the past two years and what lies ahead. With growing signs that the worst of the financial crisis is over, we now have an opportunity to reflect on the weaknesses revealed and remedies needed. But that does not mean that we can afford to be complacent. We are being given a chance to right the wrongs, and delay would only sow the seeds of the next crisis.

John Finger, J. Michael Nash, Kenneth King, William McGreevey, Vikram Khanna, and Erich Spitaeller

SlNCE the dissolution of the Soviet Union, most of the former member states have retained the ruble as their national currency but have followed independent monetary policies. Such a combination is not sustainable. With mounting disarray in the ruble area, each state must now quickly adopt either a common monetary policy or a separate national currency.

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.
Mely Caballero-Anthony

Southeast Asia’s refugees and displaced people are victimized by human traffickers, but the crime usually goes unreported Mely Caballero-Anthony

Mr. Richard T. Harmsen and Mr. Arvind Subramanian


The Final Act of the Uruguay Round was signed in Marrakesh in April 1994, bringing to a conclusion the eighth and most ambitious set of multilateral trade negotiations. One hundred and twenty-five countries participated in the Round, which will reduce tariff and nontariff barriers to trade in goods, strengthen trade rules and extend multilateral rules to new areas—services and intellectual property—and establish the World Trade Organization. Developing countries participated more actively in the negotiations than hitherto and will be more fully integrated into the multilateral trading system after the Round. This paper investigates the economic implications of these different aspects of the Uruguay Round on industrial, developing, and transition economies, based on information available at the time of preparation of the paper. A quick reference guide to the Round provides a synopsis of the main results (Appendix I) and should be read in conjunction with individual sections below.

Ms. Nur Calika and Uwe Corsepius


Trade reforms are being increasingly featured in the design of adjustment programs supported by Fund resources. This paper reviews the trade policy content of Fund-supported programs approved in the period 1990–93.2

Mr. Michael P. Leidy


Antidumping is by far the most frequently used (GATT-legal) instrument of administered or contingent protection2 among industrial countries, and its use has been spreading in recent years with developing countries, and some transition countries, taking an increasing interest in formal antidumping measures. Whether antidumping is a problem or a solution in the multilateral trading system depends on what countries aim to achieve through antidumping policies, whether it is an appropriate instrument to achieve these objectives, and whether the benefits appear to justify the implied social costs.