Albert Waterston, David Williams, and Robert F. Skillings
• Singer, H. W., International Development: Growth and Change, New York, N.Y., U.S.A., McGraw-Hill Book Company, 1964, xiv + 295 pp., $7.50; • Bhagwati, Jagdish, The Economics of Underdeveloped Countries, New York, N.Y., U.S.A., McGraw-Hill Book Company, 1966, 254 pp., $2.45; • Birmingham, W., and A. G. Ford (Eds.), Planning and Growth in Rich and Poor Countries, New York, N.Y., U.S.A., Frederick A. Praeger, 1966, 267 pp., $7.50; • Horowitz, Irving Louis, Three Worlds of Development: The Theory and Practice of International Stratification, New York, N.Y., U.S.A., Oxford University Press, 1966, xiv + 475 pp., $8.50; • Fryer, D. W., World Economic Development, New York, N.Y., U.S.A., McGraw-Hill Book Company, 1965, xi + 627 pp., $8.95; • Scott, Andrew M., with William A. Lucas and Trudi M. Lucas, Simulation and National Development, New York, N.Y., U.S.A., John Wiley & Sons, Inc., 1966, ix + 177 pp., $5.95.
The Two Faces of Financial Globalization looks at the phenomenon of rising cross-border financial flows-credited with boosting growth in developing countries but also blamed for the emerging market crises of the late 1980s and 1990s. The lead article puts together a framework for analyzing studies about the costs and benefits of financial globalization. Other articles look at the worldwide allocation of capital, the role of finance in macroeconomic management, and changes in the investor base. "Picture This" illustrates the growth and direction of capital flows. One guest contributor describes India's capital account liberalization, and another looks at how participants in international finance can cope with a fluid financial landscape. "People in Economics" profiles Guillermo Calvo; "Back to Basics" explains the difference between the purchasing power parity exchange rate and market exchange rates as measures of global economic growth; and "Country Focus" spotlights Australia.
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.
The scientific consensus is clear: climate change is associated with increasingly frequent and intense natural disasters ranging from droughts and wildfires to hurricanes and coastal flooding. While the extent of the economic damage cannot be known for certain, strong evidence suggests it could be quite severe. The challenge for policymakers will be to decide how much to spend on measures to reduce greenhouse gas emissions. To do that, they must be able to compare the costs of various options, including renewable-energy sources and electric cars.
The authors of this special feature are Christian Bogmans, Lama Kiyasseh, Akito Matsumoto, Andrea Pescatori (team leader), and Julia Xueliang Wang, with research assistance from Lama Kiyasseh and Claire Mengyi Li.
The authors of this chapter are Francesca Caselli, Francesco Grigoli (co-lead), Weicheng Lian, and Damiano Sandri (co-lead), with support from Jungjin Lee and Xiaohui Sun. The chapter benefited from insightful comments by Yuriy Gorodnichenko and internal seminar participants.
The authors of this chapter are Philip Barrett, Christian Bogmans, Benjamin Carton, Johannes Eugster, Florence Jaumotte (lead), Adil Mohommad, Evgenia Pugacheva, Marina M. Tavares, and Simon Voigts, in collaboration with external consultants Warwick McKibbin and Weifeng Liu for modeling simulations, and with contributions from Thomas Brand. Srijoni Banerjee, Eric Bang, and Jaden Kim provided research support, and Daniela Rojas Fernandez provided editorial assistance.
International Monetary Fund. External Relations Dept.
THIS ISSUE OF F&D focuses on the Middle East and North Africa, taking stock of the region’s rapid transformation since the uprisings of 2011—a period that raised the hopes of millions for a better future and caused despair for millions of others.
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.