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Joseph Stiglitz, Mr. Paul Collier, Mr. Dani Rodrik, Willem Gunning, Jeffrey Sachs, and Eisuke Sakakibara

Over the past fifty years, the approach to development assistance has undergone a major shift, moving from a narrow focus on macroeconomic stabilization and liberalization to a comprehensive framework, encompassing all aspects of the economy—including social and environmental issues and poverty reduction—and tailored to the specific circumstances of each country. Along with this comprehensive approach has come the recognition that ownership of the development process has to lie with the people and their government, not solely with donors or the aid-dispensing agencies. Much of the discussion at the Annual [World] Bank Conference on Development Economics (ABCDE), held in Washington on April 18-20, centered on these new directions for development assistance, partnership, and cooperation at the national and international levels. Following are some highlights from the conference.

Mr. Balázs Horváth
This paper examines the evolution, and impact on stabilization, of macroeconomic policies in Armenia during 1994-96. Fiscal and monetary policies have been effective in stabilizing the Armenian economy and facilitating significant growth, although they have not always worked in cohort. Seigniorage and the inflation tax declined dramatically as inflation fell, while dollarization was reversed but reached a plateau after mid-1995, affecting the demand for dram. The paper also presents quantitative indicators, which are suggestive of the trends discussed.
International Monetary Fund. Research Dept.

This paper examines credit conditions and recoveries from financial crises. The paper highlights that the prospects for recovery from the 2008 global financial crisis appear to be on the horizon. The paper discusses that the question—what determines the path of recovery from a recession associated with a financial crisis—is of utmost importance as policymakers debate how soon to withdraw the extraordinary monetary and fiscal stimulus that were put in place soon after the onset of the crisis. The paper also analyzes inflation targeting in emerging economies.