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Many transition economies have been unable to reduce inflation to low levels on a sustained basis. Monetary growth has been a dominant factor. Relative price adjustment and nominal wage shocks are also partly to blame, but their impact on inflation can be modified by monetary and exchange rate policy.

Michael G. Martin

Why have the prices of gold been so volatile and risen so sharply above the levels of the early 1970s? The author comments on the factors affecting supply and demand that played a role in the dramatic turns of the market.

Gunnar S. Eskeiand and Emmanuel Jimenez

Governments need to redesign economic and environmental policies, carefully weighing how firms and individuals will respond to them

Daniel P. Hewitt

We need to understand more deeply a number of critical issues that confront the World Bank and its member countries before we can transform knowledge into effective actions

Shahid Javed Burki

The picture emerging from forecasts for the developing countries in the 1980s is one of the advent of an age of global scarcity in a world of increasing populations. There are varying views on the degree of tension inherent in the situation, on the ways this tension is likely to manifest itself, and on how it can be alleviated; there is no disagreement on how somber the prospects are. Yet the developing countries have many choices to counter these prospects, if they choose to make them.

Mahmud A. Burney

The fifth session of the United Nations Conference on Trade and Development, held in Manila during May and early June 1979, evoked widely differing reactions. This article, by an observer at the meeting, assesses the results of the session in the light of the current discussions on North-South issues and the changing international economic environment.

Mr. Hugh Bredenkamp

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.