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This volume presents the proceedings of a symposium that was orgainzed jointly by the IMF and the World Bank and held in Washington, D.C. The symposium was organized by Vittorio Corbo, Morris Goldstein, and Mohsin Khan. The papers review the design of, and the economic rationale behind, adjustment programs and examine the best means of helping developing countries achieve balance of payments stability with sustainable economic growth.

Mr. F. Gulcin Ozkan and Ms. Filiz D Unsal
This paper develops a two-country DSGE model to investigate the transmission of a global financial crisis to a small open economy. We find that economies hit by a sudden stop arising from financial distress in the global economy are likely to face a more prolonged crisis than sudden stop episodes of domestic origin. Moreover, in contrast to the existing literature, our results suggest that the greater a country's trade integration with the rest of the world, the greater the response of its macroeconomic aggregates to a sudden stop of capital flows.
Mr. Shogo Ishii and Mr. David Andrew
This paper reviews developments in private capital flows to developing countries since the Mexican financial crisis in December 1994. The paper points out that a strong recovery in these flows masks some significant changes in their characteristics, particularly in the type of borrowers back toward sovereigns and the currency denomination of new issues shifted away from U.S. dollars. Terms of new bond issues became significantly less favorable than before the Mexican crisis. One of the most striking developments was the sharp increase in bond placements by developing countries in deutsche mark and yen. It is shown that relatively favorable credit ratings assigned by Japanese rating agencies facilitated some developing countries to tap the yen bond market.
International Monetary Fund
This paper deals with the design of quantitative exercises relating objectives for the growth of national income over the medium term to key macroeconomic policy variables. It focuses on the roles of capital formation, saving, and total factor productivity in the process of economic growth and examines the main conceptual and empirical problems involved in accounting for the growth of national income, dealing explicitly with the cost of borrowing from abroad. The paper examines the link, between fiscal and structural policies and the growth of productive capacity through the effect of those policies on productivity, saving and the cost of capital.
Mr. Milan M Cuc, Mr. Erik J. Lundback, and Mr. Edgardo Ruggiero


Labor migration and remittances, which have increasingly become a part of the global landscape, have profound economic and social consequences. Moldova, a small low-income country where an estimated one-third of the economically active population has been working abroad, is an interesting illustration of this trend. Drawing on household survey data, this Special Issues paper explains why Moldovan workers go abroad and how their remittances are used. With this background, it provides insights into policy challenges of coping with, and maximizing benefits from, international labor mobility and the large inflows of remittances.

Mahmood Pradhan, Mr. Ravi Balakrishnan, Reza Baqir, Mr. Geoffrey M Heenan, Sylwia Nowak, Ceyda Oner, and Mr. Sanjaya P Panth
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.