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Mr. Barry J. Eichengreen

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.

International Monetary Fund. External Relations Dept.

This paper analyzes the effect of rapid inflation on a country’s international position. The paper highlights that when prices and costs in any country rise rapidly, goods produced in the country soon become more expensive than similar goods produced abroad. Unless the exchange rate changes, this encourages imports and discourages exports. As prices in a country rise more rapidly than in the rest of the world, individuals in that country tend to turn from buying these increasingly expensive products of their own industries to the relatively cheaper foreign goods.

International Monetary Fund. External Relations Dept.

The September 2008 issue examines key issues facing low-income countries, including how they should respond to high oil and food prices. Some African economies are now successfully attracting international investors and are seen as a new tier of "frontier" emerging markets. Separate articles look at problems of aid effectiveness, aid predictability, and aid fragmentation. Other articles include an account by Eswar S. Prasad and Raghuram G. Rajan of their new report on financial sector reforms in India; Martin Ravallion and Dominique van de Walle draw lessons on reducing poverty from Vietnam's agrarian reforms; Sanjeev Gupta and Shamsuddin Tareq make a strong case for sub-Saharan countries to mobilize their domestic revenue bases. In addition, Simon Willson profiles Beatrice Weder di Mauro, the first woman on Germany's Council of Economic Experts; and the outgoing IMF Chief Economic Simon Johnson talks about the new drivers of global growth-emerging markets.

International Monetary Fund. External Relations Dept.

Asia Leading the Way explores how the region is moving into a leadership role in the world economy. The issue looks at Asia's biggest economy, China, which has relied heavily on exports to grow, and its need to increase domestic demand and to promote global integration if it is to continue to thrive. China is not the only Asian economy that heavily depends on exports and all of them might take some cues from the region's second-biggest economy, India, which has a highly developed services sector. Min Zhu, the new Special Advisor to the IMF's Managing Director, talks about Asia in the global economy, the global financial crisis, correcting imbalances, and the IMF in Asia. And "People in Economics" profiles an Asian crusader for corporate governance, Korea's Jang Hasung. This issue of F&D also covers how best to reform central banking in the aftermath of the global economic crisis; the pernicious effects of derivatives trading on municipal government finances in Europe and the United States; and some ominous news for governments hoping to rely on better times to help them reduce their debt burdens. Mohamed El-Erian argues that sovereign wealth funds are well-placed to navigate the new global economy that will emerge following the world wide recession. "Back to Basics" explains supply and demand. "Data Spotlight" explores the continuing weakness in bank credit. And "Picture This" focuses on the high, and growing, cost of energy subsidies.

International Monetary Fund. Western Hemisphere Dept.

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