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Manfred Reichardt

taking on unknown risks. Therefore, the private investor will himself have to provide the larger part of the initial capital from his own savings, the rest often being obtained from relatives and friends. As industrialization proceeds and the concept of credit becomes more familiar, self-financing will be supplemented by loans and other financial assistance from financial intermediaries and funds raised in emerging capital markets. Furthermore, the government may step in and provide direct or indirect financial assistance to industrialization. Self

International Monetary Fund

environmental quality first declines then recovers as industrialization proceeds may actually be “optimal.” See Pezzey (1989) . 65/ Deforestation in Nepal, which has resulted in increased flooding in Bangladesh, represents unidirectional externality; cross-border effects of acid rain in Europe represents reciprocal externality; and possible climatic change or depletion of the ozone represents global externality. For further discussion on the different types of international environmental externalities, see Mäler (1990) . 66/ International agencies can design

Paul Chabrier, Finaish Mohamed, and Bell Eric

limited at present. First, there is limited complementarity of output and factors among the five countries. 39/ Second, the scope for increasing intraregional trade through the displacement of high-cost domestic products appears relatively limited, given that primary products account for the bulk of their tradable output. However, as industrialization proceeds, the scope for trade creation may grow. The rationale for integration in the Maghreb would then be based not so much on the existing pattern of production as on the potential pattern that may emerge in the

Mr. Mohamad Ali Finaish and Eric Bell
The Founding Treaty of the Arab Maghreb Union (AMU), signed in February 1989, calls for a strengthening of all ties among its member states (Algeria, Libya, Mauritania, Morocco, and Tunisia), including a gradual move toward free circulation of goods, services, and factors of production among them. The paper provides an overview of the economic conditions in the AMU member countries, describes the institutional arrangements under the AMU, and assesses the progress made in attaining the economic objectives of the Treaty. In so doing, the paper identifies the main obstacles encountered in making progress toward the objectives of the Treaty and reviews actions that need to be taken to make further progress in the coming years. In that context, the paper also examines the relationship of the AMU countries with the European Union (EU).
International Monetary Fund. External Relations Dept.
This paper presents a description of the Project Analysis Course offered by the World Bank’s Economic Development Institute (EDI). The main objective of EDI is to give individuals a general understanding of all the main elements involved in preparing, evaluating, and executing development projects. At the end of the course, EDI expects graduates to be able to help design project studies or to participate in the overall evaluations on which final decisions are heavily based.
International Monetary Fund. Research Dept.
This paper analyses possible approaches to a model of world trade and payments. Any world economic model resulting from linking national models together will inevitably have some of the characteristics of these national models. Since the national models that are to be connected are, overall, constructed so as to explain short-run variations in aggregate economic magnitudes such as economic activity, employment, and over-all price levels, the resulting world economic model will be best suited to explain short-term variations in trade and financial flows and the relationships between these flows and the policies conducted in the various countries with respect to the adjustment of demand and economic activity in the short run. Any model intended to explain the trade flows among many countries and regions must have strong microeconomic features it must be more nearly Walrasian than Keynesian. The practicability of building into a trade model the appropriate microeconomic features of this sort is, of course, a function of the size and degree of disaggregation of the model.