Padma Gotur, Timothy Lane, and Paul Masson, Editors


Padma Gotur, Timothy Lane, and Paul Masson, Editors

Padma Gotur, Timothy Lane, and Paul Masson, Editors

The second volume of the International Economic Policy Review, an annual publication, features a selection of 11 policy papers produced by IMF staff, highlights some of the research behind IMF-supported economic programs, and presents a range of policy choices in several economic areas.

The section on economic growth, inflation, and poverty includes papers that examine: the reasons for sub-Saharan Africa’s unsatisfactory growth performance, the continuing problem of rural poverty, the low-income-country debt crisis, and the IMF’s role in improving governance and combating corruption, and the real effects of high inflation. Capital account liberalization and financial sector vulnerability—areas of increasing concern to the IMF—are covered in the journal’s second section, which includes a discussion of trade policy in financial services and a case study of capital flight out of Russia. The final section is devoted to the exchange rate relations of advanced transition economies—those countries that are candidates for membership in the European Union and which will soon face a fundamental question: how best to ensure a smooth transition to monetary union with the euro zone?

Part I. Economic Growth, Inflation, and Poverty

Raising Growth and Investment in Sub-Saharan Africa: What Can be Done?

Ernesto Hernández-Catá

Rural Poverty in Developing Countries: Issues and Policies

Mahmood Hasan Khan

From Toronto Terms to the Enhanced HIPC Initiative: A Brief History of Debt Relief for Low-Income Countries

Christina Daseking and Robert Powell

Improving Governance and Fighting Corruption in the Baltic and CIS Countries

Thomas Wolf and Emine Gürgen

Real Effects of High Inflation

Benedikt Braumann

Part II. Capital Account Liberalization and Financial Sector Vulnerability

Assessing Financial System Vulnerabilities

R. Barry Johnston, Jingqing Chai, and Liliana Schumacher

Trade Policy in Financial Services

Natalia Tamirisa, Piritta Sorsa, Geoffrey Bannister, Bradley McDonald, and Jaroslaw Wieczorek

Capital Flight from Russia

Prakash Loungani and Paolo Mauro

Part III. Exchange Rate Relations of Advanced Transition Economies

Monetary and Exchange Rate Policy of Transition Economies of Central and Eastern Europe After the Launch of EMU

Paul Masson

Pros and Cons of Currency Board Arrangements in the Lead-up to EU Accession and Participation in the Euro Zone

Anne-Marie Gulde, Juha Kähkönen, and Peter Keller

Exchange Rate Regimes in Selected Transition Economies—Coping with Transition, Capital Inflows, and EU Accession

Robert Corker, Craig Beaumont, Rachel van Elkan, and Dora Iakova

The International Economic Policy Review is available online at