The Asian Crisis
The Asian Crisis and the Changing Role of the IMF
Stanley Fischer
Since it began operations in 1946, the IMF has steadily evolved in
response to changes in the world economy. What steps is it taking to meet
the new challenges posed by the Asian crisis?
What Lessons Does the Mexican Crisis Hold for
Recovery in Asia?
Guillermo Ortiz
Martinez
The Mexican and the Asian crises have
striking similarities. A comparison of the two provides lessons about how
emerging economies can safeguard themselves against sudden capital
outflows.
Asia's Crisis: A Market
Perspective
John Lipsky
Recent events in Asia have posed a particular challenge for
international capital markets. How can net private capital flows best be
restored?
The Challenge of Managing Global Capital
Flows
Manuel Guiti�n
The financial crisis that erupted in Asia in 1997 vividly
demonstrated the risks associated with free capital flows. But capital
mobility is a goal worth pursuing, given the potential benefits. With the
right policies, countries can manage the risks while increasing their
access to global financial markets.
The Asian Crisis: Causes and Cures
IMF Staff
The financial crisis
that struck many Asian countries in late 1997 did so with an unexpected
severity. What went wrong? How can the effects of the crisis be mitigated?
And what steps can be taken to prevent such crises from recurring in the
future?
Building on East Asia's Infrastructure
Foundations
Ashoka Mody and Michael
Walton
The halfway measures taken toward
privatizing East Asia's infrastructure have resulted in weak corporate
governance, vulnerability to crises, and inefficiency. Faced with slowing
growth, the region needs to shift its focus to increasing competition and
adopting needed regulation.
Aging in the Asian Tiger Economies
Peter S. Heller
What challenges will
the aging of populations in Asia's tiger economies pose for their social
insurance and educational systems? What effects will this have on their
budgets, and on their saving rates and total savings, as well as on those
of the global economy?
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Other Topics
The Supply Side of Global Bribery
Frank Vogl
Discussions of how to
combat corruption have focused more sharply on the recipients of bribes
than on those who pay them. A more balanced approach, which is emerging,
promises to make anticorruption efforts more effective.
Uncertainty Deters Private Investment in the West
Bank and Gaza Strip
Oussama
Kanaan
The accords signed by Israel and the
PLO in 1993 and 1994 heralded greater prosperity for Palestinians. But an
adverse external trade environment has discouraged private investment, and
economic conditions have deteriorated.
Monetary Operations in the European Economic and
Monetary Union
Charles A. Enoch, Paul L.
Hilbers, and Arto Kovanen
The European Monetary
Institute and Europe's national central banks have made good progress in
preparing a "menu" of efficient, market-based monetary instruments from
which the European Central Bank, to be established by July 1, 1998, will
choose. The next step will be to address the remaining issues and test the
selected options.
Civil Service Reform in Africa: Mixed Results
After 10 Years
Ian Lienert
Although many African countries have taken important steps toward
restructuring their civil services by downsizing them, less progress has
been made in revamping pay and promotion policies. Cost-cutting measures
need to be accompanied by bold reforms to improve quality.
The International Use of Currencies: The U.S.
Dollar and the Euro
George S.
Tavlas
Why does the international monetary
system seem to need only one or, at most, a few national currencies to
carry out international transactions? This article offers an explanation,
discusses recent trends in the international use of the dollar, and
assesses the possible impact of the euro in world financial
markets. |
