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F&D logo
A quarterly magazine of the IMF
  March 2001
Volume 38, Number 1
Reform and Restructuring in Asia

Corporate Restructuring in East Asia: Promoting Best Practices
William P. Mako
A number of East Asian corporations, saddled with debt, nearly collapsed during the financial crisis of 1997. Many have managed to avoid both repayment and restructuring, however, and remain overly indebted and invested in unprofitable businesses.

Cross-Border Mergers and Acquisitions in East Asia: Trends and Implications
Ashoka Mody and Shoko Negishi
Mergers and acquisitions across national borders have increased in East Asia since the onset of the financial crisis. What has caused this new wave of mergers and acquisitions, what effects have they had, and what advantages might they offer to the region's financially distressed economies?

Japan: Population Aging and the Fiscal Challenge
Martin Mühleisen and Hamid Faruqee
With Japan facing a demographic crisis, government finances—stretched to the limit to keep the economy afloat—have to cope with the rising strain on public pension and health systems. This article looks at the economic and fiscal costs of aging in Japan.

The Financing of Private Enterprise in China
Neil Gregory and Stoyan Tenev
A 1999 survey of more than 600 private Chinese enterprises revealed that they relied primarily on self-financing. For China's private sector to thrive, firms will need increased access to external loan and equity financing.

East Timor: Macroeconomic Management on the Road to Independence
Luis M. Valdivieso and Alejandro López-Mejía
East Timor's economy was seriously disrupted by widespread violence following the 1999 referendum in which its people voted for independence from Indonesia. With strong support from the international community, East Timor is reconstructing its economy and making the transition to managing it independently. What has been done so far to achieve these goals, and what additional challenges lie ahead?

How Will the Macroeconomy Be Managed in an Independent East Timor?: An East Timorese View
José Ramos Horta and Emilia Pires

Other Topics

The Mystery of Capital
Hernando de Soto
Why has the genesis of capital become such a mystery? And why have the rich nations of the world not explained to other nations how indispensable a formal property system is to capital formation?

Globalization and the Work of Fiscal Termites
Vito Tanzi
Globalization is likely over time to have a significant negative impact on countries' ability to raise revenues through their tax systems. What steps can countries take to counter this problem?

The Unfinished Poverty Agenda: Why Latin America and the Caribbean Lag Behind
Danny M. Leipziger
Compared with East Asia, Latin America and the Caribbean have made very little progress in reducing poverty rates since the 1980s, largely because of sluggish growth.

Economic Stabilization in the Caribbean
Alvin D.L. Hilaire
Barbados, Guyana, Jamaica, and Trinidad and Tobago simultaneously tackled serious economic difficulties in the early 1990s. The results of their adjustment programs demonstrate that fiscal reform, supported by other policies, may be the key to achieving a sustainable recovery.

Poland: Inequality, Transfers, and Growth in Transition
Michael P. Keane and Eswar S. Prasad
Poland is one of the great success stories of transition. During the first decade of transition, it achieved high rates of GDP growth without a significant increase in income inequality. Poland's success can be attributed to its early stabilization program, the strength of its subsequent market-oriented reforms, and generous social programs.


From the Editor


The Pros and Cons of Expanded Monetary Union in West Africa
R.D. Asante and Paul Robert Masson talk with Jacqueline Irving

Financial Focus

Securitization of Future Flow Receivables: A Useful Tool for Developing Countries
Suhas Ketkar and Dilip Ratha
During financial crises, developing countries cannot obtain low-cost, long-term loans. Securitization of future flow receivables can help investment-grade public and private sector entities in these countries obtain credit ratings higher than those of their governments and raise funds in international capital markets.

Point of View

The IMF's Dialogue with Nongovernmental Organizations
Flemming Larsen


Book Reviews

Money on the Move: The Revolution in International Finance Since 1980 by Robert Solomon—Subir Lall

Distributive Justice and Economic Development: The Case of Chile and Developing Countries edited by Andrés Solimano, Eduardo Aninat, and Nancy Birdsall—Peter S. Heller

Collapse: The Venezuelan Banking Crisis of '94 by Ruth de Krivoy—Mercedes Da Costa

Pensions, Savings and Capital Flows: From Ageing to Emerging Markets by Helmut Reisen—Robert Holzmann