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F&D logo
A quarterly magazine of the IMF
  December 2002
Volume 39, Number 4
Facing Crises

Eye of the Storm
New-style crises prompt rethink about prevention and resolution measures.

Assessing the Dangers
Christian Mulder
Spotting vulnerability to financial risks is key to preventing crises.

Debt: How Much Is Too Much?
Christina Daseking

The Bottom Line
Christian Keller, Christoph Rosenberg, Nouriel Roubini, and Brad Setser
Weaknesses in public and private sector balance sheets could be the sign of a crisis in the making.

Riding Out the Storm
Inutu Lukonga
Dealing with crises more effectively.

Financial Regulators Need Independence
Udaibir S. Das, Marc Quintyn, and Michael W. Taylor
Granting more operational autonomy to the agencies that keep an eye on the financial sector can bolster financial stability.

Also in This Issue

Managing the Fiscal Impact of Aid
Aleš Bul�ř and Timothy Lane
Poor countries must find better ways to manage spending in the face of volatile and unpredictable aid flows.

Mohammed El-Qorchi
How does this informal funds transfer system work, and should it be regulated?

Prolonged Use of IMF Loans: How Much of a Problem Is It?
David Goldsbrough, Kevin Barnes, Isabelle Mateos y Lago, and Tsidi Tsikata
How much of a problem is it?

Thinking Big
M. Ayhan Kose and Eswar S. Prasad
How can small states hold their own in an increasingly globalized economy?

Common Currency
Ugo Fasano and Zubair Iqbal
GCC countries face fundamental choices as they head for monetary union.

A Bigger Role for Legislatures
Frederick C. Stapenhurst and Riccardo Pelizzo
As elected representatives, legislatures should be involved in developing national poverty reduction strategies and overseeing their implementation.

The Elusive Peace Dividend
Sanjeev Gupta, Benedict Clements, Rina Bhattacharya, and Shamit Chakravarti
How armed conflict and terrorism undermine economic performance.


From the Editor

Letters to the Editor

In Brief

Fewer strings attached, A web for donors' insights, Healthy exports

Picture This

How Corruption Holds Countries Back

Straight Talk

Rethinking Capital Controls
Kenneth S. Rogoff

Book Reviews

Beyond Sweatshops: Foreign Direct Investment and Globalization in Developing Countries,  Theodore H. Moran

Capacity for Development: New Solutions to Old Problems,  Sakiko Fukuda-Parr, Carlos Lopes, and Kahid Malik (editors)

Free Trade Today,  Jagdish Bhagwati

Free Trade Under Fire,  Douglas Irwin

Nothing Is Sacred: Economic Ideas for the New Millennium,  Robert J. Barro


Index to the articles for 2002