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A quarterly magazine of the IMF
Volume 40, Number 4
The Millennium Development Goals
to a set of five articles examining the Millennium Development Goals (MDGs) and
what it will take to achieve these globally adopted targets that center on halving
the 1990 incidence of extreme poverty by the year 2015.
(183 kb, pdf file)
Mark Baird and Sudhir Shetty
A World Bank study details how a combination of more aid and better policies
could help developing countries achieve many of the MDGs and make faster progress
toward the others. Box details the eight MDGs.
(328 kb, pdf file)
Avoiding Another Debt Trap
Daseking and Julie Kozack
For many low-income countries, developing a sustainable borrowing strategy is
a crucial element in any plan for meeting the MDGs. Box details how the approach
would work for Bolivia.
(227 kb, pdf file)
Nancy Happe, Mumtaz Hussain, and Laure Redifer
How to help cushion external shocks for low-income countries to prevent them
being blown off track while attempting to meet the MDGs.
(243 kb, pdf file)
Using Fiscal Policy to Spur Growth
Emanuele Baldacci, Benedict Clements, and Sanjeev Gupta
When reducing fiscal deficits makes sense for low-income
some policy implications of doing so.
(296 kb, pdf
Overcoming the Obstacles
Hilde Johnson, Henry Northover, Luisa Diogo, and M. Saifur
Several participants in the MDG debate have different
perspectives on what it will take to lift the world's neediest out of poverty.
(227 kb, pdf
Also in This Issue
Bridging the "Great Divide"
De Nicoló, Sami Geadah, and Dmitriy Rozhkov
Poorly developed financial systems in the CIS-7 countries may jeopardize their
(195 kb, pdf file)
Beyond the Great Wall
Prasad and Thomas Rumbaugh
Why some see China's integration into the global trading system as a competitive
threat but others, including global consumers, see it as a boon. Despite China's
increasing vilification as a spoiler in the global trade game, IMF research suggests
that China may be getting an unfair press.
(234 kb, pdf file)
From the Editor
Letters to the Editor
Deeper into the Institutions Debate; No Global Middle Class; Why
Isn't Africa Growing?; IMF Should Blow the Whistle.
(248 kb, pdf file)
News from international agencies
François Bourguignon takes over as new Chief Economist of
the World Bank; U.N. Secretary General Kofi Annan appoints a blue-ribbon panel
to review the role of the United Nations; the Financial Sector Reform and Strengthening
Initiative (FIRST) helps develop financial sectors; donors pledge $33 billion
for Iraq; the U.N. launches a drive to boost world rice output; a new handbook
focuses on the economics of the environment.
(215 kb, pdf file)
People in Economics
Hearing the Dogs Bark
Jeremy Clift interviews Peruvian economist Hernando de Soto,
who argues that the key to both defeating international terrorism and securing
enabling tens of millions of poor entrepreneurs across the developing world to
become part of the system rather than excluded from it by bureaucracy and red
(179 kb, pdf file)
Back to Basics
The Global War on Poverty: Who's Winning?
Few would deny that progress is being made in the global war on poverty. But
there are conflicting reports on how to measure success and who is winning.
kb, pdf file)
The World's Forests—Balancing Economic Demands and Conservation
Background and statistics on why it is important to husband the
world's forests and how they could be managed in the future.
(251 kb, pdf file)
Selling China: Foreign Direct Investment During the Reform Era, Yasheng Huang
The Next Crisis? Direct and Equity Investment in Developing Countries, David
The Real Environmental Crisis: Why Poverty, Not Affluence, Is the Environment's
Number One Enemy, Jack Hollander
Plan B: Rescuing a Planet Under Stress and a Civilization in Trouble, Lester
Portrait of the Poor: An Assets-Based Approach, Orazio Attanasio and Miguel
Governing the World's Money, David M. Andrews, C. Randall Henning, and
Louis W. Pauly (editors)
kb, pdf file)
Disinflation: An Unsung Benefit of Globalization?
Kenneth S. Rogoff
The past decade of global disinflation may well be
an unsung benefit of globalization—something that should give the antiglobalizers
pause, particularly since lower inflation tends to help the poor the most.
(142 kb, pdf file)
The Commonwealth of Independent States
A decade after starting their transition to market economies,
the CIS countries have achieved impressive economic growth but need to implement
further structural reforms to strengthen the investment climate; a statistical
analysis illustrated with six graphs.
(63 kb, pdf file)
Index to the articles for 2003.
(110 kb, pdf file)