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A quarterly magazine of the IMF
  December 2007
Volume 44, Number 4
Global Governance: Who's in Charge?

Global Governance: New Players, New Rules

James M. Boughton and Colin I. Bradford, Jr.
Oversight of international relations is inadequate for the 2lst century. To strengthen the governance of global interactions requires rationalizing the relationships among sovereign states, updating the existing multilateral institutions, and creating an effective oversight body.
(pdf format, 1,026 kb)

Subprime: Tentacles of a Crisis
Randall Dodd
Turbulence in the U.S. subprime market in mid-2007 caused worldwide financial turmoil. An architectural tour of the U.S. mortgage market shows its structural weaknesses and explains why the crisis spread to other developed and emerging economies.
(pdf format, 207 kb)

Governing Global Trade
Uri Dadush and Julia Nielson
The multilateral system of rules that has governed international trade for more than 50 years is facing serious challenges stemming from the increased role of developing countries and the sensitivity of the unfinished liberalization agenda.
(pdf format, 278 kb)

Financial Crises of the Future
Paolo Mauro and Yishay Yafeh
Financial crises in the 1890s did not spill over borders, unlike crises that erupted a century later. Whether future crises will more resemble the 1890s or the 1990s is unclear, but it is useful to ponder the implications for global financial governance if international spillovers remain possible.
(pdf format, 351 kb)
spacer Governing Global Health
David E. Bloom
As global health threats have grown, new players have altered the shape of the health system. But is the current system of health governance adequate to oversee the changing array of players and ensure that the right health issues are being tackled?
(pdf format, 240 kb)

Point of View
Is the Global Health System Broken?
Joe Cerrell, Helene Gayle and J. Stephen Morison, and Tore Godal
Three points of view on how the global health system can be improved.
(pdf format, 148 kb)

Also in This Issue

Backcasting Latin America
Luis A.V. Catão
Information about business cycles in Latin America could reveal the effects of policy shifts in this traditionally economically volatile region. But research has been hampered by inadequate data. A new technique seeks to reconstruct GDP data.
(pdf format, 292 kb)

Africa's Missing Ingredients
Adboulaye Bio-Tchané and Etienne B. Yehoue
Sub-Saharan Africa appears to be making progress, but more needs to be done to entrench growth. Democracy alone is not enough. What appears to be missing is good governance, especially a strong civil society and free press.
(pdf format, 396 kb)


Letter from the Editor
(pdf format, 89 kb)

Letters to the Editor
Female power; A moral obligation; Making it a partnership of equals; Chinese on the move; The cost of tied aid; Unlocking hidden treasures; Accounting for the environment
(pdf format, 147 kb)

In Brief

Interactive data visualization tool
No ban on air-freighted organic produce
Linking Africa through broadband
Investing in Africa's raw materials industries
Costa Rica to convert industry waste
(pdf format, 294 kb)

People in Economics

Harnessing Ideas to Idealism
Arvind Subramanian profiles Michael Kremer, the Harvard economist who has helped pioneer the creation of a new instrument to boost the development of vaccines by securing advance promises to pay for them.
(pdf format, 218 kb)

Picture This

Changing Aid Landscape
Stefano Curto
A chart-based look at the shifting aid scene. Official donors have not met their aid commitments, but new donors are entering the development arena—creating challenges of aid fragmentation and earmarking.
(pdf format, 478 kb)

Book Reviews

The Persistence of Poverty: Why the Economics of the Well-Off Can't Help the Poor, Charles Karelis

Making Development More Sustainable: Sustainomics Framework and Practical Applications, Mohan Munasinghe

The Age of Turbulence: Adventures in a New World, Alan Greenspan

African Development: Making Sense of the Issues and Actors, Todd J. Moss

The Writing on the Wall: Why We Must Embrace China as a Partner or Face It as an Enemy, Will Hutton
(pdf format, 320 kb)

Country Focus

United Arab Emirates
In recent years, the U.A.E. has enjoyed rapid economic growth—impressive by any global standard. Its challenge now is to address the housing constraint that is pushing up inflation while sustaining growth and ensuring macroeconomic and financial stability.
(pdf format, 378 kb)

Straight Talk

The (Food) Price of Success
Simon Johnson
Simon Johnson, the IMF's Economic Counsellor and Director of the Research Department, talks about rising food prices and suggests there may be scope for rich countries to remove ethanol subsidies.
(pdf format, 114 kb)

Index of Articles in 2007
(pdf format, 81 kb)