{
  "title": "Integration and Growth in a Globalized World Economy",
  "publication": "IMF Speeches, September 23, 1999",
  "sourceUrl": "https://www.imf.org/en/publications/other-statistical-electronic-products/issues/2016/12/30/integration-and-growth-in-a-globalized-world-economy-3217",
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  "summary": "This paper presents four commentaries by an IMF Deputy Managing Director on integration and growth in a globalized world economy.",
  "sections": [
    {
      "heading": "Summary and scope",
      "content": "- Presents four commentaries by an IMF Deputy Managing Director on integration and growth in a globalized world economy.\n- Emphasizes that globalized and integrated financial markets are the norm, offering opportunities and risks.\n- Highlights that sound macroeconomic policies must be a top priority and must be supported by transparency and accountability.\n- Stresses that policies at the country and global level must be mutually reinforcing, with industrial countries meeting more outward-oriented policies of developing countries with greater openness around the world.\n- Recommends that the IMF agenda include adopting bold structural reforms and building a social consensus for reform through economic security, good governance, and a better dialogue with civil society in Africa.\n- In the Berlin address, development is argued to rest on three pillars: good economic policy, a favorable legal and political environment, and attention to equitable social development."
    },
    {
      "heading": "Key findings and themes",
      "content": "- Globalized and integrated financial markets create:\n  - Opportunities to quicken the pace of investment, job creation, and growth.\n  - Some inevitable risks.\n- Macroeconomic policy priorities:\n  - Sound macroeconomic policies are essential.\n  - Transparency and accountability are necessary supports for policy effectiveness.\n- Policy coherence:\n  - Country-level and global-level policies must be mutually reinforcing.\n  - Industrial countries should respond to outward-oriented policies of developing countries with greater openness.\n- Structural and social dimensions:\n  - IMF agenda should include bold structural reforms.\n  - Building social consensus for reform through economic security, good governance, and dialogue with civil society—especially in Africa—is recommended.\n- Development pillars (Berlin address):\n  - Good economic policy.\n  - Favorable legal and political environment.\n  - Attention to equitable social development."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Adopt bold structural reforms as part of the IMF agenda.\n- Build social consensus for reform via:\n  - Economic security.\n  - Good governance.\n  - Better dialogue with civil society in Africa.\n- Promote transparency and accountability to support macroeconomic policies.\n- Encourage mutual reinforcement between country-level and global-level policies, with increased openness from industrial countries.\n\n---\n\n\nSource: https://www.imf.org/en/publications/other-statistical-electronic-products/issues/2016/12/30/integration-and-growth-in-a-globalized-world-economy-3217"
    }
  ],
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    "Published: September 23, 1999",
    "Series: IMF Speeches",
    "DOI: https://doi.org/10.5089/9781557758477.076",
    "Presents four commentaries by an IMF Deputy Managing Director on integration and growth in a globalized world economy.",
    "Emphasizes that globalized and integrated financial markets are the norm, offering opportunities and risks.",
    "Highlights that sound macroeconomic policies must be a top priority and must be supported by transparency and accountability.",
    "Stresses that policies at the country and global level must be mutually reinforcing, with industrial countries meeting more outward-oriented policies of developing countries with greater openness around the world.",
    "Recommends that the IMF agenda include adopting bold structural reforms and building a social consensus for reform through economic security, good governance, and a better dialogue with civil society in Africa.",
    "In the Berlin address, development is argued to rest on three pillars: good economic policy, a favorable legal and political environment, and attention to equitable social development.",
    "Globalized and integrated financial markets create:",
    "Macroeconomic policy priorities:",
    "Policy coherence:",
    "Structural and social dimensions:",
    "Development pillars (Berlin address):",
    "Adopt bold structural reforms as part of the IMF agenda.",
    "Build social consensus for reform via:",
    "Promote transparency and accountability to support macroeconomic policies.",
    "Encourage mutual reinforcement between country-level and global-level policies, with increased openness from industrial countries."
  ],
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}