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Finance & Development, December 1999

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A quarterly magazine of the IMF
  December 1999
Volume 36, Number 4
Issues for the New Millennium

Challenges of the New Millennium
John Kenneth Galbraith talks with Asimina Caminis
John Kenneth Galbraith, Paul M. Warburg Professor of Economics Emeritus at Harvard University, discusses the major events of the past century and takes a look at the challenges ahead, in this conversation with Asimina Caminis, Senior Editor of Finance & Development.

The World Economy
IMF Area Department Directors
The directors of the six IMF area departments assess the current situations in their regions, the challenges these regions face, and their opportunities for growth in the coming years.

Is Liberalization Reversible?
Harold James
On the eve of the millennium, "globalization" has become a catchphrase throughout the world. The nation-state, the driving force of the past two centuries, is dissolving under the pressure of cross-national integration. Despite its many benefits, however, globalization is unsettling, and those who feel most threatened by it may try to turn back the clock.

The Changing Development Landscape
Shahid Yusuf
The development landscape in the early twenty-first century will be shaped by globalization and localization. Although these forces offer poor countries unprecedented opportunities for growth, they may prove politically and economically destabilizing unless institutional frameworks are strengthened.

From Centralized to Decentralized Governance
William Dillinger and Marianne Fay
Decentralization can foster political stability and economic development—if transfers of resources and responsibilities are carefully coordinated and intergovernmental relationships are clearly defined.

The World Trading System: The Road Ahead
Simon J. Evenett
All countries have much more to gain than to lose from opening up their markets. As a new round of trade talks begins, the international community should make a commitment to pursue further trade reforms.

Trade: An Engine of Growth for Africa
Robert Sharer
During the new round of trade talks, African countries should use their bargaining power to gain concessions in the areas of most interest to them—liberalization of world agricultural markets and increased access to industrial country markets. In exchange, they should further liberalize their own trade regimes.

Components of a Future Development Strategy: The Importance of Human Development
Paul Streeten
Although current prospects for increased aid disbursements are not good, efforts to combat poverty could be more successful if aid were provided on conditions that included human, or social, criteria.

Governance in the Digital Economy
Don Tapscott and David Agnew
The Internet and related technologies are revolutionizing the way people live, communicate, and work. What impacts will these far-reaching changes have on the structures and functioning of our governments?

Financial Markets

Managing Global Finance and Risk
Garry J. Schinasi, Burkhard Drees, and William Lee
The turbulence that swept through financial markets in the fall of 1998 was a wake-up call. It revealed that risk-management practices and supervisory and regulatory frameworks did not fully take account of the changing nature of private financial risk-taking, market dynamics, and systemic risk.

Integrated Financial Supervision: Lessons of Scandinavian Experience
Michael Taylor and Alex Fleming
Several industrial countries have recently merged their banking, securities, and insurance regulators. Of these, three Scandinavian countries have the longest experience with integrated financial sector supervisory agencies, which have enjoyed considerable success. Would such agencies also make sense in developing and transition countries?

Tobacco Control

Death and Taxes: Economics of Tobacco Control
Prabhat Jha, Joy de Beyer, and Peter S. Heller
Contrary to long-standing beliefs, tobacco-control policies can lead to huge health benefits without harming economies.


Letter from the Editor

Book Reviews

The Return of Depression Economics by Paul Krugman—Paul R. Masson

Capital Flows and Financial Crises edited by Miles Kahler—Subir Lall

Beyond Tradeoffs: Market Reform and Equitable Growth in Latin America edited by Nancy Birdsall, Carol Graham, and Richard R. Sabot—Benedict Clements

Lombard Street: A Description of the Money Market by Walter Bagehot—David D. Driscoll

Letters to the Editor

Index for 1999—Volume 36