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A quarterly magazine of the IMF
  June 2000
Volume 37, Number 2
Taking the Offensive Against Corruption

Subverting Corruption
Robert Klitgaard
The focus of countries' anticorruption efforts typically begins with consciousness raising, shifts to making governments less susceptible, and then addresses the problem of corrupt systems. When this third stage is reached, what measures can governments, concerned citizens, and others take to subvert entrenched corruption?

Making Anticorruption Agencies More Effective
Jeremy Pope and Frank Vogl
National anticorruption agencies, which could be a vital force in preventing corruption, are frequently so politicized that they are ineffective. In this article, two officials of Transparency International discuss how anticorruption agencies can become key players in the war against bribery.

Governance Matters: From Measurement to Action
Daniel Kaufmann, Aart Kraay, and Pablo Zoido-Lobat�n
Policymakers generally rely on anecdotal evidence to assess the quality of governance, but this information is often misleading and incomplete. How can governments and civil society best encourage institutional change by developing and applying a systematic approach to measuring governance, its determinants, and its consequences?

Stakeholders, Governance, and the Russian Enterprise Dilemma
Raj Desai and Itzhak Goldberg
Over the past decade, Russia's efforts to achieve economic growth and restructure its economy have been seriously hampered by a dearth of investment and the proliferation of barter and arrears. Given current conditions, how might Russian economic reform efforts best be supported?


Trade Liberalization in the Caribbean
Janet Stotsky, Esther Suss, and Stephen Tokarick
Since the mid-1990s, the governments of Caribbean countries have demonstrated a firm commitment to trade liberalization. What steps have they taken, what have the results been, and what further steps should they consider taking?

The Duration of Terms of Trade Shocks in Sub-Saharan Africa
Paul Cashin and Catherine Pattillo
A characteristic common to the commodity-exporting developing countries of sub-Saharan Africa is that movement in their terms of trade is a key determinant of macroeconomic performance and has an important impact on real national incomes. However, there are marked differences across these countries in the typical duration of terms of trade shocks.

Tanzania's Experience with Trade Liberalization
Oussama Kanaan
After Tanzania's economy deteriorated during the 1970s and early 1980s, it took a series of bold steps to liberalize trade. How successful have these efforts been in improving its economic performance, and what lessons can other developing countries derive from Tanzania's experience?

Comrades or Competitors? Trade Links Between China and Other East Asian Economies
Prakash Loungani
Has China's emergence as a major exporter dampened the prospects of other Asian economies? Although many have suggested that the answeris "yes," the evidence to support such an adversarial view of trade links between China and East Asian economies is hard to come by.

Labor Markets and Banking

European Labor Markets and EMU: Challenges Ahead
R�diger Soltwedel, Dirk Dohse, and Christiane Krieger-Boden
The debate about European Economic and Monetary Union (EMU) has so far been dominated by questions of fiscal convergence and macroeconomic stability. Far less attention has been given to EMU's effects on labor markets, although labor market performance will be crucial in determining the long-term success or failure of EMU.

The New World of Banking
Tom�s J.T. Bali�o and Angel Ubide
Four trends are fundamentally altering the financial world: consolidation of institutions, globalization of operations, development of new technologies, and universalization of banking. Each of these poses challenges for the effective supervision and regulation of the financial sector.

Agricultural Development Banks: Close Them or Reform Them?
Hans Dieter Seibel
Agricultural development banks were established to extend credit and other financial services to customers not considered creditworthy by commercial banks. Although frequently unprofitable, they can play an important role in the fight against rural poverty. Should these banks be closed or are they worth revamping?

Financial Focus

Improving the Framework for Reporting on International Reserves
Anne Y. Kester
During the international financial crises of the late 1990s, deficiencies were uncovered in the publicly available information on countries' international reserves. A new template and operational guidelines have been developed to promote improved disclosure of such data.

Point of View

Where Are Emerging Markets Headed?
Mohamed A. El-Erian


From the Editor

Book Reviews

Development as Freedom by Amartya Sen—V. Sundararajan

A Stream of Windows: Unsettling Reflections on Trade, Immigration, and Democracy by Jagdish Bhagwati—Lynn Aylward

Buy American: The Untold Story of Economic Nationalism by Dana Frank—Vivek B. Arora

Letters to the Editor