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F&D logo
A quarterly magazine of the IMF
  March 2002
Volume 39, Number 1
The Shape of Global Integration

Surmounting the Challenges of Globalization
Eduardo Aninat

The Globalization of Finance
Gerd H´┐Żusler
During the past two decades, financial markets around the world have become increasingly interconnected. Financial globalization has brought considerable benefits to national economies and to investors and savers, but it has also changed the structure of markets, creating new risks and challenges for market participants and policymakers.

Financial Stability in the World of Global Finance
Haizhou Huang and S. Kal Wajid
To reduce their vulnerability to national and international financial crises, countries must address the weaknesses in their financial systems.

Is a G-3 Target Zone on Target for Emerging Markets?
Carmen M. Reinhart and Vincent Raymond Reinhart
Would the exchange rate stability created by a target zone for the world's three most important currencies be in the best interests of emerging market countries? A recent study suggests such stability might come at the price of more volatile interest rates, making this a difficult question to answer.

September 11 and the U.S. Payment System
Christine M. Cumming
What lessons can we draw from September 11 to help us safeguard the financial system against possible future disasters?

Adapting to Climate Change
Peter S. Heller and Muthukumara Mani
Not much talked about but still worrisome are the economic and fiscal disruptions likely to be caused by global climate change, especially for developing countries. Policymakers should take steps to minimize these disruptions, and sooner rather than later.

Education for All by 2015
Alain Mingat and Carolyn Winter
At the World Education Forum in Dakar, Senegal, in 2000, officials from 180 countries set a challenging goal: ensuring access to primary education for all children by 2015

Making AIDS Part of the Global Development Agenda
Robert Hecht, Olusoji Adeyi, and Iris Semini
AIDS is not just a health issue but a development problem that must be addressed at the global level. As countries increasingly recognize the need to incorporate strategies for tackling AIDS in their national policy frameworks, they are discovering important new weapons—notably national poverty reduction plans—that were not available even two years ago.

Globalization and the Silent Revolution of the 1980s
James M. Boughton
During the 1980s, as many countries sought to adapt to a changing, sometimes turbulent economic climate, their policymakers underwent a dramatic change in thinking. How beneficial has this 'silent revolution' been, and what can policymakers and the international community do now to broaden and secure the gains it has brought?

Also in This Issue

Southeastern Europe After the Kosovo Crisis
Dimitri G. Demekas
In the wake of the Kosovo crisis, the countries of Southeastern Europe have made great strides, although they still have to catch up with their neighbors in Central and Eastern Europe. What form should their reform agenda take, and what lessons can the international community draw for helping other postconflict regions?

Institutions to Support Markets
Roumeen Islam
To spur growth and reduce poverty, poor countries will need efficient formal and informal institutions that support market activity. A major World Bank study offers insights into how such institutions may be developed.


Letters to the Editor

From the Editor

In Brief

Sovereign debt bankruptcy rules, New round of trade talks, Financing for Development conference

Picture This

Globalization: The Story Behind the Numbers


Making Globalization Work for the Poor
Kevin Watkins

David Dollar and Aart Kraay

Straight Talk

The Surprising Popularity of Paper Currency
Kenneth S. Rogoff

Book Reviews

The End of Globalization: Lessons from the Great Depression, by Harold James

Paradoxes of Prosperity: Why the New Capitalism Benefits All, by Diane Coyle

Out of the Red: Building Capitalism and Democracy in Postcommunist Europe, by Mitchell A. Orenstein

Work Without Wages: Russia's Nonpayment Crisis, by Padma Desai and Todd Idson