|The Asian Crisis
Crisis and the Changing Role of the IMF
Since it began operations in 1946, the IMF has steadily evolved in
response to changes in the world economy. What steps is it taking to meet the new
challenges posed by the Asian crisis?
What Lessons Does
the Mexican Crisis Hold for Recovery in Asia?
Guillermo Ortiz Martinez
The Mexican and the Asian crises have striking similarities. A comparison
of the two provides lessons about how emerging economies can safeguard themselves against
sudden capital outflows.
Crisis: A Market Perspective
Recent events in Asia have posed a particular challenge for international
capital markets. How can net private capital flows best be restored?
Challenge of Managing Global Capital Flows
The financial crisis that erupted in Asia in 1997 vividly demonstrated the
risks associated with free capital flows. But capital mobility is a goal worth pursuing,
given the potential benefits. With the right policies, countries can manage the risks
while increasing their access to global financial markets.
Crisis: Causes and Cures
The financial crisis that struck many Asian countries in late 1997 did so
with an unexpected severity. What went wrong? How can the effects of the crisis be
mitigated? And what steps can be taken to prevent such crises from recurring in the
East Asia's Infrastructure Foundations
Ashoka Mody and Michael Walton
The halfway measures taken toward privatizing East Asia's infrastructure
have resulted in weak corporate governance, vulnerability to crises, and inefficiency.
Faced with slowing growth, the region needs to shift its focus to increasing competition
and adopting needed regulation.
Aging in the
Asian Tiger Economies
Peter S. Heller
What challenges will the aging of populations in Asia's tiger economies
pose for their social insurance and educational systems? What effects will this have on
their budgets, and on their saving rates and total savings, as well as on those of the
The Supply Side of
Discussions of how to combat corruption have focused more sharply on the
recipients of bribes than on those who pay them. A more balanced approach, which is
emerging, promises to make anticorruption efforts more effective.
Private Investment in the West Bank and Gaza Strip
The accords signed by Israel and the PLO in 1993 and 1994 heralded greater
prosperity for Palestinians. But an adverse external trade environment has discouraged
private investment, and economic conditions have deteriorated.
Operations in the European Economic and Monetary Union
Charles A. Enoch, Paul L. Hilbers, and Arto Kovanen
The European Monetary Institute and Europe's national central banks have
made good progress in preparing a "menu" of efficient, market-based monetary
instruments from which the European Central Bank, to be established by July 1, 1998, will
choose. The next step will be to address the remaining issues and test the selected
Service Reform in Africa: Mixed Results After 10 Years
Although many African countries have taken important steps toward
restructuring their civil services by downsizing them, less progress has been made in
revamping pay and promotion policies. Cost-cutting measures need to be accompanied by bold
reforms to improve quality.
International Use of Currencies: The U.S. Dollar and the Euro
George S. Tavlas
Why does the international monetary system seem to need only one or, at
most, a few national currencies to carry out international transactions? This article
offers an explanation, discusses recent trends in the international use of the dollar, and
assesses the possible impact of the euro in world financial markets.