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   MARCH 1998
Volume 35, Number 1


Fighting Corruption Worldwide

International Cooperation Against Corruption
Robert Klitgaard
Combating corruption is such a difficult and sensitive issue that many national political leaders who support such efforts in principle are hesitant to undertake them in practice. How can international cooperation help build support for fighting corruption, both nationally and globally?

Corruption and Development
Cheryl W. Gray and Daniel Kaufmann
What are the principal causes and costs of corruption? This article examines these questions and suggests specific ways to enhance anticorruption efforts in developing and transition economies.

Corruption: Causes, Consequences, and Agenda for Further Research
Paolo Mauro
What do we know about corruption, how do we know it, and what steps do we need to take to improve our understanding of corruption and enhance governments' effectiveness in combating it?

Confronting the AIDS Epidemic

Confronting AIDS
Lyn Squire
If developing countries face up to the realities of AIDS and act quickly, millions of lives can be saved. The three articles on AIDS in this issue look at the epidemic from an economic perspective and outline priorities for developing countries in preventing the spread of HIV and helping people already infected.

Setting Government Priorities in Preventing HIV/AIDS
Martha Ainsworth
Public policy has proved to be an effective weapon in containing the HIV/AIDS epidemic. Governments can have the greatest impact by providing incentives for those most likely to spread HIV to adopt safer behavior.

Coping with the Impact of AIDS
Mead Over
The AIDS epidemic is straining the limited resources available to many developing country governments. How can governments provide support to those affected by AIDS without neglecting others in need or abandoning important development goals?


Achieving Low Inflation in Transition Economies: The Role of Relative Price Adjustment
Sharmini Coorey, Mauro Mecagni, and Erik Offerdal
Many transition economies have been unable to reduce inflation to low levels on a sustained basis. Monetary growth has been a dominant factor. Relative price adjustment and nominal wage shocks are also partly to blame, but their impact on inflation can be modified by monetary and exchange rate policy.

Can Inflation Targeting Be a Framework for Monetary Policy in Developing Countries?
Paul R. Masson, Miguel A. Savastano, and Sunil Sharma
In a number of industrial countries, the adoption of inflation targeting as a monetary policy framework has enhanced transparency and accountability. Can this framework also be applied to developing countries?

Also in this Issue

Civil Liberties, Democracy, and the Performance of Government Projects
Lant Pritchett and Daniel Kaufmann
How does the extent of civil liberties and democracy in a country affect the performance of its government's investment projects and, more generally, the government's effectiveness?

Mainstreaming Biodiversity in Agricultural Development
Stefano Pagiola, John Kellenberg, Lars Vidaeus, and Jitendra Srivastava
The expansion and intensification of agriculture have been major contributors to the loss of biodiversity worldwide. As agricultural production continues to rise to meet the growing demands of the world's population, it is critical to find ways to minimize conflicts and enhance complementarities between agriculture and biodiversity.

Distance Education: Growth and Diversity
Michael Potashnik and Joanne Capper
Distance education is becoming increasingly popular as economic forces encourage, and new technologies facilitate, its spread. What advantages does it offer, and what should course providers consider before embarking on new ventures?


Letter from the Editor

World Economy in Transition
Currency Crises: The Role of Monetary Policy
IMF Staff

Readers' Comments


Masters of Illusion: The World Bank and the Poverty of Nations by Catherine Caufield
reviewed by Paul Streeten

The World Bank: A Third World View by H.N. Ray
reviewed by Paul Streeten

Corruption and the Global Economy, edited by Kimberly Ann Elliott
reviewed by Daniel Kaufmann

Historical Dictionary of the World Bank by Anne C.M. Salda
reviewed by James Feather

Dollar and Yen: Resolving Economic Conflict between the United States and Japan by Ronald I. McKinnon and Kenichi Ohno
reviewed by George S. Tavlas

Technology and Industrial Development in Japan: Building Capabilities by Learning, Innovation, and Public Policy by Hiroyuki Odagiri and Akira Goto
reviewed by Robert Dekle