Journal Article
IMF and Economic Reform in Developing Countries
In this paper we assess the IMF approach to economic reform in developing countries. The impact of IMF program participation on economic growth has been evaluated empirically in a cross-country literature, with little evidence of IMF programs having...
Research Brief
Debt
In the twentieth and early twenty-first centuries, debt crises have plagued low-, middle-, and high-income countries at various times. Indebted countries have generally addressed balance of payments crises either by (a) obtaining International...
Working Paper
Capital Account Liberalization and Management
This paper reviews the history and controversies associated with capital account management. It first looks at the transition from the acceptance at the Bretton Woods conference of capital account regulations as a normal policy instrument to the...
Policy Brief
Sustainability of External Development Financing to Developing Countries
External development finance consists of those foreign sources of funds that promote or at least have the potential to promote development in the destination countries if delivered in the appropriate form. This rather broad definition qualifies all...
Working Paper
The Provision of Global Liquidity
This paper analyses three major problems of the current international monetary system: the asymmetric-adjustment problem, dependence on the monetary policy of the main reserve-issuing country, and the large demand for self-insurance by developing...
Working Paper
The Governance of the International Monetary System
This paper proposes a reformed architecture of the international monetary system based on three pillars. The first is a representative apex organization, which can be understood as a transformation of the G-20 into a representative international...
Working Paper
The Multilateral Aid System
The paper assesses the multilateral development financing system in the light of the replenishments of three key funds in 2013. It argues that the replenishments showed strong continuing support for each institution, but identifies challenges...
Working Paper
Impacts of Africa's Growing Debt on its Growth
The main theme of this manuscript is to demonstrate that growth in Sub-Saharan African (SSA) countries has continued to decline under the burden of the foreign debt over the last fifteen years. After a decade of painful lost growth, the continent...
Book
Resetting the International Monetary (Non)System
This is an open access title available under the terms of a CC BY-NC-SA 3.0 IGO licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. International financial crises...
Working Paper
Capital Flows to Developing Countries of the International Financial System
Recent financial crises, whose effects have been particularly severe in developing countries, have led to a wide-ranging debate on international financial reform. This debate has had to confront the implications of the huge growth of international...
Working Paper
Will the Euro Trigger More Monetary Unions in Africa?
We analyse the prospects for greater monetary integration in Africa, in the wake of EMU. We argue that the structural characteristics of African economies are quite different to the EMU members but that much can be gained from monetary cooperation...
Book Chapter
Development Financing through ODA :
From the book The Millennium Development Goals: Raising the Resources to Tackle World Poverty by Fantu Cheru, Colin Bradford, Jr.This chapter deals with key priorities in connection with the Helsinki Process on the theme 'Development Finance for...
Working Paper
Proposals for Curbing the Boom-Bust Cycle in the Supply of Capital to Emerging Markets
This paper examines what might be done to limit the boom-bust cycle in the flow of capital to emerging markets. Although the paper accepts that some types of capital flow (notably foreign direct investment) are much less problematic in this respect...
Working Paper
Institutional Investors, Corporate Ownership, and Corporate Governance
We examine the role of institutional investors in financial markets and in corporate governance. In many countries, institutional investors have become the predominant players in financial markets and their influence worldwide is growing, chiefly due...
Book
Governing Globalization
It is now more than fifty years since the United Nations system and the Bretton Woods institutions were created. The world has changed since then, and so have its governance needs in terms of institutions and rules. It is time to think about the...
Annual Lecture
More Instruments and Broader Goals
Professor Stiglitz provides a thorough critique of the 'Washington consensus', a set of beliefs that has become highly influential. His cogent analysis shows that while certain elements of the Washington consensus - for example, low inflation and low...
Book
Short-Term Capital Flows and Economic Crises
The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 - and their high development costs - raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term...
Working Paper
Multiactor Global Funds
Multiactor global funds (MGFs) are emerging as important new mechanisms for the financing of development and other global priorities. MGFs like the Global Fund for AIDS, Tuberculosis and Malaria are distinctive because they are administered and...
Working Paper
Global macroeconomic cooperation and the exchange rate system
This paper looks at historical and current frameworks to manage macroeconomic linkages among economies. It considers first the evolving nature of global payments imbalances. It then focuses on the mechanisms of macroeconomic dialogue and cooperation...
Working Paper
Efficiency of Commercial Banks in Sub-Saharan Africa
Utilizing the stochastic frontier approach, this study conducts a comparative analysis of profit efficiency and cost inefficiency of commercial banks operating in 29 sub-Saharan African (SSA) countries by bank ownership (domestic bank, SSA foreign...
Working Paper
International Bank Lending
International bank lending is a major component of capital flows between advanced and emerging economies. However, in recent years these flows have been going the wrong way, like water flowing uphill. Even four years after the Asian crisis, there is...
Working Paper
Will HIPC Matter? The Debt Game and Donor Behaviour in Africa
In this paper we focus on the question: will the HIPC debt reduction programme help in the transformation of the development assistance business and change the rules of the ‘debt game’ in Africa? We concentrate on the donor and official creditor side...
Working Paper
Unsustainable Debt Burden and Poverty in Pakistan
The financing of Pakistan’s substantial current account deficits within the framework of IMF and the World Bank structural adjustment programmes—about 6 per cent of GDP in the early 1990s led to a debt crisis in the late 1990s. IMF considered this...