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This paper surveys some of the principal monetary policy issues facing countries of the former U.S.S.R. The emphasis is on the immediate problem of imposing financial discipline in these economies, to bring down inflation quickly and decisively. Possible options for the essential nominal anchor are considered, together with the problems of selecting appropriate targets and instruments for monetary policy needed to make that anchor effective. It is argued that, if the stabilization effort is to be sustained, discipline must be imposed at the micro- as well as the macro-level, and the paper suggests a second-best approach to the allocation of credit in the absence of well-functioning credit markets.
The Enhanced Structural Adjustment Facility (ESAF) is the cenerpiece of the International Monetary Fund's strategy to provide assistance on concessional terms to low-income member countries that are undertaking important macroeconomic adjustment and stuctural reforms. By February 1999, a total of SDR 7 billion (about US$9 billion) had been distributed under 79 ESAF arrangements to 51 developing countries. Edited by Hugh Bredenkamp and Susan Schadler, this volume features internal IMF staff assessments of the ESAF and provides an historical account of policies implemented and outcomes achieved under ESAF- supported programs.
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This paper describes the break-up of the rouble zone after the collapse of the Soviet Union in December 1991 and the opportunities and risks involved in establishing separate currencies in the new republics of the FSU. Fundamental disagreements about the desirable pace of economic reform, together with the need for radical changes in the pattern of economic activity, greatly weakened the case for retention of a single currency. Also, by mid-1993, the reformers in Russia had realized that continued use of the rouble by the republics weakened the authorities' ability to control monetary developments. The introduction of new currencies in countries lacking experience of economic policy making i...
Embrace uncertainty, seize opportunities, and thrive with the mindset of billionaires and start-up mavericks. In a world shaped by Covid-19, fake news, manipulated information feeds, and divisive social-media agendas, it's easy to believe that our time is the most challenging in human history. It's just not true. This is a time of extraordinary opportunity, but only if you have the right mindset. Fear of the future breeds inaction and strategic paralysis. Problem-solvers thrive in chaotic and uncertain times because they act to change their future. Winners recognise that in a world of growing uncertainty, you need to focus on things you can control. Bruce Whitfield, in his two decades of int...
The year is 1832 and the Cape is rife with rumours about the liberation of slaves. Philida is the mother of four children by Francois Brink, the son of her master. Francois has reneged on his promise to set her free and his father has ordered him to marry a white woman from a prominent family, selling Philida on to owners in the harsh country in the north. Unwilling to accept this fate, Philida tests the limits of her freedom by setting off on a journey. She travels across the great wilderness to the far north of Cape Town - determined to survive and be free. LONGLISTED FOR THE MAN BOOKER PRIZE 2012.
In this accessible book, a leading expert provides a critical assessment of the official sector's efforts to more effectively manage financial crises in emerging markets. Professor Eichengreen reviews international initiatives on both the crisis prevention and crisis resolution fronts. Whilecrises will always be with us, he concludes that good progress has been made in limiting their spread and strengthening the international financial system. Ironically, however, official-sector initiatives in this area may in fact have made life more difficult for the poorest countries. Initiativesto limit the incidence of crises and threats to the stability of the international financial system should the...
This work presents an overview of the clinical pathology of mycobacterial and nonpathogens, data on genetically based methodologies for clinical testing, straightforward protocols for molecular manipulations, and theoretical explanations of the molecular mechanisms involved. It explains the safest and most efficient methods for detecting mycobacterium avium complex, providing the means to combat this common secondary opportunistic infection in AIDS patients.