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Controlling Time and Shaping the Self
This book gives answers to questions surrounding the rise of autobiographical writing from the sixteenth to the twentieth century by analyzing texts varying from the time of the Spanish Inquisi tion to post-war Japan.
GEM
Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its predecessor model, and how the new features of the model can improve the IMF’s policy analysis. The paper is aimed at a general audience and avoids technical detail. It outlines the motivation, structure, strengths, and limitations of the model; examines three simulation exercises that have been completed; and discusses the future path of GEM.
Perspectives on Regional Unemployment in Europe
The third stage of European Economic and Monetary Union (EMU) was implemented in January 1999 against the specter of persistently high unemployment in many of the participating countries. While the high European unemployment has received considerable attention, this new IMF staff study analyzes an equally important issue: the extent of regional unemployment disparities in certain countries. The paper focuses on large and persistent differences in regional unemployment rates within several European countries. The paper includes detailed case studies of two euro area countries where regional disparities in unemployment are striking- Italy and Spain. The studies emphasize that wages are unresponsive to local labor market conditions.
The Adoption of Indirect Instruments of Monetary Policy
This paper examines the experience of implementing indirect instruments of monetary policy. The experiences of country studies illustrate the variety of circumstances under which indirect instruments of monetary policy have been introduced. Case Studies are presented for Chile, Egypt, Ghana, Indonesia, Mexico, New Zealand, and Poland.
The Baltics
This paper on the Baltic countries analyzes medium-term fiscal issues related to European Union (EU) and NATO accession. The paper supports the Baltic authorities’ intention to aim at balancing their budgets over the economic cycle. The paper describes the Baltics’ current fiscal position and structure. It reviews theory and empirical evidence of the possible macroeconomic benefits of fiscal adjustment. It also reviews the experience of earlier EU accession countries prior to and after their accession. The medium-term fiscal frameworks are also presented.
The Republic of Latvia
This 2001 Article IV Consultation highlights that Latvia has enjoyed a strong economic performance since the last Article IV Consultation in June 2000. Real GDP growth was 61⁄2 percent in 2000 and accelerated to 83⁄4 percent in the first half of 2001; growth has been led primarily by investment. Inflation has remained low at 3 percent in 2000 and 2001. Market sentiment toward Latvia remains favorable, as evidenced by the relatively low yield spread on Latvia’s first Eurobond and by the successful issue, in November 2001, of a second Eurobond.
Nature
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Nature
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Effects of Financial Globalization on Developing Countries
This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.
