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This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems.
The export performance of Sub-Saharan Africa has lagged behind that of developing countries in other regions for the past two decades, and total export proceeds have fallen significantly since 1980. Many factors explain this outcome, including continued concentration in slowly-growing non-fuel primary commodities and domestic economic policies that have discouraged new investment that could promote diversification and increased production of traditional crops. Diversification into new agricultural products and light manufactures could boost export earnings, but only if the region can compete successfully with existing producers elsewhere. In most countries this will require major structural reforms to create a more attractive economic environment.
This paper provides updated information on the external debt problem of sub-Saharan Africa. Between 1980 and 1990 the region’s external debt more than tripled, to US$171 billion, while debt service payments and rescheduling rose by more than 150 percent to US$20 billion. In addition, the region continues to qualify as severely debt-distressed. During the last few years the region has benefitted from several new debt initiatives, including a substantial increase in debt cancellation by bilateral creditors and the general application of Toronto terms for debt rescheduling. There are also proposals for further debt assistance, including more liberal rescheduling terms, broader debt forgiveness, and consolidating debt relief and aid generation activities.
Drawing from current examples from a variety of countries, Public Finance: An International Perspective addresses the main issues in contemporary public finance, including fiscal sustainability, state enterprises, and a variety of subsidies. There are relatively few textbooks on public finance, and many of them focus on the experience and issues facing the United States. This book sets out to address the critical issues from other countries, particularly those from the developing world or emerging market countries, who have received less attention in other texts. Written in a highly accessible manner, this book is a useful reference for students and practitioners alike.
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.
Poland's economy rebounded dramatically in 1992-93, several years after the nation embarded on a comprehensive program of economic transformation. This paper describes Polan's steps in the areas of public finance, monetary policy and financial sector reform, trade and exchange rate policy, and microeconomic liberalization, as well as the social impact of transition.
This paper reviews and analyzes how Morocco overcame the economic and financial crisis it confronted at the beginning of the 1980s. It highlights the challenges that still confront the Moroccan economy and the lessons that can be drawn from Morocco's adjustment experience.
This paper summarizes the methods and types of indicators that are often employed, both insid and outside the IMF, to assess whether exchange rates are broadly in line with economic fundamentals.