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An End to China’s Imbalances?
Global imbalances have been a central theme of the international economic policy debate for much of the last decade, prompted by large and sustained current account deficits in the U.S. and counterpart surpluses in China, Germany, and among many of the oil producers. This paper focuses on the current state of the external imbalance in China, examining the factors underlying the post-2008 drop in China’s current account surplus and analyzing the prospects for the external surplus going forward. The paper finds that China’s current account surplus should remain modest in the coming years. However, despite the fact that China’s medium-term current account is likely to stay below its pre-crisis range, it is too early to conclude that "rebalancing" has been truly achieved in China. While imbalances do not currently seem to be manifesting themselves as a feature of China’s external accounts, the evidence increasingly points to a rising domestic imbalance as growth becomes increasingly dependent on very high levels of investment.
Kuwait
Kuwait has made an impressive recovery from the damage and disruptions caused by the Iraqi invasion in 1990, as evidenced by the restoration of basic economic and social services, the recovery of the oil sector, the rehabilitation of infrastructure, and the steady reduction in the fiscal and balance of payments deficits. This paper examines recent developments in the Kuwaiti economy and discusses the country's medium-term policy challenges of saving for future generations, strengthening the financial sector, and improving the functioning of the labor market.
Fiscal Sustainability with Non-Renewable Resources
This paper assesses sustainable fiscal behavior in an economy where wealth is derived predominantly from a non-renewable resource. It explores the issue in a simple dynamic framework that highlights the structural weaknesses in the underlying budgetary position, takes into account the rate of depletion of a country’s natural resource base, and examines the impact of changes in a country’s terms of trade. An alternative indicator of fiscal sustainability is derived, and the principal factors determining sustainability are identified. The results of the analysis are applied to Venezuela and Kuwait.
On Improving Public Expenditure Policies for the Poor
An improvement in the quality of public expenditures is needed in many countries, given binding macroeconomic and fiscal constraints, and poverty reduction and distributional objectives. This process involves a reassessment of methodology used for this purpose by countries and international agencies, and the data needed for improved decision making. This paper reviews methods that might be used by international agencies, such as the Fund and the Bank, jointly with a survey of data currently available, required improvements in the data currently available, and required improvements in the information base. The scope for improvements in governments' expenditure policy making is also considered.
Understanding Fiscal Space
With new initiatives to provide low income countries with external assistance in support of the Millennium Development Goals (MDGs), donors and NGOs are seeking to understand whether "fiscal space" can be provided in the context of IMF-supported programs to support these initiatives. This paper defines the concept of fiscal space and its link to fiscal sustainability, describes alternative ways in which fiscal space can be created, and notes how the IMF can support appropriate efforts to create fiscal space. The paper underscores that the issues that arise in creating fiscal space are not novel, but have always confronted governments in judging whether there is scope for additional expenditure.
Vanishing England
DigiCat Publishing presents to you this special edition of "Vanishing England" by P. H. Ditchfield. DigiCat Publishing considers every written word to be a legacy of humankind. Every DigiCat book has been carefully reproduced for republishing in a new modern format. The books are available in print, as well as ebooks. DigiCat hopes you will treat this work with the acknowledgment and passion it deserves as a classic of world literature.
The Strange Death of David Kelly
"Anyone can commit a murder, but it takes an artist to commit a suicide." – Old KGB saying The high-profile death of government weapons inspector Dr David Kelly twenty-one years ago, amid the tumult of Britain's controversial invasion of Iraq, plunged the New Labour government into crisis and led to the resignation of the BBC's director general. An informal inquiry chaired by Lord Hutton into the circumstances surrounding Kelly's death cleared the government of wrongdoing but was widely dismissed as a whitewash. The Strange Death of David Kelly argues that neither the medical evidence nor David Kelly's state of mind and personality supported the verdict of suicide. Analysing the official process instigated after Kelly's death, putting the entire episode into its political context and scrutinising the actions of the government in launching the Iraq War, this new edition of the instant bestseller is fully updated to include the latest evidence and theories surrounding this most mysterious and political of deaths.
Ecological Impact Assessment
The world's ecosystems are increasingly threatened by human development. Ecological impact assessment (EcIA) is used to predict and evaluate the impacts of development on ecosystems and their components,thereby providing the information needed to ensure that ecological issues are given full and proper consideration in development planning. Environmental impact assessment (EIA) has emerged as a key to sustainable development by integrating social, economic and environmental issues in many countries. EcIA has a major part to play as a component of EIA but also has other potential applications in environmental planning and management. Ecological Impact Assessment provides a comprehensive review...
