The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to exce...

This textbook offers a complete course in applied macroeconomics at the intermediate level that emphasizes the application of economic theory to real-world data and policy. Topics covered include national and international income, financial accounts, business cycles, financial markets, economic growth, labor markets, aggregate supply and demand, inflation, and monetary and fiscal policy. The text is unique in developing a detailed toolkit of elementary statistics and graphical techniques f...

This insightful and elegantly written book examines how the popular media of the Victorian era sustained and transformed the reputations of Romantic writers. Tom Mole provides a new reception history of Lord Byron, Felicia Hemans, Sir Walter Scott, Percy Bysshe Shelley, and William Wordsworth—one that moves beyond the punctual historicism of much recent criticism and the narrow horizons of previous reception histories. He attends instead to the material artifacts and cultural practices tha...

This book represents an extraordinary journey for me, one that extends over a period of 25 years. After observing several economic boom and bust cycles and researching several more, I have reached an understanding and appreciation of the power and massive influence of these events. Even though each boom and bust cycle is fundamentally different, there are similar themes, factors and cyclical patterns that repeat themselves throughout the bull and bear markets. As one period ends, another s...

task has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the burden of adjustment onto fiscal consolidation. The SDN will investigate the main drivers behind successful past debt reversals, focusing on macroeconomic and financial market conditions, the speed and form of fiscal adjustment, and the institutional policy setting, among other things. Its policy conclusions will depend on the emerg...

Diverted by the dramatic military and political events of July 1944, few Americans realized the significance of an international conference taking place at Bretton Woods, a mountain resort in New Hampshire, far from the battle zones. There United Nations experts were completing plans for a world monetary and financial system that they hoped would create a prosperous, efficient global economy and avert economic tensions that might lead to another world war. Until the dollar crisis of 1971, ...

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The second Annual Report of the IEO summarizes the findings and recommendations of two completed evaluation projects: on the IMF’s experience with the Poverty Reduction Strategy Papers and the Poverty Reduction and Growth Facility and the role of the IMF in Argentina, 1991-2001. It also discusses the status of ongoing evaluations, and identifies potential candidates for the menu from which future IEO work programs will be chosen.

Emerging market economies have accounted for three quarters of world economic growth and more than half of world output over the last decade. But the energy and ideas inherent in emerging economies cannot generate growth by themselves without resources to support them — and first among these resources is money which is needed to purchase the capital and knowhow that turn ideas and initiative into income. How do emerging economies rich in resources other than money get money? This ...

This book examines the current state of central banking in 44 developing countries. The authors analyse the banks' achievement in their primary objective of price stability and discuss the reasons behind the general lack of success. The book covers: * government financing * foreign exchange systems * domestic banking systems. Rich in data, the book

First published in 1990, this book was intended as a counter to the rising and continued strength of the New Right and an attempt to bolster the perceived weakness of the opposition — providing a critical discussion of New Right ideology and also of the more influential Left reactions to them. The contributors scrutinise the attempts to reconstruct the idea of socialism in the 1990s, and pinpoint the relation of socialism to freedom, equality and the market. In the course of this searching...

Limited diversification is an underlying characteristic of many low-income countries (LICs). Concentration in sectors with limited scope for increases in productivity and quality may result in less broad-based and sustainable growth. Moreover, lack of diversification may increase exposure to adverse external shocks and macroeconomic instability. The SDN will have three objectives. First, to review and extend the evidence, from the existing literature and ongoing IMF work, that points to di...