Browse by Subject

Policy Area Papers on Development policy



How to Reconcile Democracy, the State and the Global Market How to Reconcile Democracy, the State and the Global Market
Giovanni Farese & Paolo Savona, World Economics, June 2017
Nation states were the vehicle for market capitalism, but global market capitalism has freed itself from regulations imposed by nation states. A trilemma between democracy, the state and the market became an irreconcilable one, and gathered momentum. The post-War period ... More


Sovereign Wealth Fund Investment in Economic Transformation: Toward an Institutional Framework Sovereign Wealth Fund Investment in Economic Transformation: Toward an Institutional Framework
Patrick Schena & Asim Ali, World Economics, March 2017
The prospect of prolonged lower hydrocarbon and commodity prices has forced many countries to reconsider both fiscal policy and sovereign wealth fund asset allocation to address possible liquidity needs. In order to analyze the diversity and effectiveness of public inve ... More


The Indian Economy: From Growth to Stagflation to Liberal Reform The Indian Economy: From Growth to Stagflation to Liberal Reform
Deepak Lal , World Economics, March 2016
This paper considers the optimistic scenario that India was on a high growth path and would follow China’s path with a lag (as its reforms started in 1991 compared with China’s in 1980) which would produce an economic miracle. This did not happen and since 2011 India’s ... More


A New Challenge A New Challenge: The myriad new opportunities offered by East Africa’s oil and gas basin
Ziwase Ndhlovu, World Economics, June 2011
Over the last five years there has been a noticeable shift in focus among leading oil and gas companies active in the continent of Africa. Rather than focusing on West and North Africa for investment opportunities, there has been a move to explore new prospects in East ... More


The European Union’s Trade Policies and Africa’s Exports The European Union’s Trade Policies and Africa’s Exports
Olayinka Idowu Kareem, World Economics, June 2011
An important determinant of the sustainability of growth in Africa is the extent to which the continent can exploit the opportunities available from trade. Trade barriers exist to key African exports, which make it difficult for the continent to take advantage of the gr ... More


Connecting the African Continent Connecting the African Continent: Infrastructure, growth and poverty reduction
Peter Dearden, Nemat Shafik & Leonard Tedd, World Economics, June 2011
This paper provides an overview of the contribution of economic infrastructure to growth and human development in Africa. Challenges for infrastructure provision including finance, recurrent costs and public-sector responsibilities are covered, together with assessment ... More


Trade Out of Poverty Trade Out of Poverty
Peter Lilley, Clare Short, Sir Menzies Campbell & Michael Hastings, World Economics, June 2011
Integration into the world economy has proven a powerful means for countries to promote economic growth, development, and poverty reduction, and therefore governments need to have a renewed focus on trade policy towards developing countries to help improve the lives of ... More


Boosting Infrastructure Investments in Africa Boosting Infrastructure Investments in Africa
Donald Kaberuka, World Economics, June 2011
The absolute and relative lack of infrastructure in Africa suggests that the continent’s competitiveness could be boosted by scaling up investments in infrastructure. Such investments would facilitate domestic and international trade, enhance Africa’s integration into t ... More


Christopher Adam on James M. Broughton and Domenico Lombardi (eds) Finance, Development, and the IMF. Christopher Adam on James M. Broughton and Domenico Lombardi (eds) Finance, Development, and the IMF.

World Economics, March 2011
... More


The G20 After the Seoul Summit The G20 After the Seoul Summit: G-force or G-string?
Graham Bird, World Economics, March 2011
To some, the G20 offers a representative, legitimate and effective forum for dealing with global economic issues, and represents a distinct improvement on the G8. To others it is seen as still lacking full legitimacy and as being an unlikely institutional vehicle for or ... More


Low-Carbon Development for the Least Developed Countries Low-Carbon Development for the Least Developed Countries
Alex Bowen & Sam Fankhauser, World Economics, March 2011
The global community has to act collectively to halt climate change. But such collective action must take into account the development needs of the least developed countries (LDCs), which are likely to be hit earliest and hardest by climate change. The priority of such ... More


On Economic Growth and Domestic Saving in India On Economic Growth and Domestic Saving in India
Tarlok Singh, World Economics, March 2011
This study examines the economic growth and domestic saving in India. The onset of gradual economic reforms since the 1980s provided some fillip to growth, and the momentum was carried forward through the adoption of a wide-ranging structural adjustment program since th ... More


Trade and Growth in the Post-Crisis World Trade and Growth in the Post-Crisis World
Ronald U. Mendoza, World Economics, December 2010
Countries that have most successfully used trade as part of a high growth strategy tend to exhibit a distinct trading pattern that maximises learning. The evidence points to three main strategies: first, trading itself matters, as firms learn from a larger market; secon ... More


A Rising Consumer Class A Rising Consumer Class: A perspective on India
Manish Sonthalia, World Economics, December 2010
India has had two stages of growth, both related to consumption since 1947. The first was based on developing economic self sufficiency; the second on rising disposable income. It is now entering its third period of consumption growth which sees it entering the world st ... More


Savings for the Poor Savings for the Poor: Banking on mobile phones
Ignacio Mas, World Economics, December 2010
This paper reviews the relevance of formal financial services – in particular, savings – to poor people, the economic factors that have hindered the mass-scale delivery of such services in developing countries, and the technology-based opportunities that exist today to ... More


Keith Boyfield on Paul Collier: The Plundered Planet Keith Boyfield on Paul Collier: The Plundered Planet

World Economics, September 2010
... More


Özlem Öz on World Development Report 2009: Reshaping Economic Geography Özlem Öz on World Development Report 2009: Reshaping Economic Geography

World Economics, September 2010
... More


Economic Growth in Venezuela Economic Growth in Venezuela: Policies vs oil wealth
Claudio Paiva, World Economics, September 2010
This paper presents an empirical analysis of Venezuela’s economic growth in the last several decades, providing possible explanations for the country’s weak performance relative to its peers. First, a growth accounting exercise uncovers a long, negative trend in tota ... More


Regionalising Infrastructure Reform in Developing Countries Regionalising Infrastructure Reform in Developing Countries
Ioannis N. Kessides, Roger G. Noll & Nancy C. Benjamin, World Economics, September 2010
The principal conclusion of this essay is that regionalisation of infrastructure regulation (i.e. the creation of supranational regulatory authorities such as WATRA or ECTEL) is likely to yield significant benefits that go beyond exploiting economies of scale in both in ... More


Keith Boyfield on Dambisa Moyo: Dead Aid Keith Boyfield on Dambisa Moyo: Dead Aid
Keith Boyfield
World Economics, June 2010
... More


Vietnam: From Transitional State to Asian Tiger? Vietnam: From Transitional State to Asian Tiger?: Issues of the Vietnamese economic transformation experience
F. Gerard Adams & Anh Le Tran, World Economics, June 2010
Putting aside the legacy of its unique history, Vietnam has achieved an excellent growth record. But it is still far behind the leading East Asian economies. We consider the Vietnamese growth strategy in light of the controversies about ‘accumulation vs assimilation’ an ... More


Finance, Technology and Multinationals from the Periphery Finance, Technology and Multinationals from the Periphery: An analysis of the Latin American experience
Edmund Amann & Werner Baer, World Economics, March 2010
This article analyses the emergence of Latin American multinational corporations (MNCs), with a particular emphasis on the roles of finance and technology. It is established that the need to acquire foreign technology and finance has played a key role in the emergence o ... More


Export-led Growth via Export Platform Strategies Export-led Growth via Export Platform Strategies: The impact of free trade agreements on the structure of FDI
Akinori Tomohara & Kazuhiko Yokota, World Economics, December 2009
Free trade agreements (FTAs) have the potential to impact FDI structures. Specifically, we explore when and how export platform strategies can result in export-led growth. A reduction in trade costs, including tariffs and non-tariff barriers, are likely to lead to expor ... More


The World’s Poorest Nations and the Global Financial Crisis The World’s Poorest Nations and the Global Financial Crisis
Nicholas Imparato & Shalendra D. Sharma, World Economics, December 2009
Unlike many earlier financial crises, the current sub-prime-induced crisis originated in advanced economies (in the US housing sector) in the summer of 2007, and rapidly mushroomed into a global financial crisis by September 2008. Developing nations, especially the ‘lea ... More


Are MENA Countries Reaping the Benefits of Inflows? Are MENA Countries Reaping the Benefits of Inflows?: A comparative analysis of migrants’ remittances and FDI flows
Magda Kandil & Ida Aghdas Mirzaie, World Economics, September 2009
Using data for a sample of developing countries, we analyse the effects of external flows, namely migrants’ remittances and FDI flows, on real output growth, price inflation and components of aggregate demand. The historical evidence indicates unstable patterns of FDI i ... More


Well-being and Public Attitudes in Afghanistan Well-being and Public Attitudes in Afghanistan: Some insights from the economics of happiness
Carol Graham & Soumya Chattopadhyay, World Economics, September 2009
Afghanistan is a context where individuals have to cope with the most adverse of circumstances. Our study of happiness finds that Afghans conform to a remarkably consistent worldwide pattern in the determinants of happiness across individuals within countries of all dif ... More


Reforming IMF Conditionality Reforming IMF Conditionality: From ‘streamlining’ to ‘major overhaul’
Graham Bird, World Economics, September 2009
As it has for many years, International Monetary Fund conditionality is currently receiving much attention in the context of the global financial crisis. At the beginning of the 2000s the Fund introduced a policy of ‘streamlining’ intended to reduce the amount of condit ... More


The New Economic Powers (NEPs) The New Economic Powers (NEPs): Leadership opportunities post-crisis
Danny Leipziger & William O’Boyle, World Economics, September 2009
In the wake of the global financial and economic crises, much attention has been focused on large developing economies, particularly the BRICs, and their role in the new economic landscape. Focusing on trends in demographics and output, the emergence of the BRICs crysta ... More


Governance and Development Governance and Development: The current role of theory, policy and practice
Michael Chibba, World Economics, June 2009
Governance matters are arguably at the core of international development. What role do theory, policy and practice play in shaping matters of governance with respect to development? This review paper, which is organised in three parts, focuses on this subject since the ... More


An Expanded Concept of Capital in Development Economics An Expanded Concept of Capital in Development Economics
Luc Noiset, World Economics, December 2008
... More


The Wealth and Poverty of Nations The Wealth and Poverty of Nations: François Bourguignon on fifty years of economic development and the elusive quest for sustained growth
An interview with introduction by Brian Snowdon
World Economics, September 2008
François Bourguignon was Chief Economist and Senior Vice President, Development Economics, at the World Bank before taking up his current position as Director of the Paris School of Economics. He is one of the world’s leading economists in the field of economic growth a ... More


Poverty Reduction in Developing Countries Poverty Reduction in Developing Countries: No consensus but plenty of solutions
Michael Chibba, World Economics, March 2008
... More


Growth Strategies and Dynamics Growth Strategies and Dynamics: Insights from country experiences
Mohamed A. El-Erian & A. Michael Spence, World Economics, March 2008
The paper examines the challenges that developing countries face in accelerating and sustaining growth. The cases of China and India are examined to illustrate a more general phenomenon which might be called model uncertainty. As a developing economy grows, its market a ... More


Leonardo Martinez-Diaz on Carol Lancaster, Foreign Aid: Diplomacy, Development, Domestic Politics Leonardo Martinez-Diaz on Carol Lancaster, Foreign Aid: Diplomacy, Development, Domestic Politics

World Economics, December 2007
... More


The Role of the IMF in Low-Income Countries The Role of the IMF in Low-Income Countries: Recent issues
Domenico Lombardi, World Economics, December 2007
The question of whether the IMF should effectively engage with its low-income member countries has recently generated a wide debate among development economists, policymakers, and advocates from nongovernmental organizations. This note elaborates on the important role t ... More


Jack Goldstone on Gregory Clark, A Farewell to Alms: A Brief Economic History of the World Jack Goldstone on Gregory Clark, A Farewell to Alms: A Brief Economic History of the World

World Economics, September 2007
... More


Tim Lankester on Paul Collier, The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It Tim Lankester on Paul Collier, The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It

World Economics, September 2007
... More


The Future of North Korea is South Korea The Future of North Korea is South Korea: (Or hope springs eternal)
Marcus Noland, World Economics, September 2007
North Korea's famine was in significant part a product of state failure, and unleashed an unintended grassroots process of marketization. Reforms undertaken in 2002 are more usefully interpreted as a response to this development than as a pro-active attempt to improve e ... More


How to Tackle Poverty How to Tackle Poverty: Economists are closing in on the answers
Diane Coyle, World Economics, September 2007
There has been an unprecedented political focus on economic development and poverty reductions since the Gleneagles Summit of 2005, yet it seems economists have been unable to agree on how to capitalise on the opportunity. Is more aid the solution? Or the problem? This ... More


Prospects for Commodity Exporters Prospects for Commodity Exporters: Hunky Dory or Humpty Dumpty?
Paul Collier & Benedikt Goderis, World Economics, June 2007
Those low-income countries that export non-agricultural commodities are in the midst of a resource transfer. It is undoubtedly the biggest opportunity for transformative development that these societies have experienced, dwarfing both aid and previous commodity booms. T ... More


Shalendra D. Sharma on the Sachs–Easterly debate. Shalendra D. Sharma on the Sachs–Easterly debate.: Can Massive Foreign Aid Eliminate Extreme Poverty?

World Economics, March 2007
... More


Aid for Trade Aid for Trade: An essential component of the multilateral trading system and WTO Doha development agenda
Faizel Ismail, World Economics, March 2007
The paper argues that increased Trade and Aid are both essential to enhance the development of many developing countries. It argues further that trade-related technical assistance and capacity building is not only an essential element of the concept of special an ... More


Book Review Book Review: Carol Graham on William Easterly, The White Man’s Burden: Why the West’s Efforts to Aid the Rest Have Done So Much Ill and So Little Good

World Economics, December 2006
... More


Education in a Globalized World Education in a Globalized World
David E. Bloom, World Economics, December 2006
The arguments in favor of education rest on various premises: legal and humanitarian—that children are entitled to an education as a basic human right; economic—that countries will advance faster when people are educated; social and political-that education is essential ... More


From The Hong Kong WTO Ministerial Conference to the Suspension of the Negotiations From The Hong Kong WTO Ministerial Conference to the Suspension of the Negotiations: Developing countries reclaim the development content of the WTO Doha Round
Faizel Ismail, World Economics, September 2006
This paper makes an assessment of the WTO Doha Negotiations from the Hong Kong Ministerial Conference until the suspension of the Doha Round at the end of July 2006. The paper analyses the events from a development perspective distinguishing between the perspectives of ... More


Making Fiscal Space Happen! Making Fiscal Space Happen!: Managing fiscal policy in a world of scaled-up aid
Peter S. Heller, Menachem Katz, Xavier Debrun, Theo Thomas, Taline Koranchelian & Isabell Adenauer, World Economics, September 2006
Debt relief and the scaling up of aid to low-income countries should allow for increased fiscal space for expenditure programs to spur long-term growth and reduce poverty. But as discussed in Peter Heller’s article “Pity the Finance Minister” (World Economics, Vo ... More


Understanding China’s Economic Transformation Understanding China’s Economic Transformation: Are there lessons here for the developing world?
Daniel W. Bromley & Yang Yao, World Economics, June 2006
Economic change is a process of continual adjustment to new circumstances. Economies are always in the process of becoming. Good economic policy entails pragmatic adjustment so that economic dystrophy is avoided. The experience of economic (institutional) reform in Chin ... More


Russia at the Crossroads Russia at the Crossroads: Padma Desai on transition, reform, and the legacy of Yeltsin’s ‘kamikaze crew’
An interview with introduction by Brian Snowdon
World Economics, June 2006
To set the interview in context, Brian Snowdon first traces out some important landmarks in twentieth-century Russian/Soviet Union history. In the conversation that follows, Professor Desai gives her views on a number of key issues relating to the decline of the Soviet ... More


Book Review Book Review: David Bevan on Helping the Poor? The IMF and Low-Income Countries.

World Economics, March 2006
... More


Comment Comment: Phillip Crowson on the ‘death of distance’ and natural resource-based economic development in history.

World Economics, March 2006
... More


The Enduring Elixir of Economic Growth The Enduring Elixir of Economic Growth: Xavier Sala-i-Martin on the wealth and poverty of nations
An interview with introduction by Brian Snowdon
World Economics, March 2006
“I think that the most important question that an economist can ask is, What is it that makes a country grow? More than anything else it is economic growth that affects human welfare…this is why it must remain a major research interest for economists.” In this in ... More


Can Iraq Overcome the Oil Curse? Can Iraq Overcome the Oil Curse?
Robert E. Looney, World Economics, March 2006
A growing literature suggests that the oil sector and the allocation of its revenues is the critical variable in shaping both the economic structure and political systems of countries like Iraq. For the most part this literature focuses on the so-called “oil curs ... More


Corporate China Goes Global Corporate China Goes Global
Friedrich Wu, World Economics, December 2005
Recent high-profile international acquisitions and take-over bids by Chinese companies have attracted much media limelight and raised intense interest in China’s rising outward foreign direct investment (FDI). This paper delineates the macro trends of China’s outward FD ... More


Brazil’s Economy Under Lula Brazil’s Economy Under Lula: The dawn of a new era?
Edmund Amann, World Economics, December 2005
In this article Edmund Amann analyses the recent performance of the Brazilian economy, the largest in South America. For a number of years it has been clear that Brazil, despite substantial natural resource endowments and a talented and entrepreneurial population, has f ... More


Monetary Policy, Macro-stability and Growth Monetary Policy, Macro-stability and Growth: South Africa’s recent experience and lessons
Janine Aron & John Muellbauer, World Economics, December 2005
There is greater appreciation now amongst economists of the negative effect of uncertainty on investment, growth and equality, especially when credit constraints are widespread. This implies an important linkage between the transparency and predictability of the policy ... More


Measuring Global Poverty Right Measuring Global Poverty Right: Mission impossible?
M. G. Quibria, World Economics, December 2005
The international community is committed to millennium development goals which postulate a vision of global development that makes eliminating poverty and sustaining development the overriding objective of global development efforts. In the hierarchy of the MDGs, the fi ... More


“Pity the Finance Minister” “Pity the Finance Minister”: Issues in managing a substantial scaling up of aid flows
Peter S. Heller, World Economics, December 2005
Substantial scaling up of aid flows will require development partners to address many issues, including the impact of higher aid flows on the competitiveness of aid recipients, the management of fiscal and monetary policy, the delivery of public services, behavioral inc ... More


A Global Compact to End Poverty A Global Compact to End Poverty: Jeffrey Sachs on stabilisation, transition and weapons of mass salvation
An interview with introduction by Brian Snowdon
World Economics, December 2005
Brian Snowdon presents the text of a two-hour interview conducted with Jeffrey D. Sachs of Columbia University—a wide-ranging discussion relating to Professor Sachs’s work over the past thirty years on macroeconomic stabilisation, the economics of transition, and severa ... More


To What Extent Should Less-Developed Countries Enforce Intellectual Property Rights? To What Extent Should Less-Developed Countries Enforce Intellectual Property Rights?
Gilles Saint-Paul, World Economics, September 2005
This paper discusses a number of issues in the context of the debate on intellectual property in less developed countries (LDCs). It starts by discussing the consequences of IP enforcement in LDCs for global innovation and welfare in poorer countries. It then considers ... More


Natural Resource-Based Economic Development in History Natural Resource-Based Economic Development in History
Edward B. Barbier, World Economics, September 2005
The role of natural resources in fostering economic development is examined for key historical epochs, from the agricultural revolution in 8,000 BC to the present. Natural resource exploitation has been important to development for most of global history. Depending on w ... More


Paradoxes in Biodiversity Conservation Paradoxes in Biodiversity Conservation
David Pearce, World Economics, September 2005
Biodiversity is important for human wellbeing, but it is declining. Measures to conserve biodiversity are essential but may be a waste of effort if several paradoxes are not addressed. The highest levels of diversity are in nations least able to practise effective co ... More


The Value of Vaccination The Value of Vaccination
David E. Bloom, David Canning & Mark Weston, World Economics, September 2005
Despite advances during the twentieth century, immunization coverage is far from universal and faces significant obstacles in both developing and developed countries. Weak policy emphasis on vaccination may be the result of the narrow view of its benefits in scientific ... More


Migration and Development Migration and Development: A new research and policy agenda
Dhananjayan Sriskandarajah, World Economics, June 2005
There is growing interest in the impacts of international migration on economic development. Yet, despite a burgeoning literature, some of the most fundamental questions in this area remain unanswered. This article suggests five priorities for devising better methodolog ... More


The New Economics of the Brain Drain The New Economics of the Brain Drain
Oded Stark, World Economics, June 2005
For nearly four decades now, the conventional wisdom has been that the migration of human capital (skilled workers) from a developing country to a developed country is detrimental to the developing country. However, this perception need not hold. A well-designed migrati ... More


The IMF and Low-Income Countries The IMF and Low-Income Countries
David Bevan, World Economics, June 2005
There is a wide-ranging debate about possible redefinitions of the role and structure of the IMF itself, and of the Bretton Woods Institutions more generally. This paper has a more restricted focus, on the way in which the IMF interacts with the low-income countries amo ... More


Tensions in the Role of the IMF and Directions for Reform Tensions in the Role of the IMF and Directions for Reform
Timothy Lane, World Economics, June 2005
While the International Monetary Fund (IMF) has evolved considerably since its foundation 60 years ago, the past few years have brought fresh challenges. This paper discusses four key areas in which developments have led to a rethinking of the institution’s role: the em ... More


Does the World Need a Universal Financial Institution? Does the World Need a Universal Financial Institution?
James Boughton, World Economics, June 2005
All financial institutions specialize, in dimensions that may include categories of assets and liabilities, types of services offered, customer demographics, and geographic coverage. The International Monetary Fund is the only international financial institution that is ... More


The Nature of Corruption in Forest Management The Nature of Corruption in Forest Management
Charles Palmer, World Economics, June 2005
Corruption is a well-documented and common feature of natural resource management in the developing world. This article investigates the nature of corruption and whether or not there is such a thing as a ‘tolerable’ level of corruption, particularly where there is an es ... More


Rethinking Development Effectiveness Rethinking Development Effectiveness: Facts, issues and policies
M. G. Quibria, World Economics, March 2005
This article reviews some recent research on aid effectiveness. An important finding of this research is that foreign aid has been much more effective than is generally presumed. It also suggests that the current aid allocation policy of development agencies, based o ... More


Governance Matters Governance Matters: The role of governance in Asian economic development
David E. Bloom, David Steven & Mark Weston, World Economics, December 2004
In recent years there has been a surge of interest in governance: good governance increasingly is seen as a vital adjunct to successful development efforts. This paper attempts to explain what governance is and why it is important, and assess which forms of governanc ... More


Responsible Growth to 2050 Responsible Growth to 2050
Kirk Hamilton & Ian Johnson, World Economics, December 2004
At plausible rates of growth in population and income per capita, world GDP in 2050 could be four times what it is today. This paper considers the benefits this growth can provide, the risks that it presents, and the building blocks required to achieve it. The author ... More


Asian Drama Asian Drama: The pursuit of modernisation in India and Indonesia
Tim Lankester, World Economics, September 2004
The now largely forgotten book Asian Drama: An Inquiry into the Poverty of Nations by Swedish social scientist Gunnar Myrdal was published in 1968. Myrdal called his book “Asian Drama” because of the tensions he saw being played out in Asia between modern idea ... More


Explaining the ‘Great Divergence’ Explaining the ‘Great Divergence’: Daron Acemoglu on how growth theorists rediscovered history and the importance of institutions
An interview with introduction by Brian Snowdon
World Economics, June 2004
Daron Acemoglu is Professor of Economics at the Massachusetts Institute of Technology. In this interview he discusses with Brian Snowdon some of his recent research findings that confirm the key role played by ‘good’ and ‘bad’ institutions in determining the economic ... More


The Health and Wealth of Africa The Health and Wealth of Africa
David E. Bloom & David Canning, World Economics, June 2004
Among Africa’s problems, chronic poverty and poor health stand out. Traditional development thinking has maintained that health improvements are a consequence of income growth. But new evidence shows that investing in health, with the aid of the international communi ... More


Globalisation and the Asia–Pacific Revival Globalisation and the Asia–Pacific Revival
Arne Bigsten, World Economics, June 2004
This paper reviews evidence on the evolution of international economic integration of Asia–Pacific countries, and discusses the extent to which this explains their recent growth success. It starts with a review of some theoretical arguments in the growth and globalis ... More


The Quest for Development The Quest for Development: What role does history play?
Areendam Chanda & Louis Putterman, World Economics, June 2004
It may be no coincidence that those countries that grew most rapidly in the late twentieth century—including South Korea, China, and, of late, India—were relatively developed civilizations when Western Europe began its overseas expansion five centuries ago. In this a ... More


Beyond the Ivory Tower Beyond the Ivory Tower: Stanley Fischer on the economics of contemporary global issues
An interview with introduction by Brian Snowdon
World Economics, March 2004
Stanley Fischer had a long and distinguished career as an academic economist at MIT, and was Vice President, Development Economics and Chief Economist at the World Bank, before becoming First Deputy Managing Director of the International Monetary Fund in 1994. He is ... More


Escaping Regulation, Escaping Convention Escaping Regulation, Escaping Convention: Development strategies in small economies
Naren Prasad, World Economics, March 2004
Contrary to widely held belief, small island countries have many lessons to offer to other countries and the world community in terms of their development strategies. This article provides evidence that small island countries are experts at breaking and distorting gl ... More


International Aid International Aid: Experience, prospects and the moral case
Tim Lankester, World Economics, March 2004
This article describes the main reasons why aid has not been as effective at addressing the world’s poverty problem as it could have been: lack of will on the part of donors, inadequate policies and governance on the part of recipients, and a lack of understanding of ... More


Back to the Future Back to the Future: Jeffrey Williamson on globalisation in history
An interview with introduction by Brian Snowdon
World Economics, December 2003
Jeffrey Williamson is a leading authority on the economic history of the international economy. His interests cover a wide area within the field of economic history and include research on international economic development, the industrial revolution, industrialisati ... More


Exchange Rate Regimes Exchange Rate Regimes: Is there a third way?
Vijay Joshi, World Economics, December 2003
This paper argues that (a) for many developing countries, the optimal external payments regime would be a combination of an intermediate exchange rate with capital controls and (b) the policy stance and advice of the IMF should reflect this judgement. The paper uses ... More


How Demographic Change can Bolster Economic Performance in Developing Countries How Demographic Change can Bolster Economic Performance in Developing Countries
David E. Bloom & David Canning, World Economics, December 2003
Falling mortality rates spurred by medical, nutritional and lifestyle changes have spurred a ‘demographic transition’ in a majority of the world’s countries. As couples realize their children are more likely to survive, they need, and eventually have, fewer of them t ... More


In Search of the Holy Grail In Search of the Holy Grail: William Easterly on the Elusive Quest for Growth and Development
An interview with introduction by Brian Snowdon
World Economics, September 2003
Having conducted extensive research in the field of economic growth and development, William Easterly has broad knowledge and expertise on the problems facing developing countries. While working for the World Bank, he travelled extensively in Africa, Latin America an ... More


The Undivided City The Undivided City
James D. Wolfensohn, World Economics, September 2003
Two billion people are set to flood into the already crowded cities of the developing world over the next twenty-five years, mainly to live in the squalid surroundings of a slum or a shanty town and to endure the consequent effects of social injustice and division. J ... More


The Impact of Globalization on Rural Poverty The Impact of Globalization on Rural Poverty
Alexander Sarris, World Economics, June 2003
The paper first reviews the meaning and causes of globalization. It indicates that globalization is not a new phenomenon in history, but the current phase seems to have new elements that did not exist previously. Regarding the consequences of the various aspects of g ... More


Global Challenges of Providing Water and Wastewater Services Global Challenges of Providing Water and Wastewater Services
Paul Seidenstat, World Economics, March 2003
A key problem of water is the provision of a safe water supply for domestic use. Given the characteristics of water as a commodity, the general misuse of the pricing mechanism, and the economics of developing and operating water and wastewater systems, governments ar ... More


More Aid—Making It Work for the Poor More Aid—Making It Work for the Poor
Peter S. Heller & Sanjeev Gupta, World Economics, December 2002
This paper highlights the economic challenges that would be associated with a successful effort by industrial countries to meet the goal of devoting 0.7 percent of their GNP to official development assistance (ODA) to help poor countries. To help achieve the Millenni ... More


Continuities and Discontinuities in Global Development Continuities and Discontinuities in Global Development: Lessons from new East/West comparisons
Kenneth Pomeranz , World Economics, December 2002
Much literature normalises a ‘North Atlantic’ pattern of development, and sees a regionally specific ‘East Asian’ path emerging relatively recently. However, development patterns in core regions of Europe and East Asia were surprisingly similar until almost 1800; Eur ... More


The Puzzle of the Harmonious Stock Prices The Puzzle of the Harmonious Stock Prices
Randall Morck & Bernard Yeung, World Economics, September 2002
A peculiar pattern is evident across the stock markets of different countries. In emerging markets, such as Peru and China, all the stocks in the country tend to rise and fall together in the course of ordinary trading. But in developed countries, such as Denmark and C ... More


Can Africa Catch Up? Can Africa Catch Up?
Arne Bigsten, World Economics, June 2002
The trend towards globalization of the last few decades has been manifested in the sustained growth of world trade and flows of investment and technology. For most regions this growing integration has led to rapidly growing per capita incomes, while Africa has stagna ... More


Policy-Making in Resource-Rich Countries Policy-Making in Resource-Rich Countries: Lessons from Zambia
Arne Bigsten, World Economics, September 2001
Economic development depends upon resource availability, resource allocation, and the efficiency of resource use. One would presume that countries with an abundance of natural resources would stand a better chance of developing than resource-poor countries. Recent ex ... More


NGOs and International Economic Policy-Making NGOs and International Economic Policy-Making: Rights and responsibilities in the global arena
Michael Edwards, World Economics, September 2001
NGOs and other citizens’ groups are enjoying an unprecedented upsurge in their profile and influence in global debates over international economic policy. Public opinion polls show this to be a popular trend, but the outcome of greater civil society involvement depen ... More


The Debt-Relief Initiative for Poor Countries The Debt-Relief Initiative for Poor Countries: Good news for the poor?
Gustav Ranis & Frances Stewart, World Economics, September 2001
This paper reviews the new debt-relief initiative for Highly-Indebted Poor Countries (HIPCs) designed to reduce the debt burden of potentially 36 poor countries. It finds that the HIPC initiative is not likely to make a major contribution to the problems of the world ... More


Global Income Inequality Global Income Inequality: Beliefs, facts and unresolved issues
Arne Melchior, World Economics, September 2001
While several international organisations have argued that income gaps between countries have increased during the last decades, the opposite conclusion is obtained if countries are weighted according to their population size, and if price-level-adjusted income data a ... More


Redefining the Role of the State Redefining the Role of the State: Joseph Stiglitz on building a ‘post-Washington consensus’
An interview with introduction by Brian Snowdon
World Economics, September 2001
An interview with introduction by Brian Snowdon
Professor Joseph Stiglitz is without question one of the world’s leading economists. In his extensive research he has made seminal contributions to the analysis of the economic consequences of incomplete informa ... More


IMF Programmes: Is there a conditionality Laffer Curve? IMF Programmes: Is there a conditionality Laffer Curve?
Graham Bird, World Economics, June 2001
The long-standing debate over IMF conditionality has received a new lease of life in the context of the debate over a new international financial architecture. Conditionality has increased in recent years and some proposals for reform envisage a continuation of this t ... More


The Emerging Northeast–Southeast Asia Divide and Policy Implications The Emerging Northeast–Southeast Asia Divide and Policy Implications
Friedrich Wu, World Economics, March 2001
Since the outbreak of the Asian financial crisis in mid-1997, the gulf between the Northeast Asian economies and Southeast Asian economies has widened as measured by GDP growth rates and size, direct and portfolio investment flows, stock market capitalisation and tradi ... More


Child Labour Child Labour: Theory, policy and evidence
Saqib Jafarey & Sajal Lahiri, World Economics, March 2001
The purpose of this paper is to pull together the emerging theoretical and empirical literature on the economics of child labour, and to draw out the underlying commonalities between various contributions in this field. In doing so, the authors also identify various ... More


Hardship and Happiness Hardship and Happiness: Mobility and public perceptions during market reforms
Carol Graham & Stefano Pettinato, World Economics, December 2000
This paper focuses on an age-old puzzle: why some societies peacefully tolerate high levels of inequality and others do not. The authors posit that opportunity and mobility over time are as important as current distributions are to the explanation. Assessments of past ... More


The International Economic System in the Twentieth Century The International Economic System in the Twentieth Century: An interview with Barry Eichengreen
Brian Snowdon, World Economics, September 2000
This wide-ranging discussion takes in globalisation, the causes of the Great Depression (and the likelihood of future recurrences), the Marshall Plan and post-war European recovery, growth in the 1950s and 60s followed by the problems of the 70s, and the strengths and w ... More


False Attack False Attack: Misrepresenting the Human Development Report and misunderstanding the need for rethinking global governance
Richard Jolly, World Economics, September 2000
In this rejoinder to David Henderson’s article "False Perspective: the UNDP view of the world" (World Economics Vol 1 No 1 January-March 2000), Richard Jolly, former special adviser to the Administrator of the United Nations Development Programme, argues that Hen ... More


False Perspective: The UNDP View of the World False Perspective: The UNDP View of the World
David Henderson, World Economics, March 2000
Despite some searching and unanswered criticisms of its treatment of statistical evidence, the UNDP Human Development Report has become established as a widely-quoted and influential survey of the world scene. The 1999 Report, reviewed here, focuses on ‘globalization’. ... More