"Big Bang" Versus Gradualism in Economic Reforms: An Intertemporal Analysis with an Application to China

This paper analyzes issues concerning the speed of adjustment and sequencing of reforms in a transition economy. It presents a dynamic general equilibrium model parameterized with Chinese data. The model is used to generate different policy simulations that highlight the importance of the policy instruments used during the transition period. The simulations consider privatization, tariff reform, and devaluation, as well as alternative speeds of introducing these policies. They show that different speeds of adjustment, as well as sequencing of reforms, will have very different implications for macroeconomic aggregates. Copyright 2003, International Monetary Fund

IMF Institute Six Puzzles in Electronic Money and Banking

This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. The literature on the economic effects of electronic money and banking lacks organization and a common analytical framework. This paper identifies the main issues raised by e-money and e-banking and presents them as six puzzles. Our solutions to the puzzles build a framework for analyzing the effects of e-money and e-banking, and for choosing the appropriate approach to regulating electronic money and banking. Although electronic money and banking will likely not fulfill the more dire predictions in the literature, such as the possible loss of central banks ’ ability to control the money supply, they nonetheless wil

Six Puzzles in Electronic Money and Banking

The literature on the economic effects of electronic money and banking lacks organization and a common analytical framework. This paper identifies the main issues raised by e-money and e-banking and presents them as six puzzles. Our solutions to the puzzles build a framework for analyzing the effects of e-money and e-banking, and for choosing the appropriate approach to regulating electronic money and banking. Although electronic money and banking will likely not fulfill the more dire predictions in the literature, such as the possible loss of central banks` ability to control the money supply, they nonetheless will need to be regulated carefully

The New Partnership for Africa's Development (NEPAD) Opportunities and Challenges

This paper reviews major issues involved in achieving the objectives of the New Partnership for Africa''s Development (NEPAD). Using a simple framework for evaluation, the analysis highlights considerations relevant to policymakers in the areas of poverty reduction, macroeconomic policies, trade promotion, attracting capital flows, and governance and institutional reforms. The analysis also identifies risks involved in achieving NEPAD''s objectives. To minimize these risks, it will be important to make some goals more operational, to further broaden and deepen stakeholder participation, to establish a sound basis for monitoring progress, to prepare contingency plans, and to harmonize the role of regional institutions with NEPAD initiatives.Development;Poverty reduction;Capital flows;fdi, macroeconomic stability, foreign direct investment, direct investment, market access, trade liberalization, trade reform, economic integration, political economy, regional integration, world economy, non-tariff barriers, tariff barriers, tariff rates, accelerating growth, terms of trade, international investors, investment climate, export diversification, industrial countries, external financing, increasing growth, free trade area, international trade, terms of trade shocks, trade protection, trade shocks, trade integration, domestic savings, economic cooperation, trade volume, skilled labor, average tariff rates, export growth, tariff reduction, net exporter, global shocks, improving customs, domestic investment, technology spillovers, foreign capital, export market share, agricultural subsidies, average tariff, partner countries, quantitative restrictions, external shocks, increasing trade, host-country, export market, rules of origin, foreign investment, preliminary assessment, macroeconomic indicators, trade volumes, trade promotion, competitive practices, trade restrictions, world investment, tariff peaks, open economies, monetary union, free trade, market liberalization

The Millennium Development Goals, Capacity Building, and the Role of the IMF

The Millennium Development Goals (MDGs) represent a global commitment to improve economic and social conditions in low-income countries. Capacity building is key to promoting higher economic growth, which, in turn, is an important prerequisite for making progress toward the MDGs. This paper uses the UNDP''s emerging framework for capacity building to show how the IMF supports capacity building at the individual, organizational, and the system level, thereby contributing to the efforts of countries to meeting the MDGs.Millennium Development Goals;International Monetary Fund;Economic growth;Fund role;standards, standards and codes, training centers, regional training centers, training programs, training institutions, training program, training activities, regional training center, rosc modules, training institute, training center, international standards, training needs, training efforts, training materials, internationally accepted standards

Big Bang Versus Gradualism in Economic Reforms

This paper reviews briefly the controversy in the literature concerning the speed of adjustment and sequencing of reforms, and presents a model parameterized with Chinese data. The model is used to generate different policy simulations to illustrate some of the key issues in the debate on the speed and sequencing of reforms, and not to provide a basis for policy recommendations for China. The simulations highlight the importance of the criteria being used for determining speed and sequencing. The paper also underscores the limitations involved in attempting to derive conclusions from the model, given the complexity of the issues.

Six Puzzles in Electronic Money and Banking

The literature on the economic effects of electronic money and banking lacks organization and a common analytical framework. This paper identifies the main issues raised by e-money and e-banking and presents them as six puzzles. Our solutions to the puzzles build a framework for analyzing the effects of e-money and e-banking, and for choosing the appropriate approach to regulating electronic money and banking. Although electronic money and banking will likely not fulfill the more dire predictions in the literature, such as the possible loss of central banks'' ability to control the money supply, they nonetheless will need to be regulated carefully.