Global Economic Prospects and the Developing Countries: 1998/99, Beyond Financial CrisisWorld Bank Publications, 1999 - 215 pages This ninth annual edition analyzes short- and long-term future prospects for developing countries in the wake of the East Asia crisis; maps out policies to deal with crises once they erupt; and focuses on ways of preventing future crises on the scale of East Asia's recent experience. The recent crises have exacted an enormous social cost, placing a large burden on the poor and, in some countries, heightening social conflict. The social consequences are likely to be protracted. Social policy concerns must be an integral "up front" part of the selection for overall policy responses to the economic crisis. While never a substitute for sound pro-growth macroeconomic policies, social safety nets can play an important part in mitigating the social effects of crises. According to this report, the lesson coming out of the East Asia crisis is for developing countries to benefit from globalization, and not to retreat from it, by strengthening their institutions and deepening their reforms. |
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Page vi
... effects across regions , 1999 . 35 36 49 2-1 Debt service ratios , 1982 and 1996 60 2-2 Ratio of short - term debt to foreign reserves , 1994 and 1997 . 61 2-3 Vulnerability indicators , June 1997 61 . 2-4 G - 3 interest rates and yield ...
... effects across regions , 1999 . 35 36 49 2-1 Debt service ratios , 1982 and 1996 60 2-2 Ratio of short - term debt to foreign reserves , 1994 and 1997 . 61 2-3 Vulnerability indicators , June 1997 61 . 2-4 G - 3 interest rates and yield ...
Page x
... effects that tend to persist : European unemployment rates have yet to return to the levels of 20 years ago , prior to the oil crisis . Many analysts attribute this to the attrition of skills that accompanies pro- longed unemployment ...
... effects that tend to persist : European unemployment rates have yet to return to the levels of 20 years ago , prior to the oil crisis . Many analysts attribute this to the attrition of skills that accompanies pro- longed unemployment ...
Page xv
... effects from El Niño and other natural disasters were felt in many parts of the world . As a result , a sharp slowdown in world output , trade , and capital flows — already begun is clouding short - term prospects . Domestic demand is ...
... effects from El Niño and other natural disasters were felt in many parts of the world . As a result , a sharp slowdown in world output , trade , and capital flows — already begun is clouding short - term prospects . Domestic demand is ...
Page xvii
... effects and , more important , the loss of consumer and business confidence brought on by a collapse in equity prices ( and related also to the ongoing credit crunch ) would set back growth severely in the United States and Europe . And ...
... effects and , more important , the loss of consumer and business confidence brought on by a collapse in equity prices ( and related also to the ongoing credit crunch ) would set back growth severely in the United States and Europe . And ...
Page xviii
... effects of lack of access to private capi- tal flows are aggravated by even sharper declines in export growth and primary commodity prices than in the baseline out- look , reducing aggregate growth by an additional 2 percentage points ...
... effects of lack of access to private capi- tal flows are aggravated by even sharper declines in export growth and primary commodity prices than in the baseline out- look , reducing aggregate growth by an additional 2 percentage points ...
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Common terms and phrases
Argentina Asia and Pacific assets banking crises billion borrowing Brazil capital account Caribbean Central Asia Chile commodity corporate costs coun crisis countries currency crises current account deficits debt decline developing countries East and North East Asia East Asian countries East Asian crisis Economic effects emerging markets equity Europe and Central exchange rate expected export external Figure financial crises financial sector financial system fiscal forecast foreign GDP growth global impact improve income increase Indonesia industrial countries inflows institutions interest rates International Monetary Fund investment Japan Korea Latin America loans macroeconomic Malaysia ment Mexico Middle East moral hazard nomic non-FDI North Africa output percent in 1998 percent of GDP Philippines portfolio poverty private capital flows Prospects ratio reduce reforms region Republic restructuring risk Russian short-term Source South Asia Sub-Saharan Africa terms of trade Thailand tion U.S. dollars volatility Washington World Bank
Popular passages
Page 20 - co-generation" is used. ECU European Currency Unit EU The European Union, whose members are Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom.
Page 6 - East Asia and Pacific Europe and Central Asia Latin America and the Caribbean Middle East and North Africa...
Page xxv - Governors of the 10 countries (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, the United Kingdom and the United States) participating in the General Arrangements to Borrow (GAB) met under the chairmanship of Mr.
Page 186 - ... agreement. b. Simple average applied rate (latest year available). c. Share of total tariff schedule. d. Simple average of country tariff coefficients of variation, where a country tariff coefficient of variation is the standard deviation for applied tariff lines divided by the applied tariff. e. Latin America and the Caribbean: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Mexico, Paraguay, Peru, Uruguay, and Venezuela. f. East Asia and Pacific: Fiji,...
Page 155 - In N. Hermes and R. Lensink, eds., Financial Development and Economic Growth.
Page 200 - Antigua and Barbuda, Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, Uruguay, Venezuela.
Page 201 - This table classifies all World Bank member economies and all other economies with populations of more than 30,000. Economies are divided among income groups according to 2002 GNI per capita, calculated using the World Bank Atlas method.
Page 115 - ... Market Economy. 2nd ed. Baltimore, Md.: Johns Hopkins University Press. Roubini, N., and Xavier Sala-i-Martin. 1992. "Financial Repression and Economic Growth." Journal of Development Economics 39: 5-30. Shaw, E. 1973. Financial Deepening in Economic Development. New York: Oxford University Press. Sheng, Andrew. 1996. Bank Restructuring: Lessons from the 1980s. Washington, DC: World Bank. Stiglitz, Joseph E. 1985. "Credit Markets and the Control of Capital.
Page 52 - In Stijn Claessens and Sudarshan Gooptu, eds., Portfolio Investment in Developing Countries. World Bank Discussion Paper 228. Washington, DC Harvey, Campbell. 1991. "The World Price of Covariance Risks." Journal of Finance 46(4):lll-57. . 1993. "Portfolio Enhancement Using Emerging Markets and Conditioning Information.
Page 154 - Forecasting Financial Crises: Early Warning Signals for Emerging Markets. Washington, DC: Institute for International Economics.