Intro -- Contents -- I. INTRODUCTION -- II. RELATED LITERATURE -- III. THE MODEL -- IV. CROSS- COUNTRY INCOME DIFFERENCES -- V. POLICY EXPERIMENTS -- VI. THE AID COST OF REFORM -- VII. AID FAILURES -- VIII. CONCLUSION -- REFERENCES -- A. Optimal Fiscal Policy in a Closed Economy -- B. Optimal...

The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN's financial integration and prospects. ASEAN integration could accelerate in the years ahead; it will...

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The new international financial architecture can help African countries benefit from globalization, while minimizing the risks, and foster an environment conducive to increased domestic investment and higher sustained growth. This paper highlights the progress that African countries have made in...

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Economic adjustment and reform programs, including those supported by international financial institutions (IFIs), must cope with informational asymmetries and special interest politics. This presents a particularly serious issue when IFIs make structural economic reforms a condition for...