Foreword

Explanatory notes

Abbreviations

Overview

    
I.Global Imbalances as a Systemic
   Problem

A. Global growth 

B. Turbulences in financial markets

C. The systemic character of the global
     imbalances

     1. Alternative views on external
         imbalances

     2. The main players

     3. Benign or malign unwinding
         of global imbalances?

D. Low real interest rates: global savings
     glut versus global monetary conditions

    1. A savings glut?

    2. Monetary policy and interest rates

    Notes

    References

    Annexes 

    Annex 1 : Commodity Prices and Terms
                    of Trade

    Annex 2 : The Theoretical Background to the
                    Saving/Investment Debate
 

II.Evolving Development Strategies–
    Beyond The Monterrey Consensus

A. Introduction 

B. The emergence of the “Washington Consensus”

C. The outcome of orthodox reforms

D. Second-generation reforms and
     debt reduction

    1. A new focus on poverty and institutions

    2. Debt relief and the proliferation of
        conditionality

E. The MDGs and the Monterrey

F. Beyond the Monterrey Consensus

G. Towards a fundamental policy reorientation

    Notes

    References
 

III.Changes and Trends in The External
     Environment for Development

A. Introduction 

B. Export opportunities for developing countries

    1. Market access conditions

    2. Non-tariff measures (NTMs)

    3. Import demand growth in
       developing countries’ trading partners

C. Debt relief and official development
    assistance

    1. The framework for official debt relief

    2. Extent and impact of the HIPC Initiative

    3. Additionality of debt relief and ODA

    4. Debt problems of middle-income countries

D. Migrants’ remittances 

    1. Recent trends in migrants’
        remittances

    2. The economic impact of migrants’
        remittances

    3. National and international policies
        to enhance remittances’ impact

E. A strengthened role for FDI? 

    1. FDI in developing countries:
        trends and patterns

    2. The role of international production
        systems and networks

    3. The potential impact of FDI on
        development

F. Conclusions

    Notes

    References

    Annex tables to chapter III
 

IV.Macroeconomic Policy Under Globalization

A. Introduction

B. Coping with the macroeconomic implications
    of liberalization and globalization

    1. Financial integration and capital inflows

    2. Domestic financial liberalization

    3. Changes in the fiscal structure

    4. Exchange-rate and monetary policy

C. Macroeconomic policies in support of
    a dynamic investment and growth process

    1. Monetary policy and interest rates

    2. The exchange rate 

    3. Confidence game or counter-cyclical policies?

    4. Capital controls

D. Towards a new assignment of policies

     Notes

 
     References
 

V.National Pollicies in Support of Productive
    Dynamism

A. Introduction

B. Stimulating the dynamic forces of markets

    1. Maintaining productive dynamism

    2. Principles and types of policies
        for stimulating the dynamic forces
        of markets

C. Restrictions imposed by international agreements
    on policy autonomy: an inventory

    1. The Agreement on Trade-related Investment
        Measures (TRIMs) 

    2. The Agreement on Subsidies and
        Countervailing Measures (SCM)

    3. The Agreement on Trade-related Aspects
        of Intellectual Property Rights (TRIPS)

    4. Industrial tariffs

D. Industrial dynamism and national
     policies: recent experiences 

    1. Industrial dynamism: recent
        empirical evidence

    2. National policies for industrial
        development: some recent experience 

E. Conclusions: options for policy innovation

    Notes

    References
 

VI.Institutional and Governance Arrangements
     Supportive of Economic Development

A. Introduction

B. National institutional and governance
    structures in support of sustained economic
    growth

    1. Institutions and governance

    2. Institutions and market efficiency

    3. Institutions and structural transformation

    4. Conclusions

C. Multilateral institutions and global economic governance

    1. Introduction

    2. International monetary and financial rules and disciplines

    3. Rules and commitments in the multilateral trade regime

    Notes

    References