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Tuesday, April 01, 2003

And finally, an incredible story from the Bretton Woods Project's excellent newsletter...

An IMF paper co-authored by its Chief Economist Ken Rogoff warns of the effects of financial liberalisation for poor countries.

There is no proof that financial liberalisation has benefited growth and it seems linked to "increased vulnerability to crises", says the report. In 1997 the IMF considered modifying its articles of agreements to include financial liberalisation but claims to have adopted a more nuanced approach in the past few years. Despite "sobering" conclusions, the report says the IMF's role is crucial to increase the benefits of globalisation.

For more details see:

* The IMF paper
* Go with flows? Capital account liberalisation and poverty by the Bretton Woods Project.
* Global finance hurts the poor by Oxfam