ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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The Future of the International Monetary Fund

Three comments are offered here on Deena Khatkhate's perspective on the functioning of the International Monetary Fund in the new global order and the nature of reform needed (April 5, 2008). This article, the first of three, argues that for the IMF to remain relevant, it must function as an effective forum that develops and monitors compliance with the rules of a competitive world economy.

Money and Monetary Policy in LDCs in the 1990s

Money and Monetary Policy in LDCs in the 1990s Warren Coats Deena Khatkhate In this article an attempt is made to expand on and update the authors'earlier review of key issues concerning money's role in economic development by treating more extensively topics touched on in the original article that, with the benefit of hindsight, deserved much fuller discussion and by adding several topics that intervening developments and experience have brought to the fore. In the former category, this paper discusses: (a) the information gathering and processing, and risk assessment and management aspects of the financial system; (b) the insights of public choice theory into the difficulties of actually obtaining welfare enhancing policies from highly centralised economic systems and the related problems of rent-seeking behaviour associated with several types of government intervention in economic activities; and (c) the implications of openness and capital mobility for monetary and interest rate policies.

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