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.

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.

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 POLICIES 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.

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