Three channels through which the IMF rescue package may affect international lending can be distinguished: debtor-side moral hazard, creditor-side moral hazard, and debtor and creditorsidemoral hazard.We show that if the rescue package fully benefits the debtor, no credit contract between him and the creditor arises. The other two kinds of moral hazard, where the creditor receives the rescue pa...

We present preliminary results of an incoming theoretical work concerning the integrated properties of the Population III clusters of stars. On the basis of synthetic Color-Magnitude Diagrams, we provide a grid of optical and near-IR colors of Simple Stellar Populations with very low metallicity (Z=10 and Z=10) and age which spans from 10 Myr to 15 Gyr. A comparison with higher metallicities up...

The preeminent economic challenge for Central European economies in transition is to grow rapidly for a sustained period of time. On current policies, the Central European economies can expect to grow at moderate rates, faster than Western Europe, but far short of the rapid growth rates achieved in the very fast growing economies (VFGEs) in Asia and elsewhere. This paper discusses the sources o...

Structural adjustment policy packages sponsored by the IMF and the World Bank are a combination of monetary, fiscal and trade measures intended to curb inflation, improve the balance of payments, and foster economic growth. From a brief discussion of a typical structural adjustment policy package and the debate about its macroeconomic and distributional impacts, we derive a list of desirable ch...

Welcome to the 42nd issue of the World Bank Trade Research Electronic Newsletter, a periodic E-mail publication containing abstracts of recent trade working papers, publications and other works. Additional information on the Bank’s Trade Research Team activities can be found on the recent redesigned World Bank Trade Research website (HUhttp://www.econ.worldbank.org/programs/tradeUH). This provi...

At present, the authorities of People's Republic China are faced with a dilemma: either adjust monetary policy pursued by international organizations (IMF and World bank) or continue to support development real sector economy using direct financial maintenance. It is shown that in first case, PRC will better fit into global fi-nancial system paying for this decrease GDP growth rates. Under seco...

This chapter focuses on the characteristics of Turkish corporate governance regime with an emphasis on the dominant characteristics of emerging economies. In Turkey, corporate governance practices were introduced as a precondition of the International Monetary Fund (IMF) rescue package in and around the 2001 financial crisis. Governance practices were enforced by World Bank (WB) and were suppor...

Of the 41 HIPCs, 11 are classified by the IMF and World Bank as conflict-affected. Can debt relief reduce the level of violent conflict in these countries? By providing additional resources to finance broad-based public spending, debt relief could help to redress the grievances that contribute to conflict. It could also reduce the ability of those motivated by greed to recruit followers, since ...