L'offre de la monnaie

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FD
FINANCE and DEVELOPMENT
www.imf.org/fandd March 2009

s o a’ s c ian in sisti sti u Ch i e Al Cr m sSo Dor th t ow Hru G

Crisis Prophet Roubini Profiled Trade Finance Dries Up Getting Regulation Right

Reshaping the World Economy
Finance & Development, March 2009

Crisis Stalls Globalization

MFIEA2009001

Finance & Development is published quarterly in English, Arabic,Chinese, French, Russian, and Spanish by the International Monetary Fund. English edition ISSN 0015-1947
EDITOR-IN-CHIEF Jeremy Clift SENIOR EDITORS Camilla Andersen Archana Kumar James Rowe Simon Willson ASSISTANT EDITORS Maureen Burke Sergio Negrete Cardenas Natalie Ramirez-Djumena CREATIVE DIRECTOR Luisa Menjivar ART EDITOR Lai Oy Louie EDITORIAL ASSISTANTS Lijun Li Kelley McCollum NiccoleBraynen-Kimani ———— ADVISORS TO THE EDITOR Bas Bakker Tim Callen Adrienne Cheasty Ana Corbacho Alfredo Cuevas Marcello Estevão Domenico Fanizza James Gordon Thomas Helbling Paul Hilbers Paolo Mauro Gian Maria Milesi-Ferretti Paul Mills Uma Ramakrishnan Subscriber services, Changes of address, and Advertising inquiries IMF Publication Services 700 Nineteenth Street, NW Washington, DC, 20431, USA Telephone:(202) 623-7430 Fax: (202) 623-7201 E-mail: publications@imf.org Postmaster: please send changes of address to Finance & Development, International Monetary Fund, Washington, DC, 20431, USA. Periodicals postage is paid at Washington, DC, and at additional mailing offices. The English edition is printed at United Lithographers Inc., Ashburn, VA. © 2009 by the International Monetary Fund. All rightsreserved. Requests for permission to reproduce articles for noncommercial purposes should be sent to the Editor-inChief, Finance & Development International Monetary Fund Washington, DC, 20431, USA Telephone: (202) 623-8300 Fax: (202) 623-6149 Website: www.imf.org/fandd Permission for any commercial purposes may be secured online from the Copyright Clearance Center at its website,www.copyright.com. A nominal fee will be collected for using this service. Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF policy.

FD
FEATURES
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FINANCE & DEVELOPMENT A QUARTERLY PUBLICATION OF THE INTERNATIONAL MONETARY FUND March 2009 • Volume 46 • Number 1

THE WORLD IN CRISIS
Reshaping the Global Economy The economic andfinancial crisis marks the end (for now) of a rapid expansion of globalization Jean Pisani-Ferry and Indhira Santos Deep Impact Four countries confront the harsh and disruptive 8 effects of the global economic downturn Ukraine: David Hofman Singapore: Roberto Guimaraes and Alessandro Zanello Burkina Faso: Isabell Adenauer, Norbert Funke, and Charles Amo Yartey Ireland: Siobhán McPhee Trade FinanceStumbles The rising cost and declining availability of finance for imports and exports is taking a toll, especially in emerging markets Thomas Dorsey Changing Fortunes Battered by the financial crisis, the world’s lenders and borrowers see dramatic shifts in their external accounts 13 Gian Maria Milesi-Ferretti What Is to Be Done The scope of financial regulation needs to be revamped and the provisionof liquidity improved. Here’s how Laura Kodres and Aditya Narain Paying the Piper The role of medium-term fiscal policy in rebounding from the crisis Carlo Cottarelli Data to the Rescue Why improved statistical information will be key for prevention of future crises Adelheid Burgi-Schmelz A New Bretton Woods? History shows that reforming the international financial system requires both leadershipand inclusiveness James M. Boughton
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Finding Solutions
HE global crisis is cutting deep into many economies around the world, triggering a slump in world trade and putting globalization on hold. This issue of F&D examines the multiple facets of the recession—from the impact on individual economies to the effect on the external accounts of the world’s...
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