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Trade and Development Report 1998

Financial Instability - Growth in Africa

image of Trade and Development Report 1998

A valuable resource for those involved in international business and economic development, the Trade and Development Report 1998 (TDR), issued by the United Nations Conference on Trade and Development (UNCTAD), examines current performance and prospects in the world economy. With the main theme of 'International Financial Instability and the World Economy', this illuminating publication offers a special focus on the East Asian crisis, addressing the global impact of the crisis, its causes and its consequences, especially on developing countries. It discusses how financial instability continues to prevail, underlining the 'systemic' nature of the repeated bouts of financial instability at roughly two-year intervals. The Report also focuses on African development. The analysis brings out the failures of the structural adjustment programs and advocates, among others drastic steps, lifting the external debt burden and giving African countries leeway in terms of the World Trade Organization (WTO) rules. TDR98 reveals that the prospects for the years ahead are extremely uncertain and puts forward recommendations on how future crises might be prevented.

English

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Overview

“The ascendancy of finance over industry together with the globalization of finance have become underlying sources of instability and unpredictability in the world economy. Financial markets have for some time had an independent capacity to destabilize developing countries; there are now increasing indications of the vulnerability of all countries to financial crisis. The evidence indicates that the costs of financial liberalization and deregulation can be quite high ... Overall, there appears to be a need for more collective control and guidance over international finance.”

English

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