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International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund. Middle East and Central Asia Dept.

.2202/1565-3404.1237 Evans , P. , 1989 , “ Predatory, Developmental and Other Apparatuses: A Comparative Political Economy Perspective on the Third World State, ” Sociological Forum , 4 , 4 . 10.1007/BF01115064 Fischer , Stanley , 2011 , “ Lessons from the Global Crisis, ” Central Bank Lessons from the Global Crisis, Dinner Lecture at the Bank of Israel Conference . Frankel , J. and Romer , D. ( 1999 ) “ Does trade cause growth? ” American Economic Review ( 89 ): 379 – 99 . 10.1257/aer.89.3.379 Golodniuk , Inna , 2005 , Financial Systems and

Ms. Era Dabla-Norris
This paper examines interactions between self-interested agents in a two-tier government hierarchy, consisting of a central authority and bureaucrats in a two-stage game, where the actions of agents affect private sector allocations. Conditions under which lower-tier corruption arises as an equilibrium characterization of the game are identified. If bureaucratic corruption sufficiently reduces the tax base, policies that deter corruption may be optimal. When monitoring is expensive or ineffective, lower-level corruption arises as equilibrium. Tax farming and the sale of offices can occur in these equilibria. In addition, strategic complementarities between bureaucrats may give rise to multiple equilibria.
Ms. Era Dabla-Norris

,” Journal of Public Economics , Vol. 33 , pp. 223 - 44 . Carillo , J.D. , 1995 , “ Grafts, Bribes and the Practice of Corruption ,” ( mimeo ; Toulouse : GREMAQ ). Dabla-Norris E. , and S. Freeman , 1999 , “ The Enforcement of Property Rights and Underdevelopment ,” IMF Working Paper 99/127 ( Washington : International Monetary Fund ). Evans , P. , 1989 , “ Predatory, Developmental, and Other Apparatuses: A Comparative Political Economy Perspective on the Third World State ,” Sociological Forum , Vol. 4 ( December ), pp. 561 - 87

Ms. Era Dabla-Norris

, Developmental, and Other Apparatuses: A Comparative Political Economy Perspective on the Third World State,” Sociological Forum , Vol. 4 ( December ), pp. 561 – 87 . Freeman , S. , J. Grogger , and J. Sonstelie , 1996 , “ The Spatial Concentration of Crime,” Journal of Urban Economics , Vol. 40 ( September ), pp. 216 – 31 . Gibbons , R.G. , 1992 , Game Theory for Applied Economists ( Princeton : Princeton University Press ). Gould , D. J. , 1980 , Bureaucratic Corruption and Underdevelopment in the Third World: The Case of

International Monetary Fund. Middle East and Central Asia Dept.
The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.
International Monetary Fund. Middle East and Central Asia Dept.
The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.