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International Monetary Fund. Communications Department

CENTRAL BANK DIGITAL CURRENCIES (CBDCs) are digital versions of cash that are issued and regulated by central banks. As such, they are more secure and inherently not volatile, unlike crypto assets.

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. 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.
Joseph C. Wheeler

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.

This is the final article in our series commemorating the fortieth anniversary of Bretton Woods. Andrew Kamarck was with the World Bank for 28 years, holding a number of senior positions in the institution. Since retiring from the Bank, he has been Associate Fellow at the Harvard Institute of International Development. In this strictly personal perspective, he reflects about the Bank’s past efforts to promote development, including some of the obstacles it has faced, and the important role it has to play in the future.

International Monetary Fund. External Relations Dept.

This paper reviews the increasing private capital flows to less developed countries. The share of developing countries in the foreign direct investment is small, perhaps less than 30 percent of the total. The effects of this decline in the volume of foreign investment and the continued problem of capital flight have been aggravated by the serious fall in commercial bank lending to developing countries as a group and by a decline in official development assistance.