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Central Bank Losses and Experiences in Selected Countries

by John Dalton Claudia Dziobek

A report from the International Monetary Fund.

Central Bank Reforms in the Baltics, Russia, and the Other Countries of the Former Soviet Union

by Malcolm Knight Susana Aimuiña John Dalton Inci Otker Ceyla Pazarba io lu Arne B. Petersen Peter Quirk Nicholas M. Roberts Gabriel Sensenbrenner Jan Willem van der Vossen

Since 1991, the 15 countries under review - have to varying degrees, been pursuing reforms whose broad objectives have been to achieve market-based determination of interest rates and exchange rates, manage banking system liquidity through market operations with indirect instruments, and provide the institutional underpinnings for the design and implementation of macroeconomic stabilization and structural reform programs supported by the IMF. This study reviews the experience under these programs and the economic developments in the countries that undertook them.

Heaven Lake

by John Dalton

When Vincent Saunders -- fresh out of college in the States -- arrives in Taiwan as a Christian volunteer and English teacher, he meets a wealthy Taiwanese businessman who wishes to marry a young woman living in China near Heaven Lake but is thwarted by political conflict. Mr. Gwa wonders: In exchange for money, will Vincent travel to China, take part in a counterfeit marriage, and bring the woman back to Taiwan for Gwa to marry legitimately? Believing that marriage is a sacrament, Vincent says no. Soon, though, everything Vincent understands about himself and his vocation in Taiwan changes. A complicated friendship with one of the high-school girls he teaches sends him on a path toward spiritual reckoning. It also causes him to reconsider Gwa's extraordinary proposition. What follows is not just an exhilarating -- sometimes harrowing -- journey to a remote city in China, but an exploration of love, loneliness, and the nature of faith.

The Inverted Forest

by John Dalton

Late on a warm summer night in rural Missouri, an elderly camp director hears a squeal of joyous female laughter and goes to investigate. At the camp swimming pool he comes upon a bewildering scene: his counselors stripped naked and engaged in a provocative celebration. The first camp session is set to start in just two days. He fires them all. As a result, new counselors must be quickly hired and brought to the Kindermann Forest Summer Camp. One of them is Wyatt Huddy, a genetically disfigured young man who has been living in a Salvation Army facility. Gentle and diligent, large and imposing, Wyatt suffers a deep anxiety that his intelligence might be subnormal. All his life he's been misjudged because of his irregular features. But while Wyatt is not worldly, he is also not an innocent. He has escaped a punishing home life with a reclusive and violent older sister. Along with the other new counselors, Wyatt arrives expecting to care for children. To their astonishment, they learn that for the first two weeks of the camping season they will be responsible for 104 severely developmentally disabled adults, all of them wards of the state. For Wyatt it is a dilemma that turns his world inside out. Physically, he is indistinguishable from the state hospital campers he cares for. Inwardly, he would like to believe he is not of their tribe. Fortunately for Wyatt, there is a young woman on staff who understands his predicament better than he might have hoped. At once the new counselors and disabled campers begin to reveal themselves. Most are well-intentioned; others unprepared. Some harbor dangerous inclinations. Among the campers is a perplexing array of ailments and appearances and behavior both tender and disturbing. To encounter them is to be reminded just how wide the possibilities are when one is describing human beings. Soon Wyatt is called upon to prevent a terrible tragedy. In doing so, he commits an act whose repercussions will alter his own life and the lives of the other Kindermann Forest staff members for years to come. Written with scrupulous fidelity to the strong passions running beneath the surface of camp life, The Inverted Forest is filled with yearning, desire, lust, banked hope, and unexpected devotion. This remarkable and audacious novel amply underscores Heaven Lake's wide acclaim and confirms John Dalton's rising prominence as a major American novelist.

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