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The magazine publishes insights on international finance, economics, & development.F&D
Generative AI has introduced tantalizing new possibilities. Yet the initial excitement surrounding AI has given way to genuine and growing concerns. This issue is an early attempt to understand AI’s implications for growth, jobs, inequality, and finance.
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New technologies like artificial intelligence, machine learning, robotics, big data, and networks are expected to revolutionize production processes, but they could also have a major impact on developing economies.
Look around the global economy and you’ll see an American company developing the next generation of driverless cars, a Chinese financier extending loans to “mom-and-pop” stores that used to lack access to credit, and researchers at a Swiss pharmaceutical company developing a treatment for a chronic health condition.
Expectations increasingly drive inflation dynamics. Improvements in monetary policy frameworks can better inform people’s inflation expectations and thereby help reduce inflation at lower output cost.
Central banks may keep interest rates higher for longer than currently priced; given investors’ benign inflation outlook and growing expectations for a soft landing, this could increase financial stability risks and weigh on growth
The pandemic has deepened long-standing gender gaps, with women continuing to bear the burden of unpaid work. By structuring spending and taxation in ways that advance gender equality—a process called gender budgeting—governments can help close the gap.
Supervisors in many countries face conditions that limit their effectiveness. Raising the bar requires independence with clear mandates, enhanced powers, greater resources, and more effective approaches.