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Finance & Development Current Issue of F&D

Recent Finance & Development (F&D) Issues:

March 2022:   

Rethinking Fiscal

Public Finance and Fairness in a Changed World

With the pandemic response, we saw the power and agility of fiscal policy go well beyond what was previously thought possible. Governments channeled cash directly to households and businesses to save jobs and livelihoods. These actions demonstrated government’s special role in protecting the vulnerable when things go wrong. Now, however, the bill is coming due. Governments face the tricky task of reducing debt to more sustainable levels while maintaining support for health systems and the most vulnerable. In this issue of F&D, we examine how fiscal policy can be retooled for the post-pandemic world to deliver a balanced economy for all.


  • A Fine Balance | Vitor Gaspar
  • Deciding When Debt Becomes Unsafe | Olivier Blanchard
  • Shining a Light on Debt Era | Ceyla Pazarbasioglu and Carmen M. Reinhart
  • A Call for New Fiscal Rules | Arminio Fraga
  • Steady Prices, Sustainable Debt | Ricardo Reis
  • Understanding the Social State | Emmanuel Saez
  • Fiscal Institutions and the Pandemic | Felipe Larraín

Also in this issue, Eswar Prasad explains how technology is transforming the future of money, Alex Cobham discusses taxing for a new social contract, Cina Lawson explores the importance of digitalization for Togo’s development, case studies highlight how technology and innovation can strengthen public finances, and Belgian economist Marianne Bertrand is profiled.

December 2021:   


The pandemic plunged the world into the deepest economic contraction in generations—largely because the international community failed to produce a successful coordinated response. The pandemic has forced a rethink of international cooperation, public health systems, and even what defines a healthy society. This issue of F&D will look at the nexus between health and the economy, examining how best to safeguard our well-being, fight health inequities, and ensure that we never have to endure a crisis of this nature again.
Featured Articles:

Also in this issue, Gillian Tett highlights the value of looking at economic policy through the lens of other disciplines; Devi Sridhar and Jay Patel write on pandemic preparedness; Abe Selassie discusses how sub-Saharan Africa can thrive in a post-COVID world; Moya Chin explains the concept of global public goods, and Chris Wellisz profiles Amy Finkelstein.

September 2021:   

No Time to Waste

This special issue of F&D on climate, in partnership with the UN Climate Change Conference (COP26), brings together a diverse range of voices from academics, policymakers, the private sector, and youth activists. It focuses on the urgent need for climate action and for different, mutually supportive climate policies.

Contributors, including Amar Bhattacharya and Nicholas Stern, identify concrete solutions that can generate massive opportunities for jobs and growth, driven by stepped-up infrastructure investment and technological innovation supported by a dynamic private sector. The IMF’s Kristalina Georgieva recommends credible carbon pricing policies to encourage the use of green energy, while James Stock advocates a shift to sector-specific policies, such as low-carbon aviation fuel.
Featured Articles:

Also in this issue, Mark Carney discusses clean and green finance, young climate activists from Uganda, Moldova and Fiji share their advice for COP26 leaders, IMF staff explain how fiscal policy can help address Asia’s climate emergency, Val Smith of Citi discusses the role of the private sector in fighting climate change and much more.

June 2021:   

What Next for Emerging Markets?

We focus this issue on the road ahead for emerging markets, a label frequently applied to economies in the middle—neither advanced nor low-income. Because of their growing systemic relevance, this group of countries helps anchor global stability. Yet, as we drill down and define their characteristics, we find a widely diverse group of economies of varying sizes and growth rates that face different prospects, priorities, and challenges. Some, like China and the Philippines, have managed to emerge quickly from the present crisis. Others may struggle for years to deal with the pandemic’s aftereffects. Amid a multispeed economic recovery—within countries and across sectors, age groups, genders, and skill levels—this issue explores several cross-cutting themes for emerging markets.


  • In “Miles to Go,” the IMF's Rupa Duttagupta and Ceyla Pazarbasioglu write that emerging markets must balance overcoming the pandemic, returning to more normal policies, and rebuilding their economies.
  • Two decades on, the BRICs promise lingers, writes Jim O’Neill in “Is the Emerging World Still Emerging?”
  • In “End of the Line,” Rabah Arezki and Per Magnus Nysveen write that a looming oil price super cycle will likely be the last.
  • China’s long-term success will depend primarily on addressing its internal challenges, writes David Dollar, Yiping Huang, and Yang Yao in “Global Clout, Domestic Fragility”
  • In “Inequality in the time of COVID-19,” Francisco H. G. Ferreira writes that all metrics are not equal when it comes to assessing the pandemic’s unequal effect.
  • In “A COVID-19 Tantrum,” Åžebnem Kalemli-Özcan writes that the Federal Reserve’s post-pandemic stance will expose vulnerabilities in emerging markets with high private external debt .
  • The IMF’s Mahmood Pradhan chats with Richard House of Allianz Global Investors and David Lubin of Citibank about the future in “Emerging Markets in Flux”
  • In “From Stream to Flood,” the IMF’s Adam Behsudi writes that streaming video offers emerging markets an avenue for content at home and around the world.

Also in this issue, the IMF’s Peter J. Walker profiles Yale’s Rohini Pande, whose work focuses on how better institutions can make life fairer; South Africa’s longest-serving finance minister, Trevor Manuel, reflects on the country’s lost decade and financing Africa’s COVID-19 response; Eswar Prasad and Vera Songwe discuss the prospects of a West African currency union; Nina Budina, Chiara Fratto, Deniz Igan, and Hélène Poirson explain why central banks should better communicate monetary policy’s distributional effects; Francisca Fernando, Jonathan Pampolina, and Robin Sykes outline the financial risks of offering passports in return for investment; the LSE's Minouche Shafik discusses why we need a new social contract fit for the 21st century; Benedict Clements, Sanjeev Gupta, and Saida Khamidova discuss military spending in the post-pandemic era; our back to basics feature talks about risk and return; our picture this series focuses on the jobs dilemma in emerging markets; and we review books about economics, ethics, and the environment, the history of taxation, and the future of work.

March 2021:   

The Digital Future

In this issue we explore the possible consequences—the good, the bad, and the gray—of the digital future. For millions, technology has been a lifeline, changing the way we work, learn, and shop. In a year like no other, it has spurred game-changing digital shifts. Governments moved quickly, using mobile solutions to provide cash assistance; financial technology has helped the survival, and in some cases, growth of small businesses; and the first national digital currency, in The Bahamas, provides a glimpse of the future of money. But technology can also drive unequal outcomes in education, opportunities, and access to health care and financial services. Automation has destroyed jobs, some permanently.  The chasm between the digitally connected and the unconnected—across and within countries and between rural and urban areas—has amplified social and economic inequalities.


  • Exiting the pandemic with minimal scarring will require policy action on several fronts, writes IMF Chief Economist Gita Gopinath in “Averting a Great Divergence”
  • To reverse widening inequality, keep a tight rein on automation, writes MIT’s Daron Acemoglu in “Remaking the Post-COVID World”
  • Our digital footprint generates enormous value, but too much of it ends up in Big Tech silos, writes the IMF’s Yan Carrière-Swallow and Vikram Haksar in “Let’s Build a Better Data Economy”
  • For technology to be inclusive and benefit everyone, private sector innovation needs to be supported by public goods, writes Jon Frost, Leonardo Gambacorta, and Hyun Song Shin in “From Financial Innovation to Inclusion”
  • In rebuilding after COVID-19, African policymakers must invest in innovative technology to leapfrog obstacles to inclusive development, writes Cristina Duarte, special adviser on Africa to UNSG António Guterres, in “Africa Goes Digital”
  • Absent multilateral cooperation, the global digital economy could splinter, and everyone would pay, writes the IMF’s Daniel Garcia-Macia and Rishi Goyal in “Decoupling in the Digital Era”
  • Cyber threats to the financial system are growing, and the global community must cooperate to protect it, writes Tim Maurer and Arthur Nelson in “The Global Cyber Threat”
  • Increased datafication of debt raises ethical questions and calls for a new approach to regulating lending, writes Nikita Aggarwal of the Oxford Internet Institute’s Digital Ethics Lab in “The New Morality of Debt”
  • The Bahamas, Sri Lanka, and Uganda fight the pandemic’s disruption with innovation including quickly creating a digital marketplace for tea

Also in this issue, Prakash Loungani profiles Tel Aviv University economist Assaf Razin, early scholar of the promise and perils of globalization; Sierra Leone’s David Sengeh, minister of basic and senior secondary education and chief innovation officer, takes an inclusive approach to digitalizing the education system and economy; Tommaso Mancini-Griffoli explains central bank digital currency to his mother; and Samuel Bowles and Wendy Carlin write about the pandemic testing a new policymaking benchmark that includes civil society and social norms.

December 2020:   

Brave New World: The Future of Jobs and Opportunity

This issue of F&D—produced in partnership with the World Economic Forum—looks at the future of jobs and economic opportunity. It explores what can be done to shape a better tomorrow—one that puts people at the center of policy. From health to education to labor market policies, there is a deep need for redesigning society after COVID-19 and building forward better. Of the trends that have been exacerbated by the pandemic, inequality is one of the starkest, with uncertain but significant ramifications for the future. We focus on the transformative policies needed to reimagine the world of work and reduce inequality while building on the lessons learned during the crisis.


  • Investing in policies for people will help shape a better economy for the postcrisis world, writes IMF Managing Director Kristalina Georgieva in "No Going Back"
  • In "The Post-Pandemic Brave New World," Martin Sandbu of the Financial Times writes that policymakers� choices during the COVID-19 disruption could shape their economies for decades to come
  • The pandemic has highlighted the value of high-frequency data for responding quickly in a crisis, writes Wenjie Chen of the IMF's Asia and Pacific Department in �Disparities in Real Time"
  • In "The Long Shadow of an Unlucky Start," Hannes Schwandt and Till von Wachter write that youth who graduate in a crisis will be profoundly affected and may never fully recover
  • In "Distribution Matters," Binyamin Applebaum, lead writer on business and economics for the editorial board of the New York Times, writes that economics must make room for new insights from other disciplines>/li>
  • The pandemic is accelerating a shift toward more informal and precarious work, writes Sabina Dewan and Ekkehard Ernst in "Rethinking the World of Work"
  • Saadia Zahidi of the World Economic Forum writes that some jobs will disappear, and others will emerge as the world faces a dual disruption in "The Jobs of Tomorrow"
  • In "How to Make America More Equal," Heather Boushey of the Washington Center for Equitable Growth writes that progressive economics proposes steps to transform the US economy at this critical moment

Also in this issue, we profile Michigan State University economist Lisa D. Cook, discover the challenges of tackling transnational crime with the EU�s first anti-fraud prosecutor, dig deeper into tourist-dependent economies most harmed by the pandemic, explore a new system of governance for the buying and selling of data, and look at the connection between worker power and US wages. This issue also features a series of reflections by youth from around the world on tackling the pandemic at home. Our Picture This also focuses on how COVID-19 has impacted young people around the world, and our Back to Basics feature explains ins and outs of the informal economy.

September 2020:   

Resilience: Healing the Fractures

The age of COVID-19 has painfully exposed and widened existing economic and social divisions and created new ones. It has accentuated disparities among workers, especially the young, female, and least educated. It has made more acute frailties in public health systems, the precariousness of work, and the digital divide. It has challenged governments, which now face higher spending needs and ballooning debts. And it has brought to light the simmering issue of racial injustice.

Yet this crisis and the fault lines it is exposing are inspiring calls for a rethinking of our priorities and reconsidering the very structure of the world economy toward a future that is more equitable, adaptable, and sustainable—more resilient. This issue of F&D gives voice to diverse contributors on what needs to be done.


  • In “Knightmare Uncertainty,” IMF First Deputy Managing Director Geoffrey Okamoto writes that in the COVID-19 world, risk has become riskier
  • Oxford University’s Ian Goldin writes that the pandemic is straining economic and social fault lines, and that the only remedy is international cooperation
  • In “The COVID-19 Debt Pandemic”, Jeremy Bulow, Carmen Reinhart, Kenneth Rogoff and Christoph Trebesch explain that new tools are needed to handle a coming wave of debt restructuring
  • Nobel laureate Joseph Stiglitz writes that the pandemic has laid bare deep divisions, but it’s not too late to change course in “Conquering the Great Divide”
  • Barry Eichengreen of UC California, Berkeley, says that the current crisis highlights the urgency of strengthening the global financial architecture
  • In “Overhauling Health Systems,” University of Edinburgh's Genevie Fernandes writes that as countries’ first line of defense against a crisis, health systems need to be strengthened
  • Ulrich Volz of SOAS University London explains that the pandemic is only a prelude to a looming climate crisis in “Investing in a Green Recovery”
  • Addressing systemic racism is a moral imperative, but it can also make economies stronger, writes WEF’s Joseph Losavio in “What Racism Costs Us All”

Also in this issue, economists and policymakers need a wake-up call to root out racial discrimination, technology can boost either resilience or inequality, why our approach to vaccine finance is ill-suited to addressing epidemic risks, and how three people around the world are coping with change as the pandemic upends their world.

Our People in Economics series profiles Mariana Mazzucato, tireless proponent of government-led innovation, our In the Trenches series features an interview with Jamaica’s former central bank governor Brian Wynter, and our Picture This visualizes how the viral pandemic is bringing about a new global hunger crisis. Our Back to Basics series explains debt sustainability, and in Currency Notes, we spotlight Tunisia, which honors the country’s first female physician on its 10-dinar banknote. We also review two new books: Angrynomics by Eric Lonergan and Mark Blyth, and The Economics of Belonging by Martin Sandbu.

June 2020:   

Policies, Politics and Pandemics

The pandemic, with its appalling loss of life, has brought the Great Lockdown and frozen the wheels of commerce. People’s lives have been turned upside down, punctuated by furloughs, face masks,
and fear. While this health crisis reoriented our focus, this issue of F&D focuses on political economy, which is more relevant than ever. It underscores the notion that policies are influenced not just by economic analysis but also by social, political, and many other forces. And it compels us to think about how people and the economy will adjust in a post-pandemic world.

Articles include:

  • In “Beyond the Crisis,” IMF Managing Director Kristalina Georgieva explains how we can take advantage of this opportunity to build a better world
  • Harvard’s Jeff Frieden writes that understanding political economy can be a powerful tool for those interested and changing governments and societies.
  • History shows COVID-19’s economic fallout may be with us for decades, writes Òscar Jordà, Sanjay R. Singh, and Alan M. Taylor in “The Long Economic Hangover of Pandemics
  • In “Lifelines in Danger,” Antoinette Sayeh and Ralph Chami write that the COVID-19 pandemic threatens to dry up remittance flows—a vital source of income for poor and fragile countries
  • In “Embracing Identity,” LSE’s Andrés Velasco writes that broadly shared identity can be the basis for the sense of shared destiny that is at the core of good politics
  • A focus on scientific consensus, technology and climate change are critical pillars of the international order after COVID-19, write the IMF's Era Dabla-Norris, Vitor Gaspar and Kalpana Kochhar
  • Six prominent thinkers including Daniel Susskind, Ian Bremmer and Sharan Burrow reflect on how the COVID-19 pandemic has changed the world.
  • Past debt crises can teach developing economies to cope with COVID-19 financing shocks, write the World Bank’s M. Ayhan Kose, Franziska Ohnsorge, Peter Nagle, and Naotaka Sugawara in “Caught by a Cresting Debt Wave

Also in this issue, the IMF’s Andreas Adriano profiles MIT’s J-PAL—Abdul Latif Jameel Poverty Action Lab—where Abhijit Banerjee and Esther Duflo are reinventing development economics. And "In the Trenches" features an interview with former Medellín mayor Federico Gutiérrez on how prioritizing security and sustainability paved the way for a 21st century city.

March 2020:   

The Long, Good Life:
Demographics and Economic Well-Being

Changes in the size and structure of a nation’s population affect how we work, age, and live. In many advanced and emerging market economies, a shrinking pool of working-age people will have to support a growing number of retirees. Other countries will need to generate a staggering number of new jobs just to keep pace with the number of young people joining the job market. In this issue of F&D, we look at the economic impact of changing demographics around the world.

Articles include:

  • Harvard’s David E. Bloom discusses how demographics can be a potent driver of the pace and process of economic development in “Population 2020.”
  • In “The Long, Good Life,” London Business School’s Andrew Scott explains why longer, more productive lives will mean big changes to the old rules of aging.
  • Poh Lin Tan of the National University of Singapore digs deeper into Singapore’s experience in trying to raise its fertility rate, and draws out lessons for other countries in “Reversing Demographic Decline.”
  • In “Shrinkanomics: Lessons from Japan,” Gee Hee Hong and Todd Schneider of the IMF discuss why Japan is the world’s policy laboratory for dealing with an aging, shrinking population.
  • Giovanni Peri of the University of California, Davis, writes about how immigration can solve the demographic dilemma, but not without the right policies in “Immigrant Swan Song.”
  • In “Getting Older but Not Poorer,” David Amaglobeli, Era Dabla-Norris, and Vitor Gaspar of the IMF argue that as societies age worldwide, pensions and public policies must adapt.
  • Lawrence H. Summers of Harvard University writes about the need for new approaches to deal with sluggish growth in “Accepting the Reality of Secular Stagnation.”

Also in this issue, for our “People in Economics” series, Peter J. Walker profiles Wharton’s Olivia S. Mitchell, a founder of modern pension research. "In the Trenches" features an interview with Somalia’s Minister of Finance Abdirahman Dualeh Beileh, who sees hope for his country’s economic development. And we speak to three young people on charting their own futures in Brazil, Korea and Ethiopia.

December 2019:   

The Economics of Climate

In this issue of F&D, we look at the economic and financial impact of climate change policies. Driven by technology, innovation, investment and a dynamic private sector, we point to concrete solutions that offer opportunities for growth.

Articles include:

Also in this issue, "People in Economics" profiles Harvard Economist Edward Glaeser, who sees urbanization as a path to prosperity. "In the Trenches" features an interview with former President of Brazil’s Central Bank Ilan Goldfajn, and we explore why it’s time for more transparency in the management and governance of national oil companies.

September 2019:   

Hidden Corners of the Global Economy

In this issue of F&D, we shine a spotlight on the dark web of secret transactions that enable tax evasion and avoidance, money laundering, illicit financial flows, and corruption.

Articles include:

  • The IMF's Acting Managing Director David Lipton discusses the dark side of the global economy and why bringing money out of the shadows means improving governance.
  • Jannick Damgaard, Thomas Elkjaer and Niels Johannesen examine the rise of phantom FDI in tax havens, and how these activities undermine tax collection in advanced, emerging market, and developing economies.
  • Transparency is a potent weapon in the battle against illicit financial flows, corruption, and tax evasion, say the IMF's Jay Purcell and Ivana Rossi.
  • Aditi Kumar and Eric Rosenbach of Harvard's Belfer Center discuss the origins and evolution of the dark web, where an underground marketplace for illicit activity has emerged.
  • Global corruption distorts the activities of the state and ultimately takes a toll on economic growth and the quality of people's lives, write the IMF's Paolo Mauro, Paulo Medas, and Jean-Marc Fournier.
  • Tom Mashberg digs deeper into the loosely regulated art market'ideal ground for money laundering'and how best to address this challenge.

    Also in this issue, "People in Economics" profiles Princeton's Atif Mian, who sees the fight against inequality as a moral imperative. "In the Trenches" features former chief economist of the European Central Bank Peter Praet, and our "Back to Basics" series explains stress testing.

June 2019:   

The IMF at 75

In this issue marking the IMF's 75th anniversary, we turn to the sharpest minds to assess the challenges facing the institution and how best to confront them.

Feature articles include:

  • Martin Wolf of the Financial Times writes on the IMF of today and tomorrow
  • Lord Keynes pays a surprise visit to the institution he co-founded
  • Christine Lagarde pens a letter calling for a renewed commitment to global economic cooperation
  • Raghuram Rajan, former Governor of the Reserve Bank of India, explains why global cooperation is needed to reap the benefits and avoid the pitfalls of cross-border capital flows
  • Pinelopi Koujianou Goldberg, Chief Economist at the World Bank Group, writes about the future of trade policy and an ailing multilateral trade system
  • Mohamed A. El-Erian, Chief Economic Advisor at Allianz, writes that the IMF can (and must) disrupt itself in a rapidly changing world
  • Vera Songwe of the United Nations explores how technology can be a springboard for faster, more inclusive growth in Africa
  • Historian Adam Tooze writes that the IMF, in the postcrisis world, must move beyond its role as lender of last resort

Also in this issue, "People in Economics" profiles Stanford's Susan Athey, who brings machine learning to economics. "In the Trenches" features Clare Akamanzi, CEO of the Rwanda Development Board, and our "Back to Basics" explains carbon taxation.

March 2019:   

Women and Growth

Women help economic growth, and growth in turn helps women, the world is now discovering. This issue of Finance & Development magazine, coinciding with International Women's Day, explores why empowering women is not just the right thing to do, it also makes economic sense. Articles include:

Also in this issue, "People in Economics" profiles Branko Milanovic , an inequality expert. "In the Trenches" features Elvira Nabiullina , Governor of the Central Bank of Russia, and our "Back to Basics" explains all about the minimum wage.

December 2018:   

Age of Insecurity: Rethinking the Social Contract

As the world seeks to address the rise of populism and nationalism, it is becoming clear that economic insecurity lies at the heart of much of the discontent. The latest issue of Finance & Development magazine, produced in partnership with the London School of Economics and Political Science (LSE), explores the need to rethink the social contract - including how society looks after the old, the young, the infirm, and those who have fallen on hard times - to create a greater sense of security in our globalized and fast-changing economy.

  • Overcoming fears of technology and globalization means rethinking the rights and obligations of citizenship, writes LSE Director Nemat Shafik in this edition’s cover story.
  • The changing nature of work is upending traditional employment and its benefits, and new systems that do not rely on standard employment contracts are needed, writes the World Bank’s Michal Rutkowski.
  • China strives to adapt social protection to the needs of a market economy, writes Ken Wills, former Beijing bureau chief for Bloomberg News.
  • With dramatic changes in labor markets, technology, and family life, LSE’s Nicholas Barr writes that the welfare state is more necessary now than ever.

Also in this issue, we explore efforts around the world to stop criminals from laundering their trillions, how economic integration in Africa could make the continent a global player, and profile a course at Yale University where veterans of the global financial crisis pass their wisdom on to the next generation. Our “People in Economics” series profiles Claudia Goldin, who pioneered the study of women’s role in the economy, and our “Back to Basics” series explores universal basic income.

September 2018:   

Southeast Asia: Region on the Rise

One of the world’s fastest-growing regions, Southeast Asia, has lived through devastating financial crises, armed conflicts, and untold natural disasters. And yet it has managed to leverage the possibilities created by globalization to build competitive economies that play a vital role in the global supply chain, lifting millions of people out of poverty. The latest issue of Finance & Development magazine looks at the multitude of challenges facing ASEAN countries, including the very real threat posed by climate change, the rapid aging of society, human trafficking, and geopolitical shifts.

  • From shifting demographics to climate change, Southeast Asia confronts a host of challenges. Surmounting them will require both resilience and flexibility, writes Manu Bhaskaran in this edition’s cover story.
  • Growth in per capita incomes in Southeast Asia has been among the fastest in the world, and last year the region was the fourth largest contributor to global growth after China, India and the United States. Living standards have improved dramatically and poverty rates have sharply declined. What accounts for this record of success? Chang Yong Rhee digs deeper.
  • The Vietnam War led to a relative decline in Vietnam’s male population, creating a void in the labor force that women filled as the economy started to grow, writes Angana Banerji, Sandile Hlatshwayo, Albe Gjonbalaj and Anh Van Le. As women advance in Asia’s labor force, Vietnam is a standout for many reasons.

Also in this issue, we investigate the hidden scourge of human trafficking in Southeast Asia, discuss the challenges and opportunities to addressing the impact of climate change in the region, explore the many ways in which Asia is embracing the digital innovation, and speak to young leaders harnessing technology to invent a brighter future. Our “People in Economics” series profiles data evangelist Raj Chetty, a professor of economics at Harvard University, and we interview Laura Alonso, head of Argentina’s anti-corruption office, on why the battle against corruption must be waged on many fronts. We also take a closer look at how high levels of remittances can spark a vicious cycle of economic stagnation and dependence, and how the rapid diffusion of knowledge is an important benefit of globalization.

June 2018:   

Money, Transformed: The Future of Currency in a Digital World

In the past few years, financial technology—fintech for short—has caught the world’s imagination by offering alternatives to traditional means of payment. The latest issue of Finance & Development magazine looks at whether digitalization will redefine money—and the possible consequences, both good and bad.

  • By nature, technological revolutions are highly disruptive. But smart policies can alleviate the short-term pain of technical disruption, paving the way for long-term societal gain, writes Martin Mühleisen.
  • Will central banks still needed in tomorrow’s payments market? Stefan Ingves, the governor of Sweden’s central bank, discusses the implications of his country’s shift toward digital money.
  • Throughout time, new currency has been associated with mystical qualities, and Bitcoin is no exception, says Princeton historian Harold James in an examination of monetary disruptions throughout time.

Also in this issue, Tamas Gaidoscsh explores how cybercrime has become a mature industry operating on principles much like those of legitimate businesses. “People in Economics” profiles David Donaldson of the Massachusetts Institute of Technology. And Japan’s combination of artificial intelligence and robotics may be the answer to its rapidly shrinking labor force, according to Todd Schneider, Gee Hee Hong, and Anh Van Le.

March 2018:   

Balancing Act: Managing the Public Purse

In many countries, the future has been mortgaged by high public and private debt, which jeopardizes growth if not managed well. In this issue of F&D we ask, “How much debt is too much?”

  • Should countries raise taxes or lower spending to reduce debt? New research by Alberto Alesina, Carlo Favero, and Francesco Giavazzi reveals that countries take a smaller hit to growth if they cut spending.
  • With growing concern over inequality, social spending cuts can be hard to justify. Former World Bank chief economist François Bourguignon examines how best to address rising inequality and assess difficult trade-offs.
  • Fanwell Bokosi of the African Forum and Network on Debt and Development calls for new solutions to break the vicious cycle of debt and poverty in low-income countries.

Also in this issue, Estonia’s former president Toomas Hendrik Ilves explains how digitalization can make people’s lives a whole lot easier. “People in Economics” profiles Nobel laureate Angus Deaton, who connects the dots between theory, policy, and people’s lives. And Picture This shows that countries need to prioritize learning, not just schooling, to realize education’s promise.

December 2017:   

The Middle East in Flux

This issue of F&D focuses on the Middle East and North Africa, taking stock of the region’s rapid transformation since the Arab uprisings of 2011—a period that raised the hopes of millions for a better future and caused despair for countless others.

Ibrahim Saif discusses why building consensus is key to successful energy subsidy reform in our new series, “In the Trenches.” Also in this issue, author Nazila Fathi writes that increasing women’s labor force participation in the Arab world could boost economic growth, but there are deeply rooted obstacles. F&D's latest “People in Economics” profiles David Autor, the MIT economist who has done pathbreaking work on the effects of imports on the US labor market. And a Picture This infographic illustrates how poor countries bear the brunt of climate change, despite the fact that they are in the worst position to do so.

September 2017:   

The September 2017 issue of F&D magazine looks at a key challenge the world faces: how to address complex global problems amid growing skepticism about the benefits of multilateralism and continued global integration.

  • Princeton professor and IMF historian Harold James takes a look at the postwar economic order and the new challenges confronting it.
  • IMF’s Michael Keen discusses how increasing stresses on an outdated framework for international taxation are causing policymakers to rethink it.
  • An internationally agreed approach to financial regulation is vital to keep diverse financial systems safe and sound, Tobias Adrian and Aditya Narain argue.
  • Transparency is a powerful disincentive for money laundering and terrorist financing, says Douglas Farah of IBI Consultants as he explores how international groups of criminals and militants move money around the world
  • IMF’s Tommaso Mancini-Griffoli takes a deep dive into the ways new technologies are reshaping the financial services industry
  • China will continue to exercise its role as a major global economic power through both direct and indirect means, Cornell University’s Eswar Prasad says.

Elsewhere in this issue, F&D's “People in Economics” profiles Ricardo Hausmann, whose lifelong quest has been to uncover the forces that drive economic development; "In the Trenches,” policymaker Benno Ndulu discusses why more people should have access to financial services; and a “Picture This” infographic illustrates how workers are taking home a smaller slice of the pie these days.

June 2017:   

This issue of F&D explores the economic opportunities and challenges of millennials, a generation often described as determined, resourceful, and emphatically untraditional.

  • Millennials account for about 40 percent of independent workers who make a living as freelancers in the United States. New York University professor Arun Sundararajan, describes a workplace where the traditional employer-employee relationship changes dramatically in the digital economy.
  • Young adults should start putting money aside for retirement now, advises IMF economist Mauricio Soto. Public pensions will not provide as much as they did to earlier generations.
  • In an ever-evolving workplace, millennials will need continuous education and updating of their skills to keep pace with the current technological revolution, explains IMF economist Nagwa Riad.
  • Increased costs for higher education, borrowing constraints for home loans, and reduced public pensions have resulted in millennials accumulating less wealth than their parents did at the same age, per Board of Governors of the US Federal Reserve System senior economists Lisa J. Dettling and Joanne W. Hsu.
  • IMF managing director Christine Lagarde offers 21st century career advice to young adults.
  • Millennials from around the world reflect on the key challenges facing their generation.

In our new series, "In the Trenches," policymakers describe the challenges of pushing through reforms aimed at stronger growth, higher productivity, and more jobs. Also in this issue, journalist Alan Wheatley writes that virtual payments may be taking over the use of cash, but not completely and not everywhere. Correspondent banking relationships, which have been under pressure in several countries, are also examined. F&D's People in Economics series profiles Robert J. Gordon, who predicts a slowdown in innovation will take a toll on economic progress. And a Picture This infographic illustrates the progress some countries are making in energy subsidy reform.

March 2017:   Growth Conundrum

Should the world’s advanced economies resign themselves to little or no economic growth? Or is there hope that policies can resuscitate productivity and durable economic growth? This issue of F&D explores these questions and more.

  • Global optimism may have been replaced by the fear of long-term stagnation but declining productivity growth was apparent long before the crisis struck Nicholas Crafts of the University of Warwick argues.
  • IMF economists Gustavo Adler and Romain Duval believe that global productivity can be revived by addressing the legacies of the financial crisis—for example, by boosting demand where it remains weak, helping firms restructure debt, strengthening bank balance sheets, and giving clearer signals about future economic policy.
  • Ronald Lee of the University of California at Berkeley and Andrew Mason of the University of Hawaii, Manoa, explain that as a population ages, GDP growth slows, support costs rise, and government budgets feel the weight.
  • Diane Coyle of the University of Manchester presents the pros and cons of using GDP as a measure of economic health.
  • J. Bradford DeLong of the University of California, Berkeley, and John B. Taylor of Stanford University present their views of secular stagnation.
  • The fruits of growth should be shared equitably by emerging economies, says IMF Deputy Managing Director Tao Zhang.

Also in this issue, Cornell’s Eswar Prasad says the rise of the Chinese renminbi does not mean that it will rule. Other articles address how inequality can stifle growth; whether money can buy happiness; how broadening the reach of financial services not only benefits people and firms but society; the role of protecting forests in fighting climate change; and how limiting climate change could reduce the value of fossil fuel resources in many parts of the world. F&D's People in Economics series profiles Massachusetts Institute of Technology’s Kristin Forbes, whose work spans both academia and policymaking. And a Picture This infographic illustrates how policies that help integrate women into the workforce benefit everyone.

December 2016:   "Globalization: Insiders, Outsiders"

  • Sebastian Mallaby writes that while capital flows have collapsed and trade has stagnated, trade and finance may in fact be resetting to a more sustainable level consistent with continued globalization. Taking a closer look at trade, IMF chief economist Maurice Obstfeld remarks that "Globalization offers the potential of economic gains for all, but there is no guarantee that potential will be realized absent decisive government action to support those who suffer from the side effects."
  • Frances O'Grady, General Secretary of the U.K. Trades Union Congress, reminds us of the constructive role trade unions play in evaluating the impact of moves toward globalization on working people's jobs, rights, and living standards. Paul Krugman argues that trade is already remarkably free by historical standards, and the stalling of the march toward ever-more-liberal trade and investment policy—while averting an all-out trade war—would not be a tragedy. And Kumi Naidoo, a South African human rights activist, makes an impassioned plea for a more equal distribution of wealth.
  • Some of the "human faces of globalization" are profiled in this issue of F&D. Among the hardest hit by the negative side effects are workers in advanced economies. John Powers, the U.S. factory worker featured on the magazine cover, was retrained as an electrician and considers himself lucky to have a job.
  • Also in this issue, we profile Princeton economist Leonard Wantchekon, who is the founder of the African School of Economics."

September 2016:   

Smart Technology Takes Flight

"Smart Technology Takes Flight" examines the power of smart machines and artificial intelligence to transform economic life.

June 2016:   Africa: Growth's Ups and Downs

In this issue, F&D focuses on Africa. At a time when the "Africa Rising" narrative is under intense scrutiny, our authors suggest that while conditions are tougher than they have been in a decade, many countries are well positioned to ride out this storm.

  • In his overview, Georgetown University's Steven Radelet takes a broader look at current circumstances and concludes that growth is likely to slow in the next few years, but Africa is better positioned to handle this downturn thanks to the marked improvements in governance, sound economic management, and better economic and social policies. The long-term outlook is solid for countries that diversity their economies, increase competitiveness, and further strengthen their institutions of governance.
  • Antoinette Sayeh, head of the IMF's Africa Department, sounds a similar note in her Straight Talk column, arguing that the underlying drivers of growth over the past decade still persist and that a reset of monetary and fiscal policies can help reignite sustainable growth in the region.
  • Other articles focus on digital technologies that increase access to financing; regional economic agreements that foster closer business ties; increased women’s participation in the workforce, and a focus on improving infrastructure and health care.
  • On a lighter note, Steve Omanufeme gives us a snapshot of a sector that illustrates Africa's dynamism: Nigeria's film industry or "Nollywood", one of the world’s largest film industries in terms of number of films produced.
  • Elsewhere in the issue, Robert Gordon, whose recent book, "The Rise and Fall of American Growth" has stirred much thought, discusses the prospects for a long period of muted growth in the United States. Finally, Prakash Loungani profiles iconoclastic economist Dani Rodrik.

March 2016:    The Big Squeeze

In this issue, F&D focuses on the crosscutting dynamics that define population change today. Our authors shed some light on the multiple forces—aging, migration, urbanization, and longevity—at play in the changing global demographic landscape.

  • Harvard Professor David E. Bloom surveys of the forces shaping population growth today and proposes a range of options for managing what he calls “the most significant demographic transformation in human history.”
  • Benedict Clements, Kamil Dybczak, and Mauricio Soto examine the fiscal consequences of shrinking and aging populations in advanced and emerging market economies.
  • Yuko Kinoshita and Kalpana Kochhar find that women can help offset the problems of an aging population and a shrinking workforce.
  • Vimal Thakoor and John Wakeman-Linn show that sub-Saharan Africa can reap the benefits of its growing population, if the demographic transition is properly managed.

Elsewhere in the issue, IMF First Deputy Managing Director David Lipton discusses China’s need for bold fiscal reforms; Masood Ahmed reflects on plunging oil prices, and Paul Cashin, Kamiar Mohaddes, and Mehdi Raissi examine the economic impact of El Niño. Rabah Arezki, Frederick van der Ploeg, and Frederik Toscani break new ground in their article on the latest trend in natural resource finds. Peter Walker profiles economist David Card, whose work on minimum wages, immigration, and education challenged conventional wisdom.

Finally, we included a tribute to pop icon David Bowie. F&D Managing Editor Marina Primorac tells us how the musician’s face came to grace the front of the “Brixton pound”—a local currency that circulates in that south London neighborhood where Bowie was born.

December 2015:   Powering the Planet

This issue looks at the challenges of balancing the massive demand for sufficient energy to power economic growth and development with the urgent need to sharply reduce carbon emissions, the chief contributor to climate change.

  • Despite the tensions between growth and a more sustainable mix of energy sources, Nicholas Stern of the London School of Economics argues the twin challenges of fighting poverty and climate change are not mutually exclusive.
  • The ILO's Peter Poschen and Worldwatch Institute's Michael Renner say we need not choose between green and jobs.
  • IMF economist Ian Parry argues now is an opportune time to set a price for carbon that reflects its true costs.
  • An analysis of the four major declines in oil prices in the past 30 years finds the most recent collapse may portend a long period of low prices.

Elsewhere in this issue, Paul Collier and coauthors look at the costs of treating and preventing HIV/AIDS in Africa. F&D examines the high penalty countries pay when they default on sovereign debt; the negative effect elections have on intelligent decision making about public investment; the increasingly common practice of offering citizenship "for sale;" how a shortage of sand is hindering development; and China's investment in Africa. F&D's People in Economics series profiles LSE's Richard Layard, who says economics has strayed too far from its original purpose of promoting happiness and maximizing well-being, and Back to Basics explains game theory.

September 2015:   

Latin America: Finding Its Footing

"Latin America: Finding Its Footing" covers the many challenges facing the region today and explores ways to boost growth in the face of slumping commodity prices. Avoiding a prolonged slowdown is critical to realizing the region's key goals: raising incomes of the poor, strengthening education and health care, and ensuring widely shared economic gains.
In the lead story, Columbia University professor and former Colombian Finance Minister José Antonio Ocampo accounts the region's strong performance over the past decade and says that to regain its footing, Latin America must upgrade its production structure and diversify its economies, lessening the dependence on commodities.
Alejandro Werner, Director of the IMF's Western Hemisphere Department, sees a loss of confidence as the region's greatest threat and suggests that clarifying the direction of economic policies will boost both business and consumer confidence. Nora Lustig of Tulane University discusses the urgency of addressing inequality in the region. Daniel Kaufmann, president of the Natural Resource Governance Institute, talks about the importance of culture of good governance.
Other articles address recent developments in Latin America concerning capital flows, central bank mandates, and trade. A story on Cuba's potential as a major player in Caribbean tourism rounds out our special feature.
Elsewhere in the issue, we look at the effect of unconventional monetary policy on emerging markets, trends in U.S. labor force participation, Islamic finance, and financial stress testing.
Our People in Economics series profiles Sabine Alkire, whose passion for measuring and eradicating poverty has earned her a place among today's top thinkers on global development. And the Back to Basics series explains foreign direct investment.

June 2015:    A Development Agenda

This issue of Finance & Development takes stock of the global development agenda in 2015, the year the Millennium Development Goals expire and the Strategic Development Goals will be adopted.

  • Center for Global Development senior fellow Charles Kenny looks at progress on the development agenda since 2000.
  • IMF economists tackle how to ensure access to clean water, especially for the world’s poorest.
  • IMF Managing Director Christine Lagarde says 2015 is a “once-in-a-generation” opportunity for development—from financing to goal setting, guided by international partnership, commitment, and flexibility.

Also in this issue, F&D delves into the dark recesses of the global economy, examining the economic toll of terrorism and the costs of human trafficking. It looks at the expansion of regional banks in Africa, the economic aftermath of the Arab Spring, how the euro area could benefit from German infrastructure spending, and efforts to revamp over-the-counter derivatives markets. F&D’s People in Economics series profiles Hélène Rey, professor of economics at the London Business School.

March 2015:    Jobs on the Line

"Jobs on the Line" pays tribute to the workers of our era—many still struggling to find jobs in the wake of the Great Recession of 2008—and captures many of the forces shaping the jobs landscape in 2015 and beyond: technology, immigration, trade, and education. This issue's sweeping view of the future of work in the global economy takes a variety of angles.

  • Prakash Loungani leads off with an overview of the global jobs landscape and examines the reasons behind the slow recovery of jobs in the wake of the global financial crisis.
  • In "A Long Commute," Çağlar Özden explains how immigrants do more good than harm when they enter a country's job market.
  • James Bessen examines displacement of workers to new jobs by innovative technology in "Toil and Technology."
  • Ekkehard Ernst discusses labor market trends in "The Shrinking Middle."

Also in this issue, Vitor Gaspar tells us in a Straight Talk column what we can learn about fiscal policy and power politics from King Phillip II of Spain, and William White explains the shortcomings of the international monetary system. The People in Economic series profiles Raghuram Rajan, the prescient finance economist now steering India's central bank.

December 2014:   

The Fight for Global Health

The issue looks at the status of global health, including threats from disease, changes in the way public health systems are financed, the splintering of global health governance, and how public and private medical delivery systems stack up in developing countries


Also in this issue, a look at the causes of the recent global trade slowdown, China's economic and financial relationship with Latin America, and how big data can be used to drive growth in the developing world. F&D's People in Economics series profiles 2012 Nobel Prize winner Alvin E. Roth, who uses game theory to make people's lives better, and Back to Basics explains taxes.

September 2014:    The Future of Global Economics

This year, we mark the 70th anniversary of the IMF and World Bank and the 50th anniversary of F&D. The world has seen a staggering amount of change in the past seven decades. So, with these two anniversaries in mind we focused our attention on the transformation of the global economylooking back and looking ahead. What will the global economy look like in another 70 years?

  • Five Nobel laureates—George Akerlof, Paul Krugman, Robert Solow, Michael Spence, and Joseph Stiglitz—share their thoughts on which single “frontier” issue promises to shape the economic landscape in the years ahead.
  • In “A World of Change,” Ayhan Kose and Ezgi Ozturk chart the economic transformations of the past 70 years.
  • IMF Chief Christine Lagarde charts a course for the IMF in the next decade in Straight Talk
  • IMF Chief Economist Olivier Blanchard distills the lessons of the 2008 global financial crisis in “Where Danger Lurks.”

This issue also features cartoonist Nick Galifianakis and Joe Procopio telling the story of the IMF’s origins in a seven-page comic. The People in Economics series profiles a giant in economics—Nobel winner and Stanford professor Ken Arrow, who built on an early passion for math and work in meteorology during World War II to launch a storied career in economics. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality—the most hotly debated economic issue of recent days—by Jonathan Ostry and Andrew Berg round out the package.

June 2014:    Asia Reaching for the Top

Through an economic lens, what is Asia? At first blush, the answer seems simple: Asia is the locomotive of the world economy, posting impressive growth numbers for the past several decades. But a closer look reveals stunning diversity. Once you get past the headlines, the picture is complex and richly textured. This issue of F&D looks at Asia from a variety of angles, seeking to provide insight into the region’s economic present - and future.

  • Changyong Rhee argues that Asia will need to deal with five important challenges if the region is to continue on its amazing economic journey in "Asia: Achieving Its Potential."
  • In "Sino Shift," David Dollar looks at the rebalancing of China’s economy - from investment toward consumption - and the implications of that shift for developing economies in the region.
  • Shikha Jha and Juzhong Zhuang examine the role strong institutions and good governance can play in Asia’s future in "Governance Unbundled."
  • In "Asian Style," Alan Wheatley explains how cultural products are playing an increasing role in the region’s economy as disposable incomes rise.
  • Malaysian central bank governor Zeti Akhtar Aziz offers her view on Asia’s resilience and how the region can cope with financial and economic transitions in the rest of the world. Articles on Australia, kimchi (the Korean staple), and the global reach and the future of Asian finance round out the package.

Also in this issue, the costs and benefits of pegged exchange rates are tallied; the relationship between economics and virtue is explored; and researchers examine the point at which a nation’s debt compromises its medium-term growth. Finally, F&D's People in Economics series profiles Christopher Pissarides, whose pioneering work on unemployment and labor markets earned him the Nobel Prize in 2010.

March 2014:    Europe's Union, Step By Step

The decision in 1951 by six European nations to pool coal and steel production paved the way for greater integration and, ultimately, lasting peace in Europe. What a great example of pursuing a long-term vision one step at a time-of not taking on too much at once. This issue of F&D examines Europe’s drive toward economic integration-the forces bringing it together and those pushing it apart.

Elsewhere in the issue, the People in Economics series profiles Lucrezia Reichlin, former Chief Economist at the European Central Bank and a pioneer of real-time economic forecasting. Other articles look at the impact of aging on policy choices, macroeconomic policy and natural disasters, and why the dollar is unlikely to be dethroned anytime soon as the world’s global reserve currency. This issue’s Back-to-Basics installment goes “old school” and takes a look at the monetarist school of economic thought.

December 2013:   : Global Trade’s Uncertain Course

Global trade remains an important and growing force in the world economy. Virtually every country on the planet now recognizes the role of trade in achieving higher economic growth and improved living standards. In this issue of F&D, we look at the various forces affecting global trade today—some of which offer new opportunities for poorer countries to become part of the global factory, while others present barriers to negotiating future trade deals.

  • Eminent trade economist Jagdish Bhagwati brings us up to speed on the latest multilateral negotiations and offers a spirited argument for multilateralism in “Dawn of a New System.”

  • In “Adding Value,” Bernard Hoekman explains the growing role of global supply chains.

  • Stijn Claessens and Juan Marchetti examine how the global financial crisis affected trade in financial services in “Global Banking Regroups.”

  • In “Smart Trade,” Thierry Verdier looks at how governments regulate the creation, dissemination, and movement of intellectual property across borders.
Elsewhere in this issue, the People in Economics series profiles Peter Blair Henry, the youngest-ever dean of New York University’s business school, whose work on debt relief challenged conventional wisdom. Other articles tackle inequality in Asia, managing citizen expectations in the face of natural resource booms, fiscal policy in the run-up to elections, and the anatomy of a country’s currency reform.

September 2013:   Earth's Precious Resources

Natural resources are a mainstay of many economies, and the revenue derived from their export can help countries fund the development projects that improve the lives of their citizens. This issue of F&D explores the world of natural resource management and puts forward new ideas for sustaining resource revenues over the long haul, to support steady economic growth.

• Our special feature kicks off with "Too Much of a Good Thing" by Chris Geiregat and Susan Yang, who examine the challenges facing resource-rich countries and advocate the use of a sustainable investing tool to help policymakers better allocate resource revenue.
• In "A Drop in the Bucket," Peter Gleick of the Pacific Institute looks at the economics of the one natural resource we can't live without: water.
• Philip Daniel, Sanjeev Gupta, Todd Mattina, and Alex Segura-Ubiergo tackle design of effective tax and spending policies in revenue-rich countries in "Extracting Resource Revenue."

Other articles cover natural resource booms, the promise of resource wealth to boost the frontier economies of central Asia, capital flight associated with the natural resource sector, and the future of oil markets.
Elsewhere in the issue, we examine whether Latin American growth can be sustained and how remittances affect economies. The People in Economics series offers a profile of Stanley Fischer, whose achievements in the public, private, and academic sectors place him at the forefront of modern economics. And the Back to Basics series examines what the output gap is and how it affects economies.

June 2013:   Women in Charge
The world has seen tremendous progress in a relatively short time when it comes to women's participation in the workforce—women work in all fields and professions, and women are a driving force in many economies. F&D looks at the diversity of women's work experience across the globe.

• Ann Mari May explains how U.S. economists' views sometimes vary by gender, with potential implications for national policymaking in "Different Sight Lines."
• In "Women in Charge," Rohine Pande and Petia Topalova examine the striking results of policy experiment in India where the presence of female leaders is changing public attitudes.
• A recipe for raising entrepreneurship among African women is revealed in Mark Blackden and Mary Hallward-Driemeier's article "Ready to Bloom?"
• In her Straight Talk column IMF Managing Director Christine Lagarde maps out some of the workforce issues where women still need to make progress. Elsewhere in this issue we take up China's changing labor market, the outflow of private capital from emerging market economies, and the emergence of borrowers on international capital markets in sub-Saharan Africa.

This issue's People in Economics series offers a profile of economist Carmen Reinhart, whose research investigates the complexities of economic crises and capital flows, while the Back to Basics series looks at shadow banking and why many financial institutions that act like banks are not supervised like banks.

March 2013:   Middle East - Looking Ahead
Two years ago, citizens in the Arab world—fired by their ideals and visions of a better life—ignited a social movement that inspired people around the globe. In Egypt, Jordan, Libya, Morocco, Tunisia, and Yemen—the so-called Arab countries in transition—people embraced change, ushering in a new era. This issue of F&D looks at the difficulties of this transition, focusing on long-standing forces that shape the region�s economy and offering options for moving ahead to achieve strong, inclusive growth.

• Masood Ahmed, Director of the IMF's Middle East and Central Asia Department, maps out an agenda for modernizing and diversifying the region's economies in "Toward Prosperity for All."

• In "Freedom and Bread Go Together," Marwan Muasher addresses the intersection of economic progress and political change.

• Vali Nasr, in a Point of View column, underscores the vital role small and medium-sized enterprises play in a successful democratic transition.

Elsewhere in this issue, we look at how surging oil and gas production in the United States could shake up global energy markets; the effect of uncertainty on economic growth; and Mexico's competitiveness rebound.

F&D's People in Economics series profiles Christina Romer, former chair of the U.S. Council of Economic Advisers and an architect of the U.S. stimulus package; and the latest installment in our Back to Basics series explains how structural policies help to both stabilize and strengthen economies.

January 2013:   test - please ingnore

December 2012:   Catalysts for Change
By combating malaria with mosquito nets or building schools and providing basic sanitation, philanthropy is helping transform the developing world. Rich donors are devoting fortunes—many of them earned through computer software, entertainment, and venture capitalism—to defeating poverty and improving lives, supplementing and in some cases surpassing official aid channels. This issue of F&D looks at the world of targeted giving and social entrepreneurship.

• Dean Karlan explains that philanthropy and private investment have become increasingly important in fighting poverty in "Every Which Way We Can."

• In "Learning Laboratory" Gregory Dees looks at how social entrepreneurship can offer innovative development solutions.

• Former U.S. President Bill Clinton shares his view on how networks of creative collaboration can transform lives in "The Power of Cooperation."

Also in this issue, we look at how Chinese exporters have driven high-skill innovation in the West; discuss the dilemmas faced by developing countries in managing natural resource wealth; examine the recent surge in commodity prices; and present a comparison of the fight against income inequality in advanced and developing countries.

F&D's People in Economics series profiles superstar economist Jeffrey Sachs, who helped campaign for debt relief for developing economies and championed the Millennium Development Goals. Finally, this installment of Back to Basics takes a closer look at one of the most important interest rates in the world, LIBOR.

September 2012:   The Global Village
Technology is generating a global convergence. A "big bang" of information—and education as well—is improving human lives. And with global interconnectivity growing by leaps and bounds, we are all witness to a rapid spread of information and ideas. But, as we have seen from the prolonged global financial crisis, our interconnectedness carries grave risks as well as benefits. This issue of F&D looks at different aspects of interconnectedness, globally and in Asia.

• Brookings VP Kemal Derviş presents the three fundamental trends in the global economy affecting the balance between east and west in "World Economy: Convergence, Interdependence, and Divergence."

• In "Financial Regionalism," Masahiro Kawai and Domenico Lombardi tell us how regional arrangements are helping global financial stability.

• In "Migration Meets Slow Growth," Migration Policy Institute president Demetrios Papademetriou examines how the global movement of workers will change as the economic crisis continues in advanced economies.

• "Caught in the Web" explains new ways of looking at financial interconnections in a globalized world.

• IMF Managing Director Christine Lagarde provides her take on the benefits of integration and the risks of fragmentation in "Straight Talk."

Also in this issue, we take a closer look at interconnectedness across Asia as we explore how trade across the region is affected by China's falling trade surplus, how India and China might learn from each other's success, and what Myanmar's reintegration into the global economy means for its people.

F&D's People in Economics series profiles Justin Yifu Lin, first developing country World Bank economist, and the Back to Basics series explains the origins and evolution of money.

June 2012:   The Crisis and Beyond
Five years after the first stirrings of the crisis, some countries have recovered, but others are still struggling. F&D looks at the world today and sees a complex and mixed picture for the future of the world economy.

• In "Tracking the Global Recovery" we learn that most emerging markets seem to have moved on from the effects of the crisis, but most advanced economies have not.

• "Fixing the System" looks at how the pace of reforms to strengthen financial regulation has now slowed.

• World Bank trade economist Bernard Hoekman takes stock of incipient moves toward protectionism in "Trade Policy: So Far So Good?"

• "Bystanders at the Collapse" looks at how emerging markets and low-income countries weathered the global recession.

• Financier Mohamed El-Erian weighs in on the potential threat posed by large payment surpluses and deficits in "Stable Disequilibrium."

Also in the magazine, we explore what's happening in commodities markets, assess the rise of green technologies, take a look at the shifts in South Asia's labor force, and uncover the harm money laundering can inflict on national economies.

F&D's People in Economics series profiles Laura Tyson, Minder of the Gaps, and the Back to Basics series explains how money markets provide a way for borrowers to meet short-term financial needs.

March 2012:   Youth Demanding Change
Young people, hardest hit by the global economic downturn, are speaking out and demanding change. Coming of age in the Great Recession, the world's youth face an uncertain future, with lengthening job lines, diminished opportunities, and bleaker prospects that are taking a heavy emotional toll. In this issue of F&D, we look at the need to urgently address the challenges facing youth and create opportunities for them.

• Harvard professor David Bloom lays out the scope of the problem and emphasizes the importance of listening to young people in Youth in the Balance.

• "Making the Grade" looks at how to teach today's young people what they need to get jobs.

• IMF Deputy Managing Director Nemat Shafik shares her take on the social and economic consequences of youth unemployment in our "Straight Talk" column.

• "Scarred Generation" looks at the effects the global economic crisis had on young workers in advanced economies, and we hear directly from young people across the globe in "Voices of Youth."

Also in the magazine, we examine the rise of the Chinese currency, look at the role of the credit rating agencies, discuss how to boost the empowerment of women, and present our primer on macroprudential regulation, seen as increasingly important to financial stability.

People in economics: C. Fred Bergsten, American Globalist. Back to Basics: The multi-dimensional role of banks in our financial systems. The best of our Back to Basics columns are now available in one convenient page.

December 2011:   "Africa's Middle-Class Motor" finds growing evidence that a recent resurgence in the continent's economic well-being has staying power. In his overview article, Harvard professor Calestous Juma says the emphasis for too long has been on eradicating poverty through aid rather than promoting prosperity through improved infrastructure, education, entrepreneurship, and trade. That is now changing: there is a growing emphasis on policies that produce a middle class. The new African middle class may not have the buying power of a Western middle class but it demands enough goods and services to support stronger economic growth, which, as IMF African Department head Antoinette Sayeh points out, in turn helps the poorest members of society. Oxford University economist Paul Collier discusses a crucial component of Africa's needed infrastructure: railways. It is a continent eminently suited to rail, development of which has been held back more by political than economic reasons. But even as sub-Saharan Africa thrives, its largest and most important economy, South Africa, has had an anemic performance in recent years. We also profile Ngozi Okonjo-Iweala, Nigeria's colorful economic czar. "Picture This" mines current trends to predict what Africa will look like a half century from now and "Data Spotlight" looks at increased regional trade in Africa. Elsewhere, Cornell Professor Eswar Prasad, examines a global role reversal in which emerging, not advanced, economies are displaying resilience in the face of the global economic crisis. The University of Queensland's John Quiggin, who wrote Zombie Economics, examines whether it makes sense in many cases to sell public enterprises. Economists Raghuram Rajan of the University of Chicago and Rodney Ramcharan of the U.S. Federal Reserve find clues to current asset booms and busts in the behavior of U.S. farmland prices a century ago."

September 2011:   "All for One" examines inequality and the many ways it matters. In our overview article, the World Bank's Branko Milanovic explains how income inequality is measured and tells us that it's increased in most countries. The good news, he says, is that global inequality--between countries--could be on the decline. IMF economists Andrew Berg and Jonathan Ostry find that a more equal society has a greater likelihood of sustaining longer-term growth. Other IMF research on inequality finds that financial sector development not only "enlarges the pie" by supporting economic growth but divides it more evenly; that higher income inequality in developed countries is associated with higher indebtedness--at home and abroad; and that while fiscal consolidation is necessary in the medium term, slamming on the brakes too quickly can harm jobs and cut wages, exacerbating inequality. Also in this issue, we profile Elinor Ostrom, the first woman to receive the Nobel Prize for economics. In a tour of the globe, we look at how the African diaspora can help home countries from afar, try to draw some early lessons from the euro area's debt crisis, investigate how the United States and its neighbor Canada handled public debt--with different results, and find out about the rise of emerging markets as systemically important trading centers. Back to Basics explains the difference between micro- and macroeconomics, and Data Spotlight tells us about a new worldwide survey of foreign direct investment.

June 2011:   "Wising Up to the Costs of Aging" looks at how falling fertility and rising life expectancy have combined to threaten the ability of many countries to provide a decent standard of living for the old without imposing a crushing burden on the young. In our lead article, Ronald Lee and Andrew Mason say that while population aging in rich industrial countries as well as in some middle- and lower-income countries will challenge public and private budgets in many ways, a combination of reduced consumption, postponed retirement, increased asset holdings, and greater investment in human capital should make it possible to meet this challenge without catastrophic consequences. Neil Howe and Richard Jackson publish a fascinating ranking of which countries are best and worst prepared to meet the needs of the growing wave of retirees. We also have articles on a broad range of current topics, including Middle East unemployment, the economic repercussions of the earthquake and devastating tsunami in Japan, and banking in offshore financial centers such as the Cayman Islands. Carmen Reinhart and Jacob Kirkegaard look at how governments are finding ways to manipulate markets to hold down the cost of financing huge public debts, and, in Straight Talk, the IMF's Min Zhu talks about the long-term challenges now facing emerging markets. Prakash Loungani speaks to Nobel Prize winner George Akerlof, and we discuss with three other laureates--Michael Spence, Joseph Stiglitz, and Robert Solow--what the global economic crisis has taught us. Back to Basics explains economic models, and Picture This highlights the great variations in the cost of sending money back home.

March 2011:   "Latin America: An End to Boom and Bust?" covers prospects in that region, which has managed to sustain a decade of prosperity after a history of boom and bust cycles. In our cover story, Nicolás Eyzaguirre, Director of the IMF's Western Hemisphere Department, says Latin America has the potential to become an increasingly important global player. But boosting productivity and competitiveness remain key policy challenges and the fruits of success must be more broadly shared. Other articles on our cover theme look at the prospects for Brazil, inequality in Latin America, and how to raise productivity. Turning from Latin America, we interview former IMF Managing Director Michel Camdessus, now head of a group of luminaries tasked with generating ideas on how to make the global monetary system more stable in the wake of the world financial crisis. This issue of F&D also features articles on financial market cycles, public investment in infrastructure, whether to worry about inflation or deflation, democracy and liberalization, how to manage health care spending, and rising food prices. People in Economics profiles growth guru Robert Solow, winner of the 1987 Nobel Prize in economics. Our regular Back to Basics feature explains financial services. Data Spotlight looks at how access to financial services is growing in developing countries; and Picture This highlights the IMF's new database of public debt since 1880.

December 2010:   This issue of F&D looks at the growing role of emerging markets. Analysis by the IMF's Ayhan Kose and Eswar Prasad, professor of trade policy at Cornell University, argues that their economic ascendance will enable emerging markets such as Brazil, China, India, and Russia to play a more significant part in global economic governance and take on more responsibility for economic and financial stability. And Vivek Arora and Athanasios Vamvakidis measure how China's economy is increasingly affecting the rest of the world not just its neighbors and main trading partners. In addition, F&D examines a variety of topics that are particularly relevant as the world struggles to shake off the crisis. Alan Blinder and Mark Zandi look at the positive effects of stimulus in the United States. Without it, they say, the United States would still be in recession. IMF researchers look at how countries can get debt under control, and what happens when government debt is downgraded. Other articles examine the human costs of unemployment, how inequality can lead over time to financial crisis, and what changes in the way banks do business could mean for the financial system. Two articles look at Islamic banking, which was put to the test during the global crisis and proved its mettle, and in Faces of the Crisis Revisited, we continue to track how the recession affected several individuals around the world. This issue of F&D profiles Princeton economic theorist Avinash Dixit in the regular People in Economics feature, and Back to Basics looks at externalities.

September 2010:   "Restoring Hope: Reinvigorating the Millennium Development Goals" assesses how the world is doing in meeting the MDGs--international development targets that all UN member countries and many international organizations have set for 2015. Our lead article, "Regaining Momentum," says that while several of the MDGs are within reach, the global economic crisis has set back progress toward a number of the targets, especially those related to health. Developing countries will need the support of advanced economies to get back on track. Economist Jagdish Bhagwati calls into question the premise of the MDGs and argues that they should be rethought. Philanthropist Melinda Gates gives us the good news that maternal health has been improving, though we are not yet on track to meet the MDG target on maternal mortality. Picture This takes a look at child mortality rates and finds a more sobering picture. In related stories, economists Arvind Panagariya and Rodney Ramcharan have different views on how important it is to fight inequality. This issue also examines the deterioration of fiscal positions in advanced economies--as a result of both the global financial crisis and the long-run health and pension costs of an aging population. "How Grim a Fiscal Crisis?" argues that consolidation in advanced economies should focus on spending cuts, given the already high tax burdens in many countries. In "A Hidden Fiscal Crisis," economist Laurence J. Kotlikoff examines the serious budget issues in the United States. We also look at the expensive needs of a rapidly aging population in France, and steps China is taking to improve pensions and health care. People in Economics profiles Maria Ramos, the academic-turned Treasury-mandarin who had a central role in stabilizing the budget in South Africa. And the "Back to Basics" feature discusses unemployment.

June 2010:   June 2010: “Asia Leading the Way” explores how the region is moving into a leadership role in the world economy. The issue looks at Asia’s biggest economy, China, which has relied heavily on exports to grow, and its need to increase domestic demand and to promote global integration if it is to continue to thrive. China is not the only Asian economy that heavily depends on exports and all of them might take some cues from the region’s second-biggest economy, India, which has a highly developed services sector. Min Zhu, the new Special Advisor to the IMF’s Managing Director, talks about Asia in the global economy, the global financial crisis, correcting imbalances, and the IMF in Asia. And “People in Economics” profiles an Asian crusader for corporate governance, Korea’s Jang Hasung. This issue of F&D also covers how best to reform central banking in the aftermath of the global economic crisis; the pernicious effects of derivatives trading on municipal government finances in Europe and the United States; and some ominous news for governments hoping to rely on better times to help them reduce their debt burdens. Mohamed El-Erian argues that sovereign wealth funds are well-placed to navigate the new global economy that will emerge following the world wide recession. “Back to Basics” explains supply and demand. “Data Spotlight” explores the continuing weakness in bank credit. And “Picture This” focuses on the high, and growing, cost of energy subsidies.

March 2010:   “Prize or Penalty: When Sports Help Economies Score” looks at why countries vie to host the world’s most costly sporting events. And, in a series of articles on “After the Crisis,” we discuss why some countries were hit harder than others; how were shocks transmitted round the world, and whether protectionist pressures might intensify in 2010. As usual, we take on a number of hot topics, including housing prices, bankers’ bonuses, Ponzi schemes, and inflation targeting. In “Picture This” we see that the number of hungry is on the rise, topping 1 billion. Our regular “People in Economics” column profiles Daron Acemoglu, the Turkish-born intellectual who won the American Economic Association’s award in 2005 for the most influential U.S. economist under the age of 40. “Back to Basics” explains inflation; and “Data Spotlight” looks at how dollarization is declining in Latin America.

December 2009:   “Climate Change: Stimulating a Green Recovery” looks at the global problem of climate change. With the world apparently on an economic recovery path, policymakers are looking at ways to limit the impact of climate change through broad international action. One of the challenges is to balance actions to mitigate climate change with measures to stimulate growth and prosperity. This issue of F&D also examines a variety of issues raised by the crisis—including the future of macroeconomics, explored by William White, former chief economist at the Bank for International Settlements, and the longer-term impact of the crisis on the United States, the world’s largest economy. Our “People in Economics” profile spotlights Joseph Stiglitz, the Nobel Laureate who “can’t get any respect at home.” We also look at the need for rebalancing growth in Asia, which is leading the world out of recession, and we interview five influential Asians on the region’s fragile rebound. We turn our “Straight Talk” column over to Barbara Stocking of Oxfam, who makes a forceful case for stepping up help to the most vulnerable around the world. “Data Spotlight” looks at trends in inflation, which has fallen into negative territory in some countries during the crisis, and in “Point-Counterpoint,” two experts discuss the pros and cons of remittances—funds repatriated by migrant workers to family and friends back home. “Back to Basics” gives a primer on international trade."

September 2009:   Recovery from the deepest recession in 60 years has started. But sustaining it will require delicate rebalancing acts, both within and across countries. IMF chief economist Olivier Blanchard writes in our lead article that the turnaround will not be simple. The crisis has left deep scars that will affect both supply and demand for many years to come. This issue of F&D also looks at what’s next in the global crisis and beyond. We look at ways of unwinding crisis support, the shape of growth worldwide after the crisis, ways of rebuilding the financial architecture, and the future of reserve currencies. Jeffrey Frankel examines what’s in and what’s out in global money, while a team from the IMF’s Research Department looks at what early warning systems can be expected to deliver in spotting future problems. In our regular People in Economics profile, we speak to Nobel prize winner Daniel Kahneman, whose work led to the creation of the field of behavioral economics, and our Picture This feature gives a timeline of how the Bank of England’s policy rate has fallen to its lowest level in 300 years. Back to Basics gives a primer on monetary policy, and Data Spotlight looks at how the crisis has affected the eastern European banking system.

June 2009:   'Crisis Shakes Europe: Stark Choices Ahead' looks at the harsh toll of the crisis on both Europe's advanced and emerging economies because of the global nature of the shocks that have hit both the financial sector and the real economy, and because of Europe's strong regional and global trade links. Marek Belka, Director of the IMF's European Department, writes in our lead article that beyond the immediate need for crisis management, Europe must revisit the frameworks on which the European Union is based because many have been revealed to be flawed or missing. But in many respects, one key European institution has proved its mettle—the euro. Both Charles Wyplosz and Barry Eichengreen discuss the future of the common currency. Also in this issue, IMF economists rank the current recession as the most severe in the postwar period; John Lipsky, the Fund's First Deputy Managing Director, examines the IMF's role in a postcrisis world; and Giovanni Dell'Ariccia assesses what we have learned about how to manage asset price booms to prevent the bust that has caused such havoc. In addition, we talk to Oxford economist Paul Collier about how to help low-income countries during the current crisis, while Donald Kaberuka, President of the African Development Bank, writes about how African policymakers can prepare to take advantage of a global economic recovery. 'Picture This' looks at what happens when aggressive monetary policy combats a crisis; 'Back to Basics' gives a primer on fiscal policy; and 'Data Spotlight' takes a look at the recent large swings in commodity prices.

March 2009:   'Crisis Stalls Globalization: Reshaping the World Economy' examines the multiple facets of the recession--from the impact on individual economies to the effect on the external accounts of the world’s lenders and borrowers--and offers a variety of suggestions for supporting a recovery and averting future crises. Several IMF studies shed light on the depth of the crisis--including a survey of the sharp drop in trade finance, along with quantitative findings about the direct and indirect costs of the financial turbulence--and debate what is to be done from several angles, including the redesign of the regulatory framework and ways to plug large data gaps to prevent future crises and aid in the creation of early warning systems. Opinion pieces discuss the shifting boundaries between the state and markets, the agenda for financial sector reform, and the governance of global financial markets. The issue also includes a historical perspective to see when restructuring the global financial architecture actually succeeds. 'People in Economics' profiles Nouriel Roubini; 'Back to Basics' looks at what makes a recession; and 'Data Spotlight' examines Latin America's debt.

December 2008:   "Cracks in the System: World Economy Under Stress" explores the rapidly changing institutional and policymaking landscape around a financial crisis that now threatens a deep and prolonged global recession. The lead article looks at how the world got into the mess and what to do about it, both now and over the medium term. Other articles review options for changing the rules of world finance, examine the case for modernizing the way countries coordinate their policies, and try to draw some lessons from past financial crises. The "other crisis" of high food and fuel prices is also assessed, as the effects extend past the mid-2008 price peak. "People in Economics" profiles Robert Shiller; "Picture This" illustrates how middle-income economies can reach high-income status; "Back to Basics" looks at all the components that make up gross national product; and "Country Focus" spotlights Saudi Arabia.

September 2008:   Examines key issues facing low-income countries, including how they should respond to high oil and food prices. Some African economies are now successfully attracting international investors and are seen as a new tier of frontier emerging markets. Separate articles look at problems of aid effectiveness, aid predictability, and aid fragmentation. Other articles include an account by Eswar S. Prasad and Raghuram G. Rajan of their new report on financial sector reforms in India; Martin Ravallion and Dominique van de Walle draw lessons on reducing poverty from Vietnams agrarian reforms; Sanjeev Gupta and Shamsuddin Tareq make a strong case for sub-Saharan countries to mobilize their domestic revenue bases. In addition, Simon Willson profiles Beatrice Weder di Mauro, the first woman on Germanys Council of Economic Experts; and the outgoing IMF Chief Economic Simon Johnson talks about the new drivers of global growthemerging markets.

June 2008:   The June 2008 issue tackles the crisis in financial markets in industrial countries from a number of angles. Articles look at the origins of the crisis in the subprime mortgage market in the United States and track its spillover into other markets. Then authors examine what can be done to prevent future crises. Other articles look at bank capital adequacy rules and Basel II, whether emerging markets and industrial economies are decoupling or converging, capital flows to low-income countries, efforts to achieve the MDGs, and currency intervention. Back to Basics looks at over-the-counter (OTC) markets and the People in Economics column profiles Jacques Polak. Picture This is on the digital divide.

March 2008:   'Commodity Boom: How Long Will It Last?' asks how economies will fare after the record-high prices of key raw materials posted in recent months, which build on dramatic increases from their lows of 2000. The lead article warns that the impact on headline inflation levels might persist throughout 2008, even without further commodity price hikes. It urges policymakers to ensure efficient functioning of market forces at the global level, and to move swiftly to protect the poorest. Another article addresses the effects of climate change on agriculture, warning that farm production will fall dramatically—especially in developing countries—if steps are not taken to curb carbon emissions. Other articles on this theme argue that policies to reduce greenhouse gas emissions need not hobble economies, and that financial markets can help address climate change. 'People in Economics' profiles John Taylor; 'Picture This' says the global energy system is on an increasingly unsustainable path; 'Country Focus' spotlights South Africa; and 'Straight Talk' examines early warnings provided by credit derivatives. Also in this issue, articles examine China's increasing economic engagement with Africa, and the outsourcing of service jobs to other countries.

December 2007:   'Global Governance: Who's in Charge?' examines the challenges—financial, health, environmental, and trade—facing the international community in the 21st century and asks whether today';s system of global governance is equipped to cope with them. The lead article asserts that the system that served as a model for much of the 20th century is out of date, and it explores what needs to be done to strengthen it. Other articles on this theme look at the recent U.S. subprime market crisis, the differences between financial crises of the 19th and 20th centuries and what future crises will look like, the need for a stronger system of multilateral trade, and how global health threats can be handled. 'People in Economics' profiles Michael Kremer; 'Picture This' describes the changing aid landscape; 'Country Focus' spotlights the United Arab Emirates; and 'Straight Talk' examines the impact of high food prices. Also in this issue, articles examine development in Africa, and 'backcasting' data in Latin America.

September 2007:   The September 2007 issue of F&D looks at the growth of cities and the trend toward urbanization. Within the next year, for the first time in history, more than 50 percent of the world's population will be living in urban rather than rural areas. What are the economic implications of this urban revolution? Economists generally agree that urbanization, if handled well, holds great promise for higher growth and a better quality of life. But as the lead article tells us, the flip side is also true: if handled poorly, urbanization could not only impede development but also give rise to slums. Other articles in this series look at poverty as an urban phenomenon in the developing world and the development of megacities and what this means for governance, funding, and the provision of services. Another group of articles discusses the challenge of rebalancing growth in China. 'People in Economics' profiles Harvard economist Robert Barro; 'Country Focus' looks at the challenges facing Mexico, and 'Back to Basics' takes a look at real exchange rates.

June 2007:   The June 2007 issue of F&D spotlights gender equality. The lead article discusses progress toward fulfilling the Millennium Development Goal (MDG) on redressing gender discrimination and empowering women and related MDGs. The section also looks at how budgeting with gender issues in mind can help countries promote gender equality and what needs to be done to get girls from 'excluded' social groups into school. Other articles focus on Asia 10 years after the financial crisis, the implications of China's and India's growing ties with Africa, and making remittances work for Africa. 'Country Focus' looks at the challenges facing Bulgaria now that it has joined the European Union, 'Picture This' highlights the globalization of labor, and 'Back to Basics' gives a primer on microfinance. Two other pieces discuss the efficiency of public spending in Latin America and how countries can use the public sector balance sheet approach to diagnose vulnerabilities that are not immediately visible in the budget.

March 2007:   "The Two Faces of Financial Globalization" looks at the phenomenon of rising cross-border financial flows-credited with boosting growth in developing countries but also blamed for the emerging market crises of the late 1980s and 1990s. The lead article puts together a framework for analyzing studies about the costs and benefits of financial globalization. Other articles look at the worldwide allocation of capital, the role of finance in macroeconomic management, and changes in the investor base. "Picture This" illustrates the growth and direction of capital flows. One guest contributor describes India's capital account liberalization, and another looks at how participants in international finance can cope with a fluid financial landscape. "People in Economics" profiles Guillermo Calvo; "Back to Basics" explains the difference between the purchasing power parity exchange rate and market exchange rates as measures of global economic growth; and "Country Focus" spotlights Australia.

December 2006:   'Africa: Making Its Move' explores some of the obstacles facing sub-Saharan Africa as it attempts to capitalize on changes that offer fresh opportunities for growth and poverty reduction. The lead article describes the changes and suggests how Africa can build on them to progress further. Other articles focus on the aid situation, financial sector development, trade, the business environment, and political and policy reform on the continent. 'Country Focus' examines the Central African Economic and Monetary Community, and two guest contributors look at how the international community can help the most fragile states and how oil-producing countries can manage windfall revenues. 'People in Economics' profiles the European Central Bank's first chief economist, Otmar Issing; 'Picture This' examines the global housing slowdown; and 'Back to Basics,' explains current account deficits. Another article discusses the realities of health financing.

September 2006:   The Economics of Demographics provides a detailed look at how the biggest demographic upheaval in history is affecting global development. The issue explores demographic change and the effects of population aging from a variety of angles, including pensions, health care, financial markets, and migration, and looks specifically at the impact in Europe and Asia. Picture This looks at global demographic trends, while Back to Basics explains the concept of the demographic dividend. Country Focus spotlights Kazakhstan, while People in Economics profiles Nobel prize winner Robert Mundell. IMF Economic Counsellor Raghuram Rajan argues for further change in India's style of government in his column, Straight Talk.

June 2006:   Asia Rising -- explores Asia's role in the world economy, the challenges faced from globalization, the quest for greater regional financial integration, the problem of lagging investment, and why East Asia performed so much better than Latin America. It also looks at the recovery of Japan and the rise of India and China. The economies of the ASEAN-4 come under the microscope in Country Focus. Other articles examine financial sector reform in Africa and the remaining hurdles to financial integration in the European Union. People in Economics profiles Paul Krugman, Back to Basics focuses on hedge funds, and the Straight Talk column looks at the problem of underdevelopment.

March 2006:   For policymakers around the world, finding ways to promote faster growth is a top priority. But what exactly do economists know and not know about growth? What direction should future research and policymaking take? This issue explores this topic, starting with a major World Bank study and research coming out of Harvard University that urges less reliance on simple formulas and the elusive search for best practices, and greater reliance on deeper economic analysis to identify each country's binding constraint(s) on growth. Other articles highlight IMF research on pinpointing effective levers for growth in developing countries and Africa's experience with growth accelerations. Also in the issue are pieces examining global economic imbalances, rapid credit growth in Eastern and Central Europe, and ways to boost productivity growth in Europe and Japan. In Straight Talk, Raghuram Rajan argues that if we want microfinance to become more than a fad, it has to follow the clear and unsentimental path of adding value and making money. Asian Development Bank's Haruhiko Kuroda sets out his vision for a new financial architecture in Asia. Finally, Picture This takes an in-depth look at global employment trends.

December 2005:   "Latin America: A Time of Transition" is an in-depth look at the region's economic prospects and policy issues. The lead article argues that Latin America has a fresh chance to entrench growth and break the cycle of crises. Other articles examine the political and economic choices facing the region of half a billion people during an election period, the problem of persistent poverty, and the difficulties faced by the region's indigenous peoples. Country Focus spotlights Peru, while People in Economics profiles Latin American development economist Nora Lustig. Back to Basics and Picture This jointly examine remittances. Articles also cover equity in development, spending on HIV/AIDS, Islamic finance, and the chequered history of aid.

September 2005:   Can more aid really make poverty history as aid campaigners have argued? This issue examines aid effectiveness and how to build momentum toward the Millennium Development Goals after the G8 vowed to double aid to Africa. Includes assessments of use of aid in Ethiopia, Ghana, Mozambique, Tanzania, and Uganda, as well as viewpoints from Burkina Faso, Tanzania, and the UK. Other articles look at next steps for reform in China, and how trading partners can help each other's growth. Profile of Jagdish Bhagwati and IMF Economic Counsellor Raghuram Rajan examines global financial risk. Also a look at governance and measures to combat corruption.

June 2005:   This issue of F&D takes stock of the enormous gains that have been made on the educational front over the past century and examines what still needs to be done if education for all is to become a reality, as pledged by the global community at the United Nations Millennium Development Conference in 2000. Five years later, East Asia and the Pacific, and Latin America and the Caribbean are close to achieving the goal of universal primary education by 2015, but sub-Saharan Africa continues to lag far behind. Other articles look at capital market development - or the lack thereof - in Latin America, and at Brazil's economic success. In Straight Talk, Raghuram Rajan takes on yet another contentious topic: how to achieve optimal debt relief for poor countries. In People in Economics, Mario Monti reflects on his time as Europe's Commissioner for Competition and discusses Europe's future. Finally, Country Focus gives a snapshot of Turkey's economy.

March 2005:   This issue dissects the fears and apprehensions that small, poor countries have when it comes to engaging in the world trading system. With the Doha Development Round at a critical juncture, developing countries must decide whether to fight to keep their preferential trade access to a few key developed country markets or engage in multilateral liberalization. Other articles look at how the IMF must change to stay relevant in the 21st century; and how improving the investment climate is key to economic growth. In The Book Review Section, Nancy Birdsall and Moises Naim debate Sebastian Mallaby's controversial book about the World Bank and its president, James Wolfensohn. Finally, People in Economics tells the story of Bodil Nyboe Andersen, Denmark's central bank governor.

December 2004:   The cover story takes a look at the proposal for a single currency for Africa. Other articles delve into a range of development issues, including possible lessons from China's success in combating poverty; the nuts and bolts of how countries can move to a floating exchange rate; possible new approaches to fiscal accounting; and the benefits of debt relief. An IMF study on services outsourcing finds that the numbers do not support the hype over job losses, while an article on corruption argues that a lack of progress in eradicating it could be due to misguided strategies. Picture This looks at the possible benefits to agriculture from the Doha round of trade talks. The Country Focus is on Brazil and People in Economics profiles Linah Mohohlo, the award-winning central bank governor of Botswana.

September 2004:   Marking the IMF's 60th anniversary, this issue explores the forces that are likely to shape the global economy over the next 25-50 years and how the IMF will prepare itself to meet the consequent challenges. It also looks at reforms the IMF will need to implement if it is to retain its political legitimacy. L. Van Houtven discusses IMF governance and the need to overhaul the Executive Board. C. Rustomjee also argues for reforming the Board to increase the representation of developing countries. Three former IMF Managing Directors share their views on improving IMF governance, strengthening IMF surveillance, and preventing crises. The issue also features a profile of Nobel Prize-winner Amartya Sen; Country Focus on Nigeria's economy; and three articles on development issues. One discusses the implications of recent initiatives calling for more foreign aid in the form of grants rather than loans. The IMF's Raghuram Rajan explores the pitfalls of relying on orthodox economic models for policymaking.

June 2004:   Focuses on the economic challenges facing the European Union (EU) following the accession of 10 new members on May 1. The main challenge, weak growth, entails tackling such deep-rooted problems as a lack of competitiveness and unemployment. This issue also looks at the EU’s Stability and Growth Pact, the single European currency, the implications of population aging for Europe, problems over migration between the established EU members and the new members, and viewpoints on the EU’s enlargement. This issue also presents some recent developments in microfinance, including a recent experimental project in which banks on wheels have brought financial services to Vietnam’s poorest citizens and the evolution of microfinance institutions that provide flexible, high-quality financial services to low-income clients on a sustainable basis. Other contributions include a Country Focus on the Indian economy, a celebration of 40 years of F&D, an inside account of the successful restructuring and privatization of Seoul Bank in 2000-02, and a profile of Brookings Senior Fellow Alice Rivlin.

March 2004:   Explores the important links between health and economic progress. The past century has been marked by rapid advances in human welfare. People in most parts of the world are healthier and are living longer. While these trends are likely to continue, hopes are fading in some regions where progress slowed or went into reverse in the 1990s, primarily as a result of the AIDS epidemic. David E. Bloom, David Canning, and Dean T. Jamison discuss the trends. The issue also examines the progress made by the new IMF watchdog—the Independent Evaluation Office—in probing the effectiveness of the IMF. Princeton's Peter Kenen, a seasoned watcher of the Bretton Woods institutions, reviews the IEO's work. Other contributions include: a Country Focus on the U.S. economy; an interview with Martin Feldstein; a look at globalization, past and present, by Alan Taylor; and the latest thinking on antimalarial drugs by Kenneth Arrow. Raghuram Rajan, the new Director of the IMF's Research Department, launches his column by examining dollarized debt and "original sin."

December 2003:   The issue focuses on the Millennium Development Goals and what it will take to achieve these globally adopted targets that center on halving the 1990 incidence of extreme poverty by the year 2015. The main article is based on a World Bank study of 18 low-income countries with relatively good policies. Separate articles look at debt sustainability, external shocks, and fiscal policy in low-income countries. Other articles examine financial systems in the CIS-7 countries and China’s integration into the global trading system. Hernando de Soto is interviewed for the People in Economics section, while Picture This focuses on the world’s forests. Kenneth Rogoff sees the past decade of global disinflation as an unsung benefit of globalization, while the Country Focus section examines the economies of the Commonwealth of Independent States.

September 2003:   Articles on moving beyond the Washington Consensus and redrafting the reform agenda by John Williamson, Guillermo Ortiz, and Trevor A. Manuel. One article from the World Bank based on the -World Development Report 2003/2004- on improving service delivery to the poor, and a joint IMF-World Bank article on what needs to be done to accelerate progress toward the Millennium Development Goals. Two articles on what developing countries can do to protect themselves against natural disasters. Other articles on monetary regime options for Latin America, central bank intervention in volatile foreign exchange markets, assessment of offshore financial centers, long-term fiscal challenges confronting countries, and income inequality. Profile of development economist Esther Duflo. Kenneth Rogoff's column on why the IMF needs to do more whistle-blowing and less cheerleading when countries seem to be headed for trouble. Statistics on the Middle East and North Africa. Book reviews.

June 2003:   The issue focuses on inflation and the role of institutions in development. Three articles look at disinflation, hyperinflation, and deflation. A new feature, “Country Focus,” provides a snapshot of Japan’s stagnant economy while “Back to Basics” examines the increasingly popular practice of inflation targeting. Four articles examine the part institutions play in development, compared with other factors such as geography and resource endowments. F&D interviews Professor Allan H. Meltzer to get his views on the international financial institutions, especially the IMF, three years after the release of the controversial U.S. congressional report that bore his name. In “Straight Talk,” Kenneth Rogoff, the IMF’s Economic Counsellor and Research Department Director, argues that the UN Millennium Development Goals are valuable but not as an all-encompassing framework for long-term growth.

March 2003:   The issue focuses on the Middle East and North Africa: the problems it faces, the reasons its economic performance has been disappointing over the past decade, and the measures it could take to become better integrated with the global economy. Articles explore the region’s social policies, high unemployment rate, large and inefficient public sectors, underdeveloped financial sector, exchange rate regimes, and dominant role in world energy markets. Two other articles look at the political economy of oil-exporting countries worldwide and describe how they can protect themselves against fluctuating oil prices and dwindling reserves, while a third describes how the currencies of commodity-dependent countries are affected by fickle commodity export prices. Two new features are introduced with this issue: “People in Economics,” which profiles Nobel Prize winner Vernon Smith; and “Back to Basics,” which delves into the concept of Dutch disease. In his regular column, Kenneth S. Rogoff, the IMF’s Economic Counsellor and Director of the IMF’s Research Department, explains why he opposes the rigid coordination of dollar, yen, and euro monetary policy.

December 2002:   The main theme is the prevention, management, and resolution of financial crises. Articles discuss new techniques for predicting crises, such as early warning systems; describe various indicators of vulnerability, including high levels of debt and mismatches between assets and liabilities on a country's balance sheets; outline possible ways to resolve crises when they do occur; and explain the importance of granting independence to financial regulators. Other articles cover the fiscal impact of aid, the informal system for transferring funds known as hawala, prolonged use of IMF loans, the challenges facing small states, the monetary union to be formed by the Cooperation Council of the Arab States of the Gulf, the role of legislatures in poverty reduction, the economic impact of armed conflict and terrorism, and the economic impact of corruption and poor governance. In his regular column, Straight Talk, Kenneth Rogoff, IMF Economic Counsellor and Director of the IMF's Research Department explores the question of capital controls.

September 2002:   Main theme is trade liberalization. Point of View by former WTO director-general Peter Sutherland on the benefits of globalization. Article co-authored by IMF Deputy Managing Director Anne Krueger on why trade openness can help curb poverty. Also, articles on the Doha development agenda, the importance of increased market access for developing countries, industrial country tariffs, the implications of China's membership in WTO, and the impact of globalization on income inequality in China. Other subjects covered in the issue are capital surges in transition countries, the embattled energy sector in the Commonwealth of Independent States, the future of pension reform in Latin America, the international community's fight against money laundering and the financing of terrorism, and the challenges of the e-banking revolution. In his regular column, Kenneth Rogoff, IMF Economic Counsellor and Director of the IMF's Research Department, enters the debate on whether IMF loans create moral hazard.

June 2002:   Main theme is poverty reduction. Point of View by Professor Angus Deaton of Princeton University on reliability of poverty counts. Overview on new approaches to poverty reduction followed by articles covering recent reviews of the IMF/World Bank Poverty Reduction Strategy Paper approach and the IMF’s Poverty Reduction and Growth Facility, as well as an article on the preparation of Bolivia’s Poverty Reduction Strategy Paper bringing together the views of five participants. Other articles on how financial crises affect income distribution and the poor, the need for automatic safety nets, the streamlining of IMF conditionality in new loans, the impact of external debt on growth, the issue of whether countries should be obligated to repay “odious” debt incurred by their leaders, and the challenges of expanding aid flows to poor countries with small economies. On other subjects, articles on the popular value-added-tax and the lessons from a decade of transition in Eastern Europe and the former Soviet Union. In his regular column, Straight Talk, Kenneth Rogoff, IMF Economic Counsellor and Director of the IMF’s Research Department explores the volatility of G-3 exchange rates.

March 2002:   Main theme is the shape of global integration. In addition to an overview on the challenges of globalization by IMF Deputy Managing Director Eduardo Aninat and a debate between Kevin Watkins of Oxfam and two World Bank economists on the impact of globalization on the poor, there are articles on financial globalization, financial stability in the world of global finance, the impact of G-3 exchange rate volatility on developing countries, September 11 and the U.S. payment system, the economic implications of global warming, the international develoment goal of universal primary education for all children by 2015, AIDS as part of the global development agenda, and the silent revolution of the 1980s. Other articles deal with southeastern Europe after the Kosovo Crisis and the institutions developing countries need to support their fledgling market economies. Introduction of a new feature that will appear in every issue, a column by Kenneth Rogoff, IMF Economic Counsellor and Director of the Research Department; the subject in this issue is the popularity of paper currency.

December 2001:   Eleven articles on globalization and Africa: the steps the continent is taking to meet the challenges, maximize the benefits, and minimize the risks. Other articles on IMF conditionality, human rights and the IMF, international trade and poverty reduction, oil funds, whether or not foreign investors have contributed to financial crises in emerging market countries by acting like a panic-prone herd, and a new book on John Maynard Keynes. A point of view piece by Robert Hunter Wade on the rising inequality of world income distribution.

September 2001:   Three articles on social sector reforms: social sector reform in transition countries, the truth about pension reform, and debt relief and public health spending in heavily indebted poor countries. Three articles on transition countries: state capture, intergovernmental relations in Russia, and an initiative for institutional reform in Odessa. Other articles on the links between trade, growth, and poverty; the Suez Canal crisis in 1956; lessons from California's power crisis; the global digital divide; public-private partnerships; and water management in the Middle East. A Point of View piece by Jagdish Bhagwati on rich-country protectionism.

June 2001:   Three articles on capital flows and foreign direct investment, articles by Stanley Fischer on the bipolar view of exchange rate regimes and by Ronald McKinnon on the impact of U.S. tax cuts on the world economy, and three articles on transition economies. Also an article by Paul Streeten on integration, interdependence, and globalization, and other articles on the impact of the "new economy" on the United States and other industrial countries, the role of private enterprises in reducing poverty in developing countries, macroeconomic policies and poverty reduction, IMF financing and moral hazard, and how private sector lenders have adapted to the resolution of financial crises.

March 2001:   Six articles on reform and restructuring in Asia. Other articles on the role of capital in development, the effect of globalization on tax systems, poverty in Latin America and the Caribbean, economic stabilization in the Caribbean, and transition in Poland. Three articles present two points of view on expanded monetary union in West Africa, an inside view of the IMF's dialogue with nongovernmental organizations, and a useful tool to help developing countries secure foreign finance.

December 2000:    A special focus on the issue of "How We Can Help the Poor," with articles on ways to broaden the agenda for poverty reduction; the ongoing and often hollow debate on growth versus poverty reduction; the international community's response on supporting poverty reduction; progress toward international development goals; the powerlessness of the poor; rural poverty; the distinct problems facing Africa; and issues of debt relief. Other articles deal with proposals for a new global banking standard and the role of short-term debt in recent crises.

September 2000:   Focus on the transition countries. After an overview of the progress made since transition began in the early 1990s, 11 articles on specific countries or groups of countries and on challenges faced by these countries, such as joining the European Union, building treasury systems from scratch, and conducting monetary policy. Other articles on monetary regimes and inflation targeting, macroeconomic indicators as tools for assessing financial system soundness, and the U.S. debate on funding the IMF. A special supplement covering the economy of the Czech Republic, site of the 2000 IMF-World Bank Annual Meetings; and two IMF reports to be released this fall, World Economic Outlook, and International Capital Markets Report.

June 2000:   Four articles on the battle against corruption, and four articles on trade and developing countries. Other articles on prospects for emerging markets, European labor markets and EMU, the changing world of banking, agricultural development banks, and the IMF's template for reporting on international reserves.

March 2000:   An article by the IMF's Historian on Michel Camdessus's tenure as Managing Director of the IMF; nine articles on economic reform and recovery in Latin America and the Caribbean since the financial crises of the late 1990s, including four articles by finance ministers and central bank governors of Latin American countries; other articles on the sustainability of the U.S. current account deficit, the rise and fall of Albania's pyramid schemes, and the importance of orderly and effective insolvency procedures.

December 1999:   Nine articles discussing issues for the new millennium, including an interview of distinguished economist John Kenneth Galbraith and articles on trade, liberalization, the changing development landscape, the importance of human development in development strategies, decentralization of governance, and governance in the digital economy. Other articles focus on issues in financial markets, such as the changing nature of risk and integrated financial supervision, and tobacco control.

September 1999:   The reform of the international financial architecture--building transparency, developing financial standards, liberalizing the capital account, and adapting the international financial institutions--is the subject of five articles in this issue. Other articles deal with issues in the international monetary system, problems of transition, commodity prices, and the aftermath of the Asian financial crisis.

June 1999:   Seven articles discussing key issues in transition economies, including lessons of the Russian crisis (by former Russian Prime Minister Yegor Gaidar), inflation, growth, privatization, and the changing role of government. Other articles focus on the Asian crisis, the challenges of financial globalization for developing and transition countries, the predictability of currency and banking crises, the impact of the euro on Latin America, and the brain drain from developing to developed countries.

March 1999:   Challenges facing sub-Saharan Africa and the region's future prospects are the subject of four articles. In addition, articles on monetary policy in the euro area, deposit insurance, capital flows, corporate restructuring in Asia, and contingent government liabilities.

December 1998:   December 1998 Discusses the far-reaching implications of European Economic and Monetary Union (EMU). Other topics include capital account liberalization; dealing with financial crisis; monetary policy and currency boards; and the evolution of IMF conditionality.

September 1998:   Economic Policy and Equity, The Asian Crisis, Transition Countries--Articles by Vito Tanzi; Sanjeev Gupta, Benedict Clements, and Erwin Tiongson; IMF Area Department Directors; Patrick Lenain; Julian Exeter and Steven Fries; Dale Gray; Christoph B. Rosenberg and Tapio O. Saavalainen; James M. Boughton; Jan Aart Scholte; Philip Gerson; and IMF Staff

June 1998:   The Asian crisis and its implications for the global economy--articles by Stanley Fischer, Guillermo Ortiz, John Lipsky, and Manuel Guitián. Other articles discuss Asia's aging societies, infrastructure development in Asia, private investment in the West Bank and Gaza Strip, the impact of bribery in international commerce, and the prospective role of the euro as an international currency.

March 1998:   The problem of corruption worldwide; AIDS--economic implications, role of governments, priorities in prevention; civil liberties, democracy, and the performance of government projects; two articles on inflation; biodiversity in agricultural development; distance education; and currency crises and the role of monetary policy.

December 1997:   Aid spurs growth--in a sound policy environment; capital flow sustainability and speculative currency attacks; sovereign debt: managing the risks; IMF monetary model; are international labor standards needed to prevent social dumping?; explaining the dividend yield in the U.S.; job uncertainty, unemployment, and inflation in the U.S.; private participation in infrastructure; new initiative to promote clean coal; developing rural financial markets; Egypt: poised for sustained growth?; and can public pension reform increase saving?

September 1997:   Hong Kong, China in transition; maturation of the East Asian miracle; Japanese foreign direct investment and regional trade; reforming legal systems in developing and transition countries; the state in a changing world; how can states foster markets?; improving the state's institutional capability; financial sector reforms in Morocco and Tunisia; experience under the IMF's ESAF; decentralizing government; efficient public sector downsizing; the Real plan, poverty, and income distribution in Brazil; and impact of EMU on European securities markets

June 1997:   How can sub-Saharan Africa attract more private capital inflows?; financial liberalization in Africa and Asia; tackling the rural energy problem in developing countries; Japan's economy needs structural change; bias in the U.S. consumer price index; growth and the environment; the reform of wholesale payment systems; creditors' crucial role in corporate governance; interest rates: approach to liberalization; developing countries get more private investment, less aid; improving India's saving performance; Islamic financial systems; and education and health care in the Caribbean.

March 1997:   Causes of capital inflows and policy responses to them; money laundering, rating the raters of country creditworthiness; Stanley Fischer on financial system soundness; what happened to the peace dividend?; How Indochina's economies took off; statistical discrepancies in the world current account; international joint ventures in developing countries; how tax systems treat men and women differently; private capital in water and sanitation, economic growth and income inequality; the banking crises in the Baltics; and economic trends in the developing world.

December 1996:   The new environmentalism; risk management in financial and foreign exchange markets; central banks and price stability; economic forecasting; sub-Saharan Africa’s marginalization in world trade; private sector development in the Visegrad countries; the urban poor in developing countries.

September 1996:   Government reform. EU--Mediterranean strategy; agricultural water pollution. Transition economies--global integration; education and health care. Also, monetary policy in EMU; warehouse receipts; social assistance in Germany; pension reform in Costa Rica; disparities in global integration.

June 1996:   Energy policy; the Tobin tax; the impact of adjustment on growth; pension debt; revenue decline in the former Soviet republics; the IMF’s data standards; widening income gap between rich and poor countries; the economic importance of collateral; stock market development and corporate finance; urbanization.

March 1996:   March 1996 Banking and monetary reform; globalization and the developing countries; exchange rate regimes and inflation; growth and financial stability in the Middle East and North Africa; and convergence of economic conditions in India’s states.

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