Latest Issue

THE DIGITAL FUTURE

The Haves and Have-nots

The digital future is coming at us faster than ever before. In this issue of F&D, we explore the possible consequences—the good, the bad, and the gray.

By Gita Bhatt

• Let’s Build a Better Data Economy

  Our digital footprint generates enormous value, but too much of it ends up in Big Tech silos

  BY Yan Carrière-Swallow and Vikram Haksar

• Decoupling in the Digital Era

  Absent multilateral cooperation, the global digital economy could splinter, and everyone would pay

  By Daniel Garcia-Macia and Rishi Goyal

• The New Morality of Debt

  Increased datafication of debt raises ethical questions and calls for a new approach to regulating lending

  By Nikita Aggarwal

• Digital Dollars for Online Tea

  The Bahamas, Sri Lanka, and Uganda fight the pandemic’s disruption with innovation

  By Steven Dorst

People in Economics

The Guru of Globalization

Assaf Razin

Tel Aviv University’s early scholar of the promise and perils of globalization

By Prakash Loungani

• Lisa D. Cook

  The Michigan State professor shows how racism and sexism hurt us all

  By Hyun-Sung Khang

• Mariana Mazzucato

  Tireless proponent of government-led innovation

  By Bob Simison

• Esther Duflo and Abhijit Banerjee

  Nobel Prize Winners Duflo and Banerjee are reinventing economics

  By Andreas Adriano

• Olivia S. Mitchell

  Wharton’s retirement behaviorist, who is a founder of modern pension research

  By Peter J. Walker

• Edward Glaeser

  Harvard’s Edward Glaeser sees urbanization as a path to prosperity

  By Chris Wellisz

• Atif Mian

  A Princeton economist, who sees the fight against inequality as a moral imperative

  By Hyun-Sung Khang

Series Archive

Point of View

OP-ED PIECES FROM LEADING THINKERS

Africa Goes Digital

In rebuilding after COVID-19, policymakers must invest in innovative technology to leapfrog obstacles to inclusive development

By Cristina Duarte

• Distribution Matters

  Economics can’t avoid distributional issues—It must make room for insights from other disciplines

  BY BINYAMIN APPELBAUM

• Conquering the Great Divide

  The pandemic has laid bare deep divisions, but it’s not too late to change course

  By Joseph Stiglitz

• Delivering Debt Relief for the Poorest

  Converting debt liabilities into investments that protect children is good economics and an ethical imperative

  By Kevin Watkins

• On Central Bank Independence

  The author of Unelected Power discusses constitutionalist central banking in a world of inert politics

  By Paul Tucker

In the Trenches

One-on-one with Policymakers

Radical Inclusion

Sierra Leone’s David Sengeh is taking an inclusive approach to digitalizing the country’s education system and economy

By Adam Behsudi

• Cracking Down
  on Corruption

  The EU’s first anti-fraud prosecutor reflects on the challenges of tackling transnational crime

  By Rahim Kanani

• Staying the Course

  Jamaica’s former central bank governor Brian Wynter explains the challenges of modernizing monetary policy

  By Olga Stankova

• The Medellín Miracle

  Prioritizing security and sustainability paved the way for a 21st century city

  By Marjorie Henríquez

• Rebuilding Somalia

  Finance Minister Abdirahman Dualeh Beileh sees hope for his country’s economic development

  By Bruce Edwards

• Going against the Tide

  Brazil's Ilan Goldfajn explains why central bankers ought to follow their convictions

  By Andreas Adriano

• Convincing the Markets

  Peter Praet revisits the ECB's unconventional monetary policy response to the euro crisis

  By Rebecca Christie

Currency Notes

New Old Idea

Technological innovation is fueling the resurgence of community currencies

By Andreas Adriano

Picture This

Uncertain Age

Th e pandemic is taking a toll on young people

BY Melinda Weir

• Food Insecure

  The viral pandemic is bringing a new global hunger crisis

  BY Adam Behsudi

• Trust Imperative

  Trust is at rock bottom, and we must urgently restore it

  BY Richard Edelman

Online Exclusives

What We Owe Each Other

We need a new social contract fit for the 21st century

By Minouche Shafik

• IMF Youth Fellowship Contest Winners

  Global youth discuss how best to bring about a greener, more inclusive world after COVID-19

  By Cynthia Nyongesa, Alex Segura, Krithiga Narayanan, Mary-Jean Nleya

• Tribute to Alberto Alesina (1957–2020)

  By Gita Gopinath

• A Matter of Life and Death

  It’s time to decide how best to allocate scarce medical resources.

  By David E. Bloom, Daniel Cadarette, Maddalena Ferranna, and Benjamin Seligman

• Menno Snel on Tackling Tax Avoidance

  The Dutch Finance Ministry is working to stamp out tax avoidance.

  By Maureen Burke

Also in This Issue

Dear Mom, Forget the Cash

An IMF economist explains central bank digital currency to his mother

By Tommaso Mancini-Griffoli

• Rethinking Economics

  The pandemic tests a new policymaking benchmark that includes civil society and social norms

  BY Samuel Bowles and Wendy Carlin

• Embracing the Gift of Global Talent

  More equal opportunities can make us all better off

  By Ruchir Agarwal, Ina Ganguli, and Patrick Gaule

• Taxing Tech

  Digital services taxes take shape in the shadow of the pandemic

  By Rebecca Christie

• Transformative Technology

  The shift to a hyperconnected world presents a formidable opportunity— but also risks and challenges

  By Herve Tourpe

F&D Podcast Channel

The Benefits of Nurturing Talent

What does it take for a promising young innovator to reach their full potential?

Ruchir Agarwal

Financial Innovation and Rising Inequality

While fintech has reduced barriers to access, it may have worsened capital income inequality

Roxana Mihet

Impact of AI on Developing Economies

The so-called AI revolution may widen the gap between rich and poor countries

Andy Berg

Pandemic is but a Prelude to Looming Climate Crisis

Despite long-standing warnings from scientists, the world was simply unprepared for this pandemic.

Ulrich Volz

Back to Basics

Current Economic Issues Explained

What Is the Informal Economy?

Having fewer workers outside the formal economy can support sustainable development

By Corinne Deléchat and Leandro Medina

• What Is Debt Sustainability?

  Many factors go into assessing how much debt a developing economy can safely carry

  By Dalia Hakura

• How Can Interest Rates Be Negative?

  Countries are starting to experiment with negative interest rates

  By Vikram Haksar and Emanuel Kopp

• What Is Stress Testing?

  Checking the health of banks is crucial to financial stability

  By Martin Čihák, Hiroko Oura, and Liliana Schumacher

• What Is Carbon Taxation?

  Carbon taxes have a central role in reducing greenhouse gases

  By Ian Parry

  How Fiscal Policies Can Help Save the Planet

Series Archive

Book Reviews

EXPERTS REVIEW THE LATEST BOOKS

Rebellion, Rascals, and Revenue:
Tax Follies and Wisdom through the Ages

By PMichael Keen and Joel Slemrod

Reviewed by RICHARD BIRD

• The Power of Creative Destruction:
  Economic Upheaval and the Wealth of Nations

  By Philippe Aghion, Céline Antonin, and Simon Bunel

  Reviewed by ANDREW BERG

• The Data Detective: Ten Easy Rules to Make Sense of Statistics

  By Tim Harford

  Reviewed by LOUIS MARC DUCHARME

• The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival

  By Charles Goodhart and Manoj Pradhan

  Reviewed by VITOR GASPAR

Straight Talk

IMF LEADERSHIP ON KEY GLOBAL ISSUES

Averting a Great Divergence

Exiting the pandemic with minimal scarring will require policy action on several fronts

BY Gita Gopinath

• No Going Back

  

  Investing in policies for people will help shape a better economy for the postcrisis world

  BY Kristalina Georgieva

• Knightmare Uncertainty

  

  In the COVID-19 world, risk has become riskier

  BY Geoffrey Okamoto

• Beyond the Crisis

  

  Now is the time to take advantage of this opportunity to build a better world

  Kristalina Georgieva

• The Adaptive Age

  

  No institution or individual can stand on the sidelines in the fight against climate change

  Kristalina Georgieva

F&D Video Channel

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F&D Masthead

• Gita Bhatt, Editor-In-Chief
• Maureen Burke, Managing Editor
• Rahim B. Kanani, Digital Editor
• Andreas Adriano, Senior Editor
• Analisa R. Bala, Senior Editor

• Peter J. Walker, Senior Editor
• Adam Behsudi, Senior Editor
• Lijun Li, Online Editor
• Melinda Weir, Production Manager