Latest Issue

What Next for Emerging Markets?

The Next Move

Emerging markets can not only reclaim their hard-won economic gains, they can do even better than before the pandemic

By Gita Bhatt

• Global Clout, Domestic Fragility

  China’s long-term success will depend primarily on addressing its internal challenges

  By David Dollar, Yiping Huang, and Yang Yao

• Inequality in the Time of COVID-19

  All metrics are not equal when it comes to assessing the pandemic’s unequal effect

  By Francisco H. G. Ferreira

• A COVID-19 Tantrum?

  The Federal Reserve’s post-pandemic stance will expose vulnerabilities in emerging markets with high private external debt

  By Şebnem Kalemli-Özcan

• Emerging Markets in Flux

  Mahmood Pradhan chats with Richard House and David Lu

  By Mahmood Pradhan

• From Stream to Flood

  Streaming video offers emerging markets an avenue for content at home and around the world

  By Adam Behsudi

People in Economics

Inclusive Innovator

Rohini Pande

Yale’s professor focuses on how better institutions can make life fairer

By Peter J. Walker

• 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

Series Archive

Point of View

OP-ED PIECES FROM LEADING THINKERS

What We Owe Each Other

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

By Minouche Shafik

• 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

Putting People First

South Africa’s longest-serving finance minister, Trevor Manuel, reflects on the country’s lost decade

By Analisa R. Bala

• 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

Currency Notes

New Old Idea

Technological innovation is fueling the resurgence of community currencies

By Andreas Adriano

Picture This

Jobs Dilemma

Creating sufficient employment in emerging market economies will require a big boost to economic growth

BY Sergei Lanau

• Uncertain Age

  The 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

A New Era of Digital Money

Digital forms of money could be a boon for emerging market and lower-income economies if the transition is well managed and regulated.

By Tobias Adrian and Tommaso Mancini-Griffoli

• 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

• The Big Tech Risk in Finance

  Financial regulation hasn’t caught up with risks posed by big tech firms; it’s time for a policymaker rethink

  By Juan Carlos Crisanto and Johannes Ehrentraud

Also in This Issue

Citizenship for Sale

Programs that offer passports in return for investment have financial integrity risks that must be managed

By Francisca Fernando, Jonathan Pampolina, and Robin Sykes

• Monetary Meld

  A currency union encompassing all of West Africa promises benefits but faces a multitude of obstacles

  BY Eswar Prasad and Vera Songwe

• Inequality Interest

  Central banks should better communicate monetary policy’s distributional effects

  By Nina Budina, Chiara Fratto, Deniz Igan, and Hélène Poirson

• Military Spending in the Post-Pandemic Era

  Countries’ efforts to secure a more peaceful world could have a positive economic effect

  By Benedict Clements, Sanjeev Gupta, and Saida Khamidova

F&D Podcast Channel

South Africa's Lost Decade

When the apartheid regime ceded power following South Africa’s first democratic elections in 1994, the economy was in shambles. Debt service costs as a share of GDP were crippling.

Trevor Manuel

Economic and Social Force of Big Tech

Before the pandemic hit, 80 percent of corporate wealth was held by the top 10 percent of large companies richest in intangible assets like data, software, and intellectual property.

Rana Foroohar

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

Back to Basics

Current Economic Issues Explained

Risk and Return: The Search for Yield

Low rates of return tempt investors to take risks, which can cause economic and financial instability

By Jay Surti

• 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

The Spirit of Green: The Economics of Collisions and Contagions in a Crowded World

By William D. Nordhaus

Reviewed by DIMITRI ZENGHELIS

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

  By Michael Keen and Joel Slemrod

  Reviewed by RICHARD BIRD

• The Profit Paradox: How Thriving Firms Threaten the Future of Work

  By Jan Eeckhout

  Reviewed by Romain Duval

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

  By Philippe Aghion, Céline Antonin, and Simon Bunel

  Reviewed by ANDREW BERG

• Has Asia Lost It? Dynamic Past, Turbulent Future

  By Vasuki Shastry

  Reviewed by Prakash Loungani

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