Finance and Development• September 2011 • Volume 48 • Number 3
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Authors: Andrew G. Berg and Jonathan D. Ostry
Equality and Efficiency
Reducing inequality helps sustain growth
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Sarwat Jahan and Brad McDonald
A Bigger Slice of a Growing Pie
Financial sector development can bolster equality
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Laurence Ball, Daniel Leigh, and Prakash Loungani
Painful Medicine
Fiscal consolidation requires careful dosage
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Fiscal NeighborsFiscal Neighbors
Jiri Jonas and Cemile Sancak The United States and Canada handled debt differently
WHY INEQUALITY THROWS US OFF BALANCE
More or Less
Branko Milanovic
Income inequality has risen over the past quarter-century instead of falling as expected
Equality and Efficiency
Andrew G. Berg and Jonathan D. Ostry
Is there a trade-off between the two or do they go hand in hand?
A Bigger Slice of a Growing Pie
Sarwat Jahan and Brad McDonald
Developing the financial sector accelerates economic growth and can enhance income equality
Painful Medicine
Laurence Ball, Daniel Leigh, and
Prakash Loungani
Although advanced economies need medium-run fiscal consolidation, slamming on the brakes too quickly will hurt incomes and job prospects
Unequal = Indebted
Michael Kumhof and Romain Rancière
Higher income inequality in developed countries is associated with higher domestic and foreign indebtedness
Also in This Issue
Fiscal Neighbors
Jiri Jonas and Cemile Sancak
Canada and the United States confronted growing budget deficits and public debt but the results differed
Municipal Fallout
Rabah Arezki, Bertrand Candelon, and
Amadou N.R. Sy
U.S. state bond markets are not insulated from each other but are from the federal bond market
Differing Benefits
Adolfo Barajas, Ralph Chami, and Reza Seyed Yousefi
Financial development does not give the same growth boost to all countries
Unconventional Behavior
Mark Stone, Kenji Fujita, and Kotaro Ishi
Innovative balance sheet policies of central banks helped during the recession, but they should be used only in exceptional circumstances
Trading Places
Richard Harmsen and Nagwa Riad
Emerging markets are becoming major trading centers thanks to global supply chains and high-technology exports
Harnessing Diasporas
Dilip Ratha and Sonia Plaza
Africa can tap some of its millions of emigrants to help development efforts
Departments
People in Economics
Back to Basics
The Big and the Small Picture
G. Chris Rodrigo
Why economics is split into two realm
Book Review
Bank capital ratios have improved since the crisis, but mainly because banks are Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street, Tomas Sedlacek
The Quest: Energy, Security, and the Remaking of the Modern World, Daniel Yergin
Data Spotlight
Where Investment Goes
Tadeusz Galeza
The Netherlands is the top source and destination of foreign direct investment
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