Promoting Multilateral Solutions for a Globalized World


Jeremy CliftBy Jeremy Clift

(Version in Español عربي)

We live in an increasingly globalized and interconnected world, helping to spread ideas, information, and technology ever more quickly. The globalized economy has created a complex and interlocking network of capital and trade flows that have brought major economic gains, lifting hundreds of millions of people out of poverty around the world.

But, as we have seen from the prolonged global financial crisis, our interconnectedness carries grave risks as well as benefits. With instant communication comes the risk of rapid contagion. There is, thus, a strong public interest in ensuring that global economic integration is supported by a coherent set of coordinated national macroeconomic policies and a harmonized international regulatory regime that addresses the fragilities in our global financial system.

The new issue of Finance & Development magazine looks at different aspects of interconnectedness. Kishore Mahbubani, dean of the National University of Singapore’s Lee Kuan Yew School of Public Policy and author of the forthcoming book The Great Convergence: Asia, the West, and the Logic of One World, argues that what he terms the global village increasingly requires global solutions to big emerging problems such as climate change.

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Global Crisis — Top Links from the IMF for Economics and Finance


Our top links for June, 2012 from iMFdirect blog and others:

New links for economics and finance


Some interesting new links for those tracking economics and finance

  • Track global economic news on IMF Survey magazine’s new Google+ channel
  • Get the new Finance & Development magazine on youth demanding change
  • Try our new Back to Basics compilation explaining key economic concepts
  • Update your understanding of macroprudential policies–a primer explaining things relatively simply
  • New ideas –the case for a managed float under inflation targeting–blog
  • How to exit the Danger Zone: IMF update on global financial stability
  • Europe updates–a new IMF and Europe page
  • Want global financial analysis at your fingertips– try our new eLibrary or app
  • Free! Get our new ipad app for IMF news and data–it lets you chart and view global economic indicators and forecasts
  • Listen to podcasts about the global economy

Get the Basics in Economics from the IMF’s One-Stop Shop


The IMF’s Finance & Development magazine has just come out with a useful web compilation of stories in its “Back to Basics” series on economics.

The page is aimed at students, academics, and those seeking a broader understanding of economic ideas. It pulls together articles from the Back to Basics column in the quarterly magazine that have been published since 2003.

Editors at the magazine, which is published in Arabic, Chinese, French, Spanish, and Russian, as well as English  have revisited the series, updating and revising where needed, and helpfully compiling the most relevant B2B stories in one place. The series is ongoing and they say they will add new articles as they appear in the magazine.

F&D publishes analysis of topics related to the global crisis, international financial system, monetary policy, economic development, poverty reduction, and other world economic issues.

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For related information, check out:

Africa: Changing the Narrative


Jeremy CliftBy Jeremy Clift

Enduring poverty and conflict are so stark in Africa that it is sometimes difficult to see what else is happening.

In April 2011, a study published by the Columbia Journalism Review titled “Hiding the Real Africa” documented how easily Africa makes news headlines in the West when a major famine, pandemic, or violent crisis breaks. But less attention is given to positive trends and underlying successes.

In many cases, despite accelerated economic growth over the past 10 years, the rise of a middle class of consumers, and a more dynamic private sector attracting indigenous entrepreneurs, the narrative about Africa has remained focused on the bad news.

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Haves and Have Less—Why Inequality Throws Us Off Balance


Jeremy CliftBy Jeremy Clift

We used to think that overall economic growth would pull everyone up. While the rich might be getting richer, everyone would benefit and would see higher living standards. That was the unspoken bargain of the market system.

But now research is showing that, in many countries, inequality is on the rise and the gap between the rich and the poor is widening, particularly over the past quarter-century.

With taxpayers footing the bill for troubles in the financial industry in advanced economies during the global economic crisis, this discrepancy seems particularly galling to wage-earners who have seen their pay stagnate or worse. Inequality has started to attract more research by economists.

The September 2011 issue of Finance & Development (F&D) looks at income inequality around the world and how it matters. Continue reading

Wising Up to the Rising Costs of Aging Populations


Jeremy CliftJeremy Clift

Countries around the world are headed for a dramatic demographic transformation caused by falling fertility and rising life expectancy.  Particularly in advanced economies, but also in other parts of the world, populations are getting older and this will affect every dimension of life—from the shape of the family to the shape of the world order.

Most problematically, perhaps, it could throw into question the ability of many countries to provide a decent standard of living for the old without imposing a crushing burden on the young.

The latest issue of the IMF’s Finance & Development magazine explores the consequences on society of aging populations. The world’s population will reach 7 billion this year and is projected to exceed 9 billion in 2050. But in the lead article, Ronald Lee and Andrew Mason say that hidden behind these headline numbers are important changes in the age distribution of the population. Continue reading

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