- International Monetary Fund. Communications Department
- Published Date:
- September 2015
Berg, Andrew G., and Jonathan D. Ostry. 2011. “Inequality and Unsustainable Growth: Two Sides of the Same Coin?” IMF Staff Discussion Note 11/08, International Monetary Fund, Washington.
Dabla-Norris, Era, Kalpana Kochhar, Nujin Suphaphiphat, Frantisek Ricka, and Evridiki Tsounta. 2015. “Causes and Consequences of Income Inequality: A Global Perspective.” IMF Staff Discussion Note 15/13, International Monetary Fund, Washington.
These two factors feature prominently in the academic literature and public discussions about inequality. The results of our latest Staff Discussion Note on the Causes and Consequences of Income Inequality confirm the findings in the literature.
A recent IMF Staff Discussion Note on Rethinking Financial Deepening (a) shows that, after a point, financial development damages growth. An IMF Working Paper (b) and a recent Bank for International Settlements paper (c) argue that it is possible to have too much finance. (a) Sahay, Ratna, Martin Čihák, Papa N’Diaye, Adolfo Barajas, Ran Bi, Diana Ayala, Yuan Gao, Annette Kyobe, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, and Seyed Reza Yousefi. 2015. “Rethinking Financial Deepening: Stability and Growth in Emerging Markets.” IMF Staff Discussion Note 15/08, International Monetary Fund, Washington. (b) Arcand, Jean-Louis, Enrico Berkes, and Ugo Panizza. 2012. “Too Much Finance?” IMF Working Paper 2/161, International Monetary Fund, Washington. (c) Cecchetti, Stephen, and Enisse Kharroubi. 2015. “Why Does Financial Sector Growth Crowd Out Real Economic Growth?” BIS Working Paper 490, Bank for International Settlements, Basel.
Apostolic Exhortation by Pope Francis: “Just as the commandment ‘Thou shalt not kill’ sets a clear limit in order to safeguard the value of human life, today we also have to say ‘thou shalt not’ to an economy of exclusion and inequality.” Francis. 2014. Apostolic Exhortation Vatican—Evangelii Gaudium. November 24.
Half the rich world’s governments allow their citizens to deduct the interest payments on mortgages from their taxable income
For more information on the Nordic model: IMF Staff Discussion Note on Labor Market Policies (a), IMF Working Paper on Jobs and Growth (b). (a) Blanchard, Olivier, Florence Jaumotte, and Prakash Loungani. 2013. “Labor Market Policies and IMF Advice in Advanced Economies During the Great Recession.” IMF Staff Discussion Note 13/02, International Monetary Fund, Washington. (b) International Monetary Fund. 2013. “Jobs and Growth: Analytical and Operational Considerations for the Fund.” IMF Board Paper, Washington.
Born in Paris in 1956, Christine Lagarde completed high school in Le Havre and attended Holton-Arms School in Bethesda, Maryland (USA). She then graduated from law school at University Paris X and obtained a master’s degree from the Political Science Institute in Aix-en-Provence.
After being admitted as a lawyer to the Paris bar, Lagarde joined the international law firm of Baker & McKenzie as an associate, specializing in labor, antitrust, and mergers and acquisitions. A member of the Executive Committee of the firm in 1995, Lagarde became the Chairman of the Global Executive Committee of Baker & McKenzie in 1999, and subsequently Chairman of the Global Strategic Committee in 2004.
Lagarde joined the French government in June 2005 as Minister for Foreign Trade. After a brief stint as Minister for Agriculture and Fisheries, in June 2007 she became the first woman to hold the post of Finance and Economy Minister of a G7 country. From July to December 2008, she also chaired the ECOFIN Council, which brings together economics and finance ministers of the European Union.
As a member of the G20, Lagarde was involved in the group’s management of the financial crisis, helping to foster international policies related to financial supervision and regulation and to strengthen global economic governance. As Chairman of the G20 when France took over its presidency in 2011, she launched a wide-ranging work agenda on the reform of the international monetary system.
In July 2011, Lagarde became the eleventh Managing Director of the IMF and the first woman to hold that position.
Lagarde was named Officier in the Légion d’honneur in April 2012.
A former member of the French national team for synchronized swimming, Christine Lagarde is the mother of two sons.