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International Monetary Fund. External Relations Dept.
This paper reports about current mainstream growth projections for the United States and the European Union over the medium term represent a marked slowdown from growth rates in the decades prior to the global financial crisis. Slower growth in Europe and the United States has mixed implications for growth prospects in developing economies. Most obviously, on the negative side, it means less demand for these countries’ exports, so models of development based on export-led growth may need to be rethought. In contrast, for Western Europe the narrative is about catch-up growth rather than the rate of cutting-edge technological progress. From the middle of the 20th century to the recent global crisis, this experience comprised three distinct phases. European medium-term growth prospects depend both on how fast productivity grows in the United States and whether catch-up growth can resume after a long hiatus. Economic historians see social capability as a key determinant of success or failure in catch-up growth.
International Monetary Fund. External Relations Dept.
"Latin America: An End to Boom and Bust?" covers prospects in that region, which has managed to sustain a decade of prosperity after a history of boom and bust cycles. In our cover story, Nicolás Eyzaguirre, Director of the IMF's Western Hemisphere Department, says Latin America has the potential to become an increasingly important global player. But boosting productivity and competitiveness remain key policy challenges and the fruits of success must be more broadly shared. Other articles on our cover theme look at the prospects for Brazil, inequality in Latin America, and how to raise productivity. Turning from Latin America, we interview former IMF Managing Director Michel Camdessus, former IMF MD and now head of a group of luminaries tasked with generating ideas on how to make the global monetary system more stable in the wake of the world financial crisis. This issue of F&D also features articles on financial market cycles, public investment in infrastructure, whether to worry about inflation or deflation, democracy and liberalization, how to manage health care spending, and rising food prices. People in Economics profiles growth guru Robert Solow, winner of the 1987 Nobel Prize in economics. Our regular Back to Basics feature explains financial services. Data Spotlight looks at how access to financial services is growing in developing countries; and Picture This highlights the IMF's new database of public debt since 1880.
International Monetary Fund. External Relations Dept.
En “América Latina: ¿Fin de los ciclos de auge y caída?” se abordan las perspectivas de esta región, que ha gozado de una década de prosperidad después de una historia de ciclos de auge y caída de la economía. En nuestro artículo principal, Nicolás Eyzaguirre, Director del Departamento del Hemisferio Occidental del FMI, señala que América Latina tiene el potencial para adquirir mayor protagonismo económico mundial. Pero incrementar la productividad y la competitividad sigue siendo uno de los desafíos fundamentales, y es necesario que los frutos del éxito se repartan con criterio más amplio entre todos los sectores. En otros artículos se examinan las perspectivas de Brasil, la desigualdad en América Latina y cómo aumentar la productividad. Además de los artículos sobre América Latina, entrevistamos al ex Director Gerente del FMI Michel Camdessus, quién dirigió al grupo de eminentes expertos encargados de generar ideas para lograr que el sistema monetario internacional sea más seguro después de la crisis financiera mundial. En esta edición de F&D también se incluyen artículos en los que se analizan los ciclos de los mercados financieros; la inversión pública en infraestructura; la preocupación por la inflación o la deflación; la democracia y la liberalización; cómo gestionar el gasto en atención de la salud, y el incremento de los precios de los alimentos. En “Gente del mundo de la economía” trazamos una semblanza del gurú del crecimiento, Robert Solow, galardonado con el Premio Nóbel de Economía en 1987. En nuestra sección habitual “Vuelta a lo esencial” se explican los servicios financieros. En “Un vistazo a los datos” se presentan cifras sobre la expansión de los servicios financieros en los países en desarrollo, y en “Bajo la lupa” se destaca la nueva base de datos del FMI con información sobre la deuda pública desde 1880.
International Monetary Fund. External Relations Dept.
"Latin America: An End to Boom and Bust?" covers prospects in that region, which has managed to sustain a decade of prosperity after a history of boom and bust cycles. In our cover story, Nicolás Eyzaguirre, Director of the IMF's Western Hemisphere Department, says Latin America has the potential to become an increasingly important global player. But boosting productivity and competitiveness remain key policy challenges and the fruits of success must be more broadly shared. Other articles on our cover theme look at the prospects for Brazil, inequality in Latin America, and how to raise productivity. Turning from Latin America, we interview former IMF Managing Director Michel Camdessus, former IMF MD and now head of a group of luminaries tasked with generating ideas on how to make the global monetary system more stable in the wake of the world financial crisis. This issue of F&D also features articles on financial market cycles, public investment in infrastructure, whether to worry about inflation or deflation, democracy and liberalization, how to manage health care spending, and rising food prices. People in Economics profiles growth guru Robert Solow, winner of the 1987 Nobel Prize in economics. Our regular Back to Basics feature explains financial services. Data Spotlight looks at how access to financial services is growing in developing countries; and Picture This highlights the IMF's new database of public debt since 1880.
International Monetary Fund. External Relations Dept.
Latin America: An End to Boom and Bust? covers prospects in that region, which has managed to sustain a decade of prosperity after a history of boom and bust cycles. In our cover story, Nicolás Eyzaguirre, Director of the IMF's Western Hemisphere Department, says Latin America has the potential to become an increasingly important global player. But boosting productivity and competitiveness remain key policy challenges and the fruits of success must be more broadly shared. Other articles on our cover theme look at the prospects for Brazil, inequality in Latin America, and how to raise productivity. Turning from Latin America, we interview former IMF Managing Director Michel Camdessus, former IMF MD and now head of a group of luminaries tasked with generating ideas on how to make the global monetary system more stable in the wake of the world financial crisis. This issue of F&D also features articles on financial market cycles, public investment in infrastructure, whether to worry about inflation or deflation, democracy and liberalization, how to manage health care spending, and rising food prices. People in Economics profiles growth guru Robert Solow, winner of the 1987 Nobel Prize in economics. Our regular Back to Basics feature explains financial services. Data Spotlight looks at how access to financial services is growing in developing countries; and Picture This highlights the IMF's new database of public debt since 1880.
International Monetary Fund. External Relations Dept.
This article profiles iconoclastic economist Dani Rodrik, the Harvard professor whose warnings about the downsides of globalization proved prescient. Rodrik has spent most of his professional life at Ivy League institutions. He has a bachelor’s degree from Harvard and master’s and PhD degrees from Princeton, followed by a teaching career at Harvard and Columbia. Rodrik’s warnings that the benefits of free trade were more apparent to economists than to others were prescient. His skepticism about the benefits of unfettered flows of capital across national boundaries is now conventional wisdom. His successful attack on the so-called Washington Consensus of policies to generate economic growth has made governments and international organizations like the IMF and the World Bank admit that there are many policy recipes that can generate growth. Rodrik’s caution about financial globalization is now widely shared, including at the IMF.
International Monetary Fund. External Relations Dept.
Ce numéro intitulé « Amérique latine : une nouvelle ère de stabilité? » décrit les perspectives économiques de cette région, qui a connu dix ans de prospérité, après une longue période de cycles en dents de scie. L’article de fond, rédigé par Nicolás Eyzaguirre, Directeur du Département Hémisphère occidental du FMI, présente les atouts que possède l’Amérique latine pour jouer un rôle de plus en plus important dans le monde. Il lui reste cependant à surmonter les deux grands défis de la productivité et de la compétitivité, et à mieux répartir les fruits de la réussite économique. D’autres articles examinent en particulier les perspectives du Brésil, les inégalités en Amérique latine et les moyens d’accroître la productivité. Par ailleurs, nous présentons un entretien avec Michel Camdessus, ancien Directeur général du FMI, qui préside aujourd’hui un groupe d’éminentes personnalités chargé de proposer des idées pour rendre le système monétaire international plus stable, au lendemain de la crise financière mondiale. Ce numéro de F&D propose également des articles sur les cycles des marchés financiers, les investissements publics dans les infrastructures, les craintes que peuvent inspirer l’inflation ou la déflation, les liens entre démocratie et libéralisation, la façon de gérer au mieux les dépenses de santé et la hausse des prix alimentaires. À la rubrique « Paroles d’économistes », on trouvera un portrait du gourou de la croissance Robert Solow, lauréat du Prix Nobel en 1987. Parmi nos rubriques habituelles, « L’ABC de l’économie » traite des services financiers, « Gros plan » explique comment l’accès aux services financiers s’améliore dans les pays en développement et « Pleins feux » présente la nouvelle base de données du FMI sur l’histoire de la dette publique depuis 1880.
International Monetary Fund. External Relations Dept.
Latin America: An End to Boom and Bust? covers prospects in that region, which has managed to sustain a decade of prosperity after a history of boom and bust cycles. In our cover story, Nicolás Eyzaguirre, Director of the IMF's Western Hemisphere Department, says Latin America has the potential to become an increasingly important global player. But boosting productivity and competitiveness remain key policy challenges and the fruits of success must be more broadly shared. Other articles on our cover theme look at the prospects for Brazil, inequality in Latin America, and how to raise productivity. Turning from Latin America, we interview former IMF Managing Director Michel Camdessus, former IMF MD and now head of a group of luminaries tasked with generating ideas on how to make the global monetary system more stable in the wake of the world financial crisis. This issue of F&D also features articles on financial market cycles, public investment in infrastructure, whether to worry about inflation or deflation, democracy and liberalization, how to manage health care spending, and rising food prices. People in Economics profiles growth guru Robert Solow, winner of the 1987 Nobel Prize in economics. Our regular Back to Basics feature explains financial services. Data Spotlight looks at how access to financial services is growing in developing countries; and Picture This highlights the IMF's new database of public debt since 1880.