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International Monetary Fund. External Relations Dept.
Finances & Développement, septembre 2015
International Monetary Fund. External Relations Dept.
Finanzas y Desarrollo, septiembre de 2015
International Monetary Fund. External Relations Dept.
This chapter presents the point of view and ideas of Sabina Alkire, an economist. Alkire wants the Multidimensional Poverty Index to be part of a data revolution to guide the fight against poverty. According to Alkire, learning to meditate soothed away what she describes as the temper tantrums of her childhood. The chapter also highlights the fact that an index is only as good as its underlying data, and in emerging market economies that quality is often inadequate. The quest for better poverty metrics coincides with growing doubts about the ability of conventional statistics, especially GDP, to gauge economic growth in the digital economy, let alone well-being, welfare, and environmental sustainability.
Patrick A. Imam and Mr. Kangni R Kpodar
The rapid growth of Islamic banking has attracted much attention lately in the economic literature. At the same time, a mature body of the literature has shown that financial development is broadly conducive to economic growth, which raises the question as to whether a similar conclusion holds for Islamic banking. Against this backdrop, this paper investigates the relationship between Islamic banking development and economic growth in a sample of low and middle income countries, using data over the period 1990-2010. The results show that, notwithstanding its relatively small size compared to the economy and the overall size of the financial system, Islamic banking is positively associated with economic growth even after controlling for various determinants, including the level of financial depth. The results are robust across across different specifications, sample composition and time periods.
International Monetary Fund. External Relations Dept.
This issue of F&D looks at the growing role of emerging markets. Analysis by the IMF's Ayhan Kose and Eswar Prasad, professor of trade policy at Cornell University, argues that their economic ascendance will enable emerging markets such as Brazil, China, India, and Russia to play a more significant part in global economic governance and take on more responsibility for economic and financial stability. And Vivek Arora and Athanasios Vamvakidis measure how China's economy is increasingly affecting the rest of the world not just its neighbors and main trading partners. In addition, F&D examines a variety of topics that are particularly relevant as the world struggles to shake off the crisis. Alan Blinder and Mark Zandi look at the positive effects of stimulus in the United States. Without it, they say, the United States would still be in recession. IMF researchers look at how countries can get debt under control, and what happens when government debt is downgraded. Other articles examine the human costs of unemployment, how inequality can lead over time to financial crisis, and what changes in the way banks do business could mean for the financial system. Two articles look at Islamic banking, which was put to the test during the global crisis and proved its mettle, and in Faces of the Crisis Revisited, we continue to track how the recession affected several individuals around the world. This issue of F&D profiles Princeton economic theorist Avinash Dixit in the regular People in Economics feature, and Back to Basics looks at externalities.
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

The global economic crisis has taken a toll on the Middle East and Central Asia region, but appropriate policy responses have helped mitigate the impact. Looking ahead, the region's oil exporters are expected to benefit from rising oil prices as the world economy begins to pull out of an unparalleled post-World War II recession. Oil importers, however, are likely to continue to face continued headwinds that may delay an uptake in growth. Where feasible, countries should continue to support domestic demand to lessen the impact of the crisis on the poor while maintaining a focus on debt sustainability. For the region's low-income countries, higher donor support will be needed to maintain economic development. Across the region, governments should further strengthen financial systems and be careful not to lose momentum on structural reforms. Published biannually in May and October.

International Monetary Fund. External Relations Dept.
Le FMI aide les pays à faire face à la crise alimentaire; Risques d'inflation; Mark Plant, FMI et crise alimentaire; Perspectives du Moyen-Orient; Résistance des pays émergents; Le retour de la Côte d'Ivoire; Réformes financières au Ghana; Banques Islamiques; Rapport sur la gouvernance du FMI, Tom Bernes; L'actualité en bref.
International Monetary Fund. External Relations Dept.
Food Price Crisis, Inflation Risks, Mark Plant, IMF and the Food Crisis, Multilateral Initiative, Middle East Regional OUtllok, Emerging Markets' Resilience, Côte d'Ivoire's Comeback, Ghana's Financial Reforms, Islamic Banks and Financial Stability, Report on IMF Governance, Tom Bernes, News Briefs.
International Monetary Fund. External Relations Dept.
El FMI se une a la lucha contra la crisis alimentaria, Resurge el riesgo de inflación, Mark Plant, Entrevista: El FMI y la crisis alimentaria, Perspectivas económicas de Oriente Medio, Resistencia de los mercados emergentes, Côte d'Ivoire resurge, Reformas financieras en Ghana, Banca islámica y estabilidad financiera, Informe sobre el gobierno interno del FMI, Tom Bernes, Notas breves
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.