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International Monetary Fund. Communications Department

Abstract

This paper discusses the role of fiscal policy and demographics. By the end of this century, about two-thirds of all countries are expected to have declining populations. This will have profound implications for economics, financial markets, social stability, and geopolitics. Fiscal policy responses and technological innovation are especially important parts of the solution. Without action, public pension and health systems will not be sustainable over the long term. The increase in life expectancy and economic welfare that came with the industrial revolution brought with it the seeds of demographic change. This is a demographic double whammy that will have major implications for economic growth, financial stability, and the public purse. With declining fertility rates, populations in some advanced economies did not just grow more slowly; they stagnated or began to shrink. IMF analysis suggests that, if everyone lived three years longer than expected, pension related costs could increase by 50 percent in both advanced and emerging economies. This would heavily affect private and public sector balance sheets and could also undermine financial stability.

International Monetary Fund. Communications Department

Abstract

President Reif, thank you for the kind introduction, and thank you to the students and faculty for your warm welcome.

Ms. Christine Lagarde

Abstract

Good morning. What a great privilege to be here among such illustrious guests to discuss such an important topic.

International Monetary Fund. Communications Department

Abstract

This paper discusses various aspects of economic inclusion and financial integrity. The consecration of capitalism comes during the 19th century. With the industrial revolution came Karl Marx, who focused on the appropriation of the means of production—and who predicted that capitalism, in its excesses, carried the seeds of its own destruction, the accumulation of capital in the hands of a few, mostly focused on the accumulation of profits, leading to major conflicts and cyclical crises. Trust, opportunity, rewards for all within a market economy—allowing everyone’s talents to flourish are the attributes of inclusive capitalism. The most recent poll conducted by the Edelman Trust Barometer, for example, showed that less than a fifth of those surveyed believed that governments or business leaders would tell the truth on an important issue. By making capitalism more inclusive, capitalism can be made more effective, and possibly more sustainable. However, if inclusive capitalism is not an oxymoron, it is not intuitive either, or it is more of a constant quest than a definitive destination.

International Monetary Fund

Abstract

Mr. Chairman, Governors, Honored Guests:

International Monetary Fund

Abstract

International Monetary Fund Managing Director Christine Lagarde delivered this speech at the World Bank/IMF Annual Meetings in Washington, D.C., on October 10, 2014.

International Monetary Fund. Communications Department

Abstract

IMF Managing Director Christine Lagarde’s speech of June 17, 2015, proposes policies and reforms to deal with growing social and economic inequality.

Ms. Christine Lagarde

Abstract

Good evening! I am absolutely delighted to participate again in this prestigious conference, and I would like to thank Vice Premier Reynders for his kind introduction.

Ms. Christine Lagarde

Abstract

I am grateful for the opportunity to deliver a lecture in honor of Sylvia Ostry, the great Canadian economist and policymaker, and above all, the woman pioneer who broke into the closed world of high finance and sherpa-dom that still is largely a man’s world.

International Monetary Fund

Abstract

This paper focuses on concerns over wages, jobs, and future prospects are real and pressing for those who are not well equipped to thrive in this new world. History clearly tells us that closing borders or increasing protectionism is not the way to go. Many countries have tried this route, and just as many have failed. Instead, we need to pursue policies that extend the benefits of openness and integration while alleviating their side effects. Emerging and developing economies have been the prime beneficiaries of economic openness. According to the World Bank, trade has helped reduce by half the pro¬portion of the global population living in extreme poverty. China, for instance, saw a phenomenal drop in its extreme poverty rate—from 36 percent at the end of the 1990s to 6 percent in 2011. Another example is Vietnam, which—in a single generation—moved from being one of the world’s poorest nations to middle-in¬come status—which has allowed for increased investments in health and education.