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International Monetary Fund. External Relations Dept.

This paper discusses origins of recent estimates of capital requirements for development and highlights some of the issues involved. The paper highlights that there are two possible approaches to making estimates of capital requirements for development. Both approaches are based on the idea that increased income and wealth depend fundamentally upon the application of more capital, either to increase output directly when used in combination with local resources, or indirectly when the use of such capital will lead to a more effective use of other resources.

Lone Engbo Christiansen, Ms. Huidan Huidan Lin, Ms. Joana Pereira, Petia Topalova, and Rima Turk
With an aging population and declining productivity growth, Europe faces serious challenges to raising its output growth. Adding to these challenges are the various gender gaps in the labor market. Despite significant progress in recent decades, there are still fewer women than men participating in Europe’s labor market, and women are more likely to work part time. Furthermore, a smaller share of women reaches the top rungs of the corporate ladder. Could greater gender equality in the labor market help mitigate the slowdown in Europe’s growth potential? Against this backdrop, this paper investigates the drivers of female labor force participation in Europe as well as what effects greater gender diversity in senior corporate positions might have for Europe’s economic performance. Reexamining the factors driving women’s labor force participation is particularly important because in many European countries the process of closing the gender gap has stalled despite greater gender equality in human capital investment, declining birth rates, changing social norms, and equal legal access to employment opportunities. Investigating whether firm performance could be improved if women held a greater share of senior positions is also essential given that the empirical evidence from past research into this question has been inconclusive.
Abhit Bannerjee, Mr. Dani Rodrik, Tim Besley, Mr. Simon Johnson, John Williamson, and Ms. Jacqueline T Irving

What drives growth and development? Five leading scholars looked at this elusive topic during a February 16 symposium that concluded the IMF Research Department’s conference on “Macroeconomic Challenges in Low-Income Countries.” The panelists were Abhit Bannerjee (Massachusetts Institute of Technology), Tim Besley (London School of Economics), Simon Johnson (IMF staff on leave from MIT), Dani Rodrik (Harvard University), and John Williamson (Institute for International Economics), and Arvind Subramanian (IMF staff) moderated the exchange. Participants generally agreed on the importance of quality institutions for long-term growth but disagreed on the role institutions play in igniting growth and whether microexperi-ments can be scaled up to explain big differences between countries.

International Monetary Fund

Sweden’s 2005 Article IV Consultation reports that strong productivity gains, wage moderation, and falling nonenergy import prices contributed to reducing inflation, and creating room for aggressive monetary easing. Export growth has been led by a strong recovery in the telecommunications and automobile sectors, and, combined with rising capacity utilization and record low interest rates, helped sustain a revival of business investment after a three-year slump. Rising disposable incomes and an expansionary monetary stance helped support consumer confidence.

International Monetary Fund. Research Dept.
In the June 2016 issue of IMF Research Bulletin, Eugenio Cerutti interviews Lars E.O. Svensson. Lars, a professor at the Stockholm School of Economics, was a Visiting Scholar at the IMF. In the interview, he discusses monetary policy, financial stability, and life at the IMF. The Bulletin also features a listing of recent Working Papers, Staff Discussion Notes, and key IMF publications. The table of contents from the latest issue of IMF Economic Review is also included.
International Monetary Fund