Front Matter Page

Finance & Development is published quarterly in English, Arabic, Chinese, French, Russian, and Spanish by the International Monetary Fund. English edition ISSN 0015-1947


Jeremy Clift


Marina Primorac


Camilla Andersen

Hyun-Sung Khang

James Rowe

Simon Willson


Maureen Burke

Jacqueline Deslauriers Glenn Gottselig

Natalie Ramirez-Djumena


Luisa Menjivar


Lai Oy Louie


Lijun Li

Kelley McCollum

Niccole Braynen-Kimani


Bas Bakker

Tim Callen

Adrienne Cheasty

Ana Corbacho

Alfredo Cuevas

Marcello Estevão

Domenico Fanizza

James Gordon

Thomas Helbling

Paul Hilbers

Paolo Mauro

Gian Maria Milesi-Ferretti

Paul Mills

Uma Ramakrishnan

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Front Matter Page


  • Sustaining a Global Recovery
    • The recovery has started. Sustaining it will require delicate rebalancing acts, both within and across countries
    • Olivier Blanchard
  • What’s In and Out in Global Money
    • Things are hot, then they are not, in the world of international money
    • Jeffrey A. Frankel
  • Rebuilding the Financial Architecture
    • What needs to be done to strengthen financial regulation and supervision?
    • Andrew Crockett
  • Looking Ahead
    • Countries must begin now to devise economic strategies to accompany recovery
    • Carlo Cottarelli and José Viñals
  • Growth after the Crisis
    • If the world economy is to recover, a replacement must be found for the newly frugal U.S. consumer
    • Francesco Giavazzi
  • The Future of Reserve Currencies
    • For nearly a century, the U.S. dollar has reigned supreme, but are those days over?
    • Benjamin J. Cohen
  • Overhauling the System
    • United States proposes most radical reform of financial regulation since the New Deal
    • Randall Dodd
  • Anticipating the Next Crisis
    • What can early warning systems be expected to deliver?
    • Atish R. Ghosh, Jonathan D. Ostry, and Natalia Tamirisa
  • Faces of the Crisis
    • How the crisis has affected six people in different circumstances around the world
  • Dial Growth
    • Handheld devices are enabling nascent economies to skip a generation of development
    • Olivier Lambert and Elizabeth Littlefield
  • Delivering on Change
    • The IMF has created a new support framework for the world’s low-income countries
    • Edward Gemayel and Samar Maziad


  • In Brief
    • Increasing global liquidity; Hunger at historic high; Gadgets and gigawatts; IMF blog
  • People in Economics
    • Questioning a Chastened Priesthood
    • Jeremy Clift profiles psychologist
    • Daniel Kahneman
  • Picture This
    • The Three-Hundred-Year Low
    • The Bank of England’s policy rate is the lowest ever
    • André Meier and Simon Willson
  • Back to Basics
    • What Is Monetary Policy?
    • Koshy Mathai
  • Book Reviews
    • Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa, Dambisa Moyo
    • Successes of the International Monetary Fund: Untold Stories of Cooperation at Work, Eduard Brau and Ian McDonald, editors
    • Money, Finance and Political Economy: Getting It Right, Deena Khatkhate
  • Data Spotlight
    • Flows to Eastern Europe
    • Foreign banks have supported eastern European banks, but the financial crisis has reversed this trend
    • José C. Moreno and Ricardo Davico

Illustration: Cover, Michael Glenwood; p. 3, istockphoto; p. 13, ImageZoo/Corbis; p. 27, Bruce Macpherson.

Photography: p. 3, Gideon Mendel/Corbis; p. 4, Sean Gallup, Getty Images/IMF photo illustration; p. 8, Andrew Lichtenstein/Corbis; p. 18, Ann Taylor-Hughes/istockphoto; p. 20, Etsa/Corbis; p. 24, Michael Spilotro, IMF; pp. 30–31, Rischgitz/Getty Images; Bettman/Corbis; Bettman/Corbis; Keystone/Getty Images; Keystone/Getty Images; Adrian Dennis/Newscom; p. 32, Stan Honda/AFP/Newscom; p. 35, Newscom; pp. 38–45, see Acknowledgments on p. 45; p. 48, Sandipan Majumdar; pp. 53–56, IMF Photo Unit.

Finance & Development, September 2009
Author: International Monetary Fund. External Relations Dept.