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EDITOR-IN-CHIEF: Jeffrey Hayden

MANAGING EDITOR: Marina Primorac

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is published quarterly by the International Monetary Fund, 700 19th Street NW, Washington DC 20431, in English, Arabic, Chinese, French, Russian, and Spanish. English edition ISSN 0145-1707

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FINANCE & DEVELOPMENT A QUARTERLY PUBLICATION OF THE INTERNATIONAL MONETARY FUND

June 2016 • Volume 53 • Number 2

Front Matter Page

FEATURES

AFRICA: GROWTH’S UPS AND DOWNS

  • Africa’s Rise—Interrupted?

  • The region’s future depends on much more than fluctuations in commodity prices

  • Steven Radelet

  • Straight Talk: Time for a Policy Reset

  • Sub-Saharan Africa’s economies face severe strains and must take action to reignite sustainable growth

  • Antoinette M. Sayeh

  • Cashing In on the Digital Revolution

  • Digitization makes finance accessible, lowers costs, and creates opportunity

  • Njuguna Ndung’u, Armando Morales, and Lydia Ndirangu

  • Inching toward Integration

  • A new index allows African countries to see how their regional integration efforts stack up

  • Carlos Lopes

  • In the Driver’s Seat

  • Gender equality can boost growth in sub-Saharan Africa

  • Christine Dieterich, Dalia Hakura, and Monique Newiak

  • After Ebola

  • African countries have made some progress in improving health systems, but holes remain

  • Amanda Glassman

  • Impediment to Growth

  • Africa’s inadequate infrastructure limits the continent’s economic progress, but funding roads, ports, and power projects is difficult

  • Amadou Sy

  • A Fork in the Road

  • China’s new growth strategy could hurt Africa’s commodity-dependent economies

  • Wenjie Chen and Roger Nord

  • Runaway Success

  • Nigeria’s film industry is taking off

  • Steve Omanufeme

ALSO IN THIS ISSUE

  • Off Its Pinnacle

  • Is the United States entering a period of sustained low economic growth?

  • Robert J. Gordon

  • Neoliberalism: Oversold?

  • Instead of delivering growth, some neoliberal policies have increased inequality, in turn jeopardizing durable expansion

  • Jonathan D. Ostry, Prakash Loungani, and Davide Furceri

  • The Internet of Trust

  • Created to bypass banks, bitcoin’s blockchain technology may end up helping them

  • Andreas Adriano and Hunter Monroe

  • Guilt by Association

  • Prejudices sway the debate on using capital controls to tame the risks of fickle inflows

  • Atish Rex Ghosh and Mahvash Saeed Qureshi

  • Stagnation Risk

  • Ongoing economic problems make the euro area vulnerable to prolonged slow growth

  • Huidan Lin

DEPARTMENTS

  • People in Economics

  • Rebel with a Cause

  • Prakash Loungani profiles Dani Rodrik, the Harvard professor whose warnings about the downsides of globalization proved prescient

  • Currency Notes

  • The Future Is Plastic

  • For countries concerned about the environmental impact of their currency, a switch to polymer notes makes sense

  • Ping Wang

  • Book Reviews

  • Money Changes Everything: How Finance Made Civilization Possible, William N. Goetzmann

  • Taxing the Rich: A History of Fiscal Fairness in the United States and Europe, Kenneth Scheve and David Stasavage

  • The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism, Arun Sundararajan

Illustration: p. 25, Thinkstock; p. 26, Thinkstock; p. 43, ThinkStock; p. 49, Cecile Samuels/Multimedia Services.

Photography: cover, Hoberman Collection/Getty; p. 2, Michael Spilotro/ IMF; pp. 6–7, Ralf Hirschberger/dpa/Corbis; p. 8, Melanie Stetson Freeman/ The Christian Science Monitor/Getty; p. 10, Dean Hutton/Bloomberg via Getty Images; p. 12, Stephen Jaffe/IMF photo, p. 14, Karen Kasmausaki/ Corbis; p. 18, Riccardo Gangale/Bloomberg via Getty Images; p. 22, Flurina Rothenberger; p. 28, Tong Jiang/imaginechina/AP photo; p. 30, Florian Plaucheur/Getty; p. 32, Pius Utomi Ekpei; p. 33, Bettmann/contributor; pp. 34–35, Thinkstock; p. 37, Bernard Gotfryd/Getty; p. 37, Brendan Smialowski/AFP/Getty; p. 38, Bloomberg; p. 42–43, Banknote images used with the permission of the Bank of Australia, Reserve Bank of Vanuatu, and Bank of Canada; p. 44, Jin Lee/Bloomberg via Getty Images; p. 47, Chris Ratcliffe/Bloomberg/Getty; p. 52, Herman Lumanog; pp. 55–57, Ryan Rayburn/IMF photo.

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Finance and Development, June 2016
Author: International Monetary Fund. External Relations Dept.