Front Matter Page
FINANCE & DEVELOPMENT
A Quarterly Publication of the International Monetary Fund
December 2017 | Volume 54 | Number 4
Front Matter Page
F&D FINANCE & DEVELOPMENT
A Quarterly Publication of the International Monetary Fund
EDITOR-IN-CHIEF:
Camilla Lund Andersen
MANAGING EDITOR: Maureen Burke
SENIOR EDITORS:
Natalie RamÃrez-Djumena
James L. Rowe, Jr.
Chris Wellisz
ASSISTANT EDITORS:
Bob Ahmed
Eszter Balázs
Bruce Edwards
Maria Jovanović
ONLINE EDITORS:
Marie Boursiquot
Lijun Li
PRODUCTION MANAGER:
Niccole Braynen-Kimani
COPY EDITOR:
Lucy Morales
ADVISORS TO THE EDITOR:
Bernardin Akitoby
Celine Allard
Bas Bakker
Steven Barnett
Nicoletta Batini
Helge Berger
Paul Cashin
Adrienne Cheasty
Luis Cubeddu
Alfredo Cuevas
Rupa Duttagupta
Thomas Helbling
Laura Kodres
Tommaso Mancini Griffoli
Gian Maria Milesi-Ferretti
Inci Otker-Robe
Catriona Purfield
Uma Ramakrishnan
Abdelhak Senhadji
Alison Stuart
© 2017 by the International Monetary Fund. All rights reserved. For permission to reproduce any F&D content, submit a request via online form (www.imf.org/external/terms.htm) or by e-mail to copyright@imf.org. Permission for commercial purposes also available from the Copyright Clearance Center (www.copyright.com) for a nominal fee.
Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF policy.
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Finance & Development 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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Contents
There has never been a more critical time to focus on the region’s untapped potential.
THE MIDDLE EAST IN FLUX
A Time for Action
Countries of the Middle East and North Africa have an opportunity to pursue the reforms needed to ensure prosperity for decades to come
JihadAzour
Point of View: Nascent Hopes
The Arab uprisings may have set in motion a long-term transformation in the region
Marwan Muasher
Getting There
Oil-producing countries must focus on how to diversify their economies
Rabah Arezki
The Cost of Conflict
Middle East strife is exacting a heavy toll on regional economies
Phil de Imus, Gaëlle Pierre, and Björn Rother
Technology’s Promise
Governments in the Middle East are hoping digital entrepreneurs will spur economic growth—and create jobs for young people
Campbell MacDiarmid
Bias and Barriers
Raising women’s labor force participation in the Arab world could boost economic growth, but there are deeply rooted obstacles
Nazila Fathi
In the Trenches: Overcoming Resistance
Ibrahim Saif discusses why building consensus is key to successful energy subsidy reform
ALSO IN THIS ISSUE
The Presource Curse
Oil discoveries can lead first to jubilation then to economic jeopardy
James Cust and David Mihalyi
Global Finance Resets
The decline of cross-border capital flows signals a stronger global financial system
Susan Lund and Philipp Härle
Reaching Poor People
Sobering evidence from Africa illustrates how hard it is to target antipoverty efforts well
Caitlin Brown, Martin Ravallion, and Dominique van de Walle
DEPARTMENTS
People in Economics
Late Bloomer
Chris Wellisz profiles David Autor, the MIT economist who has done pathbreaking work on the effects of imports on the US labor market
Picture This
Heating Up
Poor countries bear the brunt of climate change, but they are in the worst position to do so
Maria Jovanovic
Book Reviews
Economics for the Common Good,
Jean Tirole
How Global Currencies Work: Past, Present, and Future, Barry Eichengreen, Arnaud Mehl, and Livia Chiţu
Straight Talk on Trade, Dani Rodrik
Currency Notes
Critical Reception
The new Jane Austen banknote is not universally embraced
John Bishop
