Front Matter

Front Matter Page

MONEY, TRANSFORMED

  • The Long and Short of the Digital Revolution

  • Smart policies can alleviate the short-term pain of technological disruption and pave the way for long-term gain

  • Martin Mühleisen

  • Point of View: Going Cashless

  • The governor of the world’s oldest central bank discusses his country’s shift toward digital money

  • Stefan Ingves

  • Monetary Policy in the Digital Age

  • Crypto assets may one day reduce demand for central bank money

  • Dong He

  • Lucre’s Allure

  • Throughout time, new currency has been associated with mystical qualities, and Bitcoin is no exception

  • Harold James

  • A Short History of Crypto Euphoria

  • An eminent economist’s taxonomy of bubbles is applied to the latest financial fad

  • Andreas Adriano

  • The Industrialization of Cybercrime

  • Lone-wolf hackers yield to mature businesses

  • Tamas Gaidosch

  • Land of the Rising Robots

  • Japan’s combination of artificial intelligence and robotics may be the answer to its rapidly shrinking labor force

  • Todd Schneider, Gee Hee Hong, and Anh Van Le

  • Building Taller Ladders

  • Technology and science reinforce each other to take the global economy ever higher

  • Joel Mokyr

ALSO IN THIS ISSUE

  • Growth or Inclusion?

  • With the right policies, countries can pursue both objectives

  • Jonathan Ostry

  • Epidemics and Economics

  • New and resurgent infectious diseases can have far-reaching economic repercussions

  • David E. Bloom, Daniel Cadarette, and JP Sevilla

  • Piercing the veil

  • Some $12 trillion worldwide is just phantom corporate investment

  • Jannick Damgaard, Thomas Elkjaer, and Niels Johannesen

  • Mind the Gap

  • Differing perspectives of men and women economists may affect policy outcomes

  • Ann Mari May, David Kucera, and Mary G. McGarvey

DEPARTMENTS

  • Straight Talk

  • A Regulatory Approach to Fintech

  • We must guard against emerging risks without stifling innovation

  • Christine Lagarde

  • Back to Basics

  • What Are Cryptocurrencies?

  • A potential new form of money offers benefits while posing risks

  • Antoine Bouveret and Vikram Haksar

  • People in Economics

  • Sherlock of Trade

  • Bruce Edwards profiles David Donaldson, who makes no assumptions about trade that are not based on facts

  • In the Trenches

  • A Market, Unified

  • Arvind Subramanian explains the advantages of a new tax for India’s economy and budget

  • Book Reviews

  • The Infinite Desire for Growth, Daniel Cohen

  • Calculated Values: Finance, Politics, and the Quantitative Age, William Deringer

  • An Indonesian Story, Vasuki Shastry

  • Currency Notes

  • Striking the Right Note

  • An inside look at paper money around the world

  • Tadeusz Galeza and James Chan

Front Matter Page

F&D

FINANCE & DEVELOPMENT

A Quarterly Publication of the International Monetary Fund

June 2018 | Volume 55 | Number 2

F&D

FINANCE & DEVELOPMENT

A Quarterly Publication of the International Monetary Fund

EDITOR-IN-CHIEF:

Camilla Lund Andersen

MANAGING EDITOR:

Maureen Burke

SENIOR EDITOR:

Chris Wellisz

ASSISTANT EDITORS:

Eszter Balázs

Marie Boursiquot

Bruce Edwards

DIGITAL EDITOR:

Rahim Kanani

ONLINE EDITOR:

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

Luis Cubeddu

Alfredo Cuevas

Rupa Duttagupta

Thomas Helbling

Laura Kodres

Tommaso Mancini Griffoli

Gian Maria Milesi-Ferretti

inci Ötker

Catriona Purfield

Uma Ramakrishnan

Abdelhak Senhadji

Alison Stuart

© 2018 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.

Subscriber services, changes of address, and

advertising inquiries:

IMF Publication Services

Finance & Development

PO Box 92780

Washington, DC 20090, USA

Telephone: (202) 623-7430

Fax: (202) 623-7201

E-mail: publications@imf.org

Postmaster: send changes of address to Finance & Development, International Monetary Fund, PO Box 92780, Washington, DC 20090, USA. Periodicals postage is paid at Washington, DC, and at additional mailing offices.

The English edition is printed at Dartmouth Printing Company, Hanover, NH.

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

FSC FPO