Abstract
What Next For
Contents
What Next For
INTERNATIONAL MONETARY FUND
Emerging markets must reclaim their hard-won economic strength as they recover from the pandemic.
WHAT NEXT FOR EMERGING MARKETS?
Miles to Go
Emerging markets must balance overcoming the pandemic, returning to more normal policies, and rebuilding their economies
Rupa Duttagupta and Ceyla Pazarbasioglu
Is the Emerging World Still Emerging?
Two decades on, the BRICs promise lingers
Jim O’Neill
End of the Line
A looming oil price super cycle will likely be the last
Rabah Arezki and Per Magnus Nysveen
Global Clout, Domestic Fragility
China’s long-term success will depend primarily on addressing its internal challenges
David Dollar, Yiping Huang, and Yang Yao
Inequality in the Time of COVID-19
All metrics are not equal when it comes to assessing the pandemic’s unequal effect
Francisco H. G. Ferreira
A COVID-19 Tantrum?
The Federal Reserve’s post-pandemic stance will expose vulnerabilities in emerging markets with high private external debt
Şebnem Kalemli-Özcan
Emerging Markets in Flux
Mahmood Pradhan chats with Richard House and David Lubin on the outlook for this group of countries
From Stream to Flood
Streaming video offers emerging markets an avenue for content at home and around the world
Adam Behsudi
ALSO IN THIS ISSUE
Monetary Meld
A currency union encompassing all of West Africa promises benefits but faces a multitude of obstacles
Eswar Prasad and Vera Songwe
Inequality Interest
Central banks should better communicate monetary policy’s distributional effects
Nina Budina, Chiara Fratto, Deniz Igan, and Hélène Poirson
Citizenship for Sale
Programs that offer passports in return for investment have financial integrity risks that must be managed
Francisca Fernando, Jonathan Pampolina, and Robin Sykes
What We Owe Each Other
We need a new social contract fit for the 21st century
Minouche Shafik
Military Spending in the Post-Pandemic Era
Countries’ efforts to secure a more peaceful world could have a positive economic effect
Benedict Clements, Sanjeev Gupta, and Saida Khamidova
DEPARTMENTS
People in Economics
Inclusive Innovator
Peter J. Walker profiles Yale’s Rohini Pande, whose work focuses on how better institutions can make life fairer
In the Trenches
Putting People First
South Africa’s longest-serving finance minister, Trevor Manuel, reflects on the country’s lost decade
Back to Basics
Risk and Return: The Search for Yield
Low rates of return tempt investors to take risks, which can cause economic and financial instability
Jay Surti
Picture This
Jobs Dilemma
Creating sufficient employment in emerging market economies will require a big boost to economic growth
Book Reviews
The Spirit of Green: The Economics of Collisions and Contagions in a Crowded World, William D. Nordhaus
Rebellion, Rascals, and Revenue: Tax Follies and Wisdom through the Ages, Michael Keen and Joel Slemrod
The Profit Paradox: How Triving Firms Treaten the Future of Work, Jan Eeckhout
