Contents
The IMF’s most durable characteristic has been its ability to adapt to successive changes in the world.
The IMF at 75
4 The IMF Today and Tomorrow
To meet future challenges, the IMF must have strong backing from its members Martin Wolf
9 Lord Keynes Pays a Visit
A distinguished figure from the past appears at the IMF on its 75th anniversary Atish R. Ghosh
13 Updating Bretton Woods
Renewed commitment to global economic cooperation is needed Christine Lagarde
15 Rising Tide
Global cooperation is needed to reap the benefits and avoid the pitfalls of cross-border capital flows Raghuram Rajan
20 The Future of Trade
Policy can play a role in shaping the future of the ailing multilateral trade system Pinelopi Koujianou Goldberg
24 The IMF Can (and Must) Disrupt Itself
In a rapidly changing world, the IMF needs member country support Mohamed A. El-Erian
27 A Digital Africa
Technology can be a springboard for faster, more inclusive growth Vera Songwe
30 Reimagining the IMF
In the postcrisis world, the Fund must move beyond its role as lender of last resort Adam Tooze
ALSO IN THIS ISSUE
32 The Specter of Versailles
The conference that ended World War I was followed by an inward turn that has parallels today Barry Eichengreen
36 China’s Ascent
The rise of China will have far-reaching consequences—the world should get ready Keyu Jin
38 Toward a Multipolar System
We must prepare for a possibly turbulent transition to a new international monetary system Emmanuel Farhi
40 Globalization and Narcos
Manufacturing job loss resulting from international competition can carry large social costs Melissa Dell
42 A Solution to Sudden Stops
The IMF and central banks should work together to resolve financial crises Ricardo Reis
50 Invisible Links
Value chains transform manufacturing—and distort the globalization debate David Dollar
DEPARTMENTS
44 People in Economics Economist as Engineer
Bob Simison profles Stanford’s Susan Athey, who brings machine learning to economics
48 In the Trenches Open for Business
Clare Akamanzi explains how Rwanda is encouraging private sector development
54 Back to Basics
What Is Carbon Taxation?
Carbon taxes have a central role in reducing greenhouse gases Ian Parry
56 Book Reviews
The Bretton Woods Agreements, Naomi Lamoreaux and Ian Shapiro, eds.
The Central Asian Economies in the Twenty-First Century: Paving a New Silk Road, Richard Pomfret
Dark Matter Credit: The Development of Peer-to-Peer Lending and Banking in France, Philip T. Hofman, Gilles Postel-Vinay, and Jean-Laurent Rosenthal
Macroeconomics for Professionals: A Guide for Analysts and Those Who Need to Understand Them, Leslie Lipschitz and Susan Schadler
60 Currency Notes
The Boom in Benjamins
What makes the US$100 bill so popular? Melinda Weir
Front Matter Page
F&D
FINANCE & DEVELOPMENT
A Quarterly Publication of the International Monetary Fund
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