Front Matter
  • 1 0000000404811396 Monetary Fund


  • Lessons from the Global Financial Crisis: Interview with Valerie Cerra

  • The rise of populism: is it really the economy stupid?

  • Winners v. Losers: The dilemma of reforms

  • To BOT, or not to BOT ... that is (no longer) the question

  • Riding the Big Data Wave

  • Can {Un}Happiness Explain Macroeconomics?

IMF RESEARCH perspectives


Deniz Igan Chris Papageorgiou

Guest Editor

Sweta C. Saxena

Assistant Editor

Patricia Loo

Editorial Assistant

Tracey Lookadoo


Anthony Annett

Hites Ahir

Pankhuri Dutt

Swarnali A. Hannan

Zoltan Jakab

Daniela Muhaj

Patricia Neidlinger

Cover, design, and layout

Creative Corporate Services and Facilities

IMF Research Perspectives—the IMF online bulletin with news on research is a bi-annual publication in English and is available exclusively online free of charge.

The views expressed in the Bulletin are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Material from this publication may be reprinted with proper attribution.

Editorial correspondence may be addressed to:

International Monetary Fund

Attn: Editor, IMF Research Perspectives

700 19th Street, NW

Room HQ1-9-253

Washington, DC 20431



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Meet IMF Research Perspectives,

the bulletin with sharper storytelling, richer design, and more

When you read the Spring/Summer 2018 issue of the IMF Research Perspectives (formerly published as IMF Research Bulletin), if we did it right, you will meet the more approachable, more human side of IMF research and IMF researchers.

The bulletin has just turned 18, and we thought this was a good time to revamp the design and content. How? First, we transformed our Q&A feature into a complete interview. Second, we added more research summaries to give you a better sense of what IMF research has to offer on recent topical issues. Third, we changed the design to make your reading experience more enjoyable and reaching out to the contributors easier. And, of course, we changed the name to Perspectives, which we feel more accurately reflects our new approach focused on sharing views and encouraging interaction. One thing that hasn’t changed is our commitment to conduct and disseminate state-of-the-art, policy-relevant research to foster further discussion for better policymaking around the world.

Such an undertaking would not have been possible without a dedicated group of individuals: the guest editorial team led by Sweta Saxena and the design team led by Felipe Leon deserve the utmost credit.

We hope you will like our fresher, bolder look. Let us know what you think.

Deniz Igan and Chris Papageorgiou

Note from the guest editor

It has been ten years since the Global Financial Crisis and, around the world, output is yet to fully recover. Moreover, the gains from this slow recovery have largely benefited the relative few, helping to spawn a rise in populist movements in the developed world. The global economy has to confront new challenges from technology and automation (the changing nature of work) and the deployment of big data projects (quality and governance aspects). These portend a better future but also raise fears of further widening the gap between the haves and the have-nots. Perhaps what is missing in this big picture is how the focus of policies can be changed from external values (such as competition, consumption, and profits) to internal values (such as cooperation, compassion, and happiness). The articles in this edition shed light on these issues and how, in the future, economic policies need to evolve to balance tradeoffs and be more supportive and inclusive.

Sweta C. Saxena