Front Matter

Front Matter

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Finance & Development is published quarterly in English, Arabic, Chinese, French, Russian, and Spanish. English edition ISSN 0015-1947

EDITOR-IN-CHIEF

Jeremy Clift

MANAGING EDITOR

Marina Primorac

SENIOR EDITORS

Camilla Andersen

Hyun-Sung Khang

Natalie Ramirez-Djumena

James Rowe

Simon Willson

ASSISTANT EDITORS

Maureen Burke

Jacqueline Deslauriers

PROMOTIONS MANAGER

Katherine Hutt Scott

CREATIVE DIRECTOR

Luisa Menjivar

ART DIRECTOR

Lai Oy Louie

GRAPHIC ARTIST

Seemeen Hashem

SENIOR EDITORIAL ASSISTANTS

Niccole Braynen-Kimani

Lijun Li

EDITORIAL ASSISTANT

Harris Qureshi

ADVISORS TO THE EDITOR

Bas Bakker

Nicoletta Batini

Helge Berger

Tim Callen

Paul Cashin

Adrienne Cheasty

Alfredo Cuevas

Marcello Estevão

Domenico Fanizza

James Gordon

Thomas Helbling

Laura Kodres

Paolo Mauro

Gian Maria Milesi-Ferretti

Paul Mills

Martin Muhleisen

Uma Ramakrishnan

Abdelhak Senhadji

© 2011 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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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 United Litho, Inc., Ashburn, VA.

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Features

  • WHY INEQUALITY THROWS US OFF BALANCE
    • More or Less
    • Income inequality has risen over the past quarter-century instead of falling as expected
    • Branko Milanovic
    • Equality and Efficiency
    • Is there a trade-off between the two or do they go hand in hand?
    • Andrew G. Berg and Jonathan D. Ostry
    • A Bigger Slice of a Growing Pie
    • Developing the financial sector accelerates economic growth and can enhance income equality
    • Sarwat Jahan and Brad McDonald
    • Painful Medicine
    • Although advanced economies need medium-run fiscal consolidation, slamming on the brakes too quickly will hurt incomes and job prospects Laurence Ball, Daniel Leigh, and
    • Prakash Loungani
    • Unemployed in Europe
    • The most vulnerable Europeans were also the most susceptible to losing their jobs, which exacerbated inequality in the region
    • Hanan Morsy
    • Unequal = Indebted
    • Higher income inequality in developed countries is associated with higher domestic and foreign indebtedness
    • Michael Kumhof and Romain Rancière
    • Picture This: Inequality over the Past Century
    • After declining in the first half of the 20th century, income inequality makes a comeback
    • Facundo Alvaredo
  • ALSO IN THIS ISSUE
    • Fiscal Neighbors
    • Canada and the United States confronted growing budget deficits and public debt but the results differed
    • Jiri Jonas and Cemile Sancak
    • Municipal Fallout
    • U.S. state bond markets are not insulated from each other but are from the federal bond market
    • Rabah Arezki, Bertrand Candelon, and Amadou N.R. Sy
    • Differing Benefits
    • Financial development does not give the same growth boost to all countries
    • Adolfo Barajas, Ralph Chami, and Reza Seyed Yousefi
    • Unconventional Behavior
    • Innovative balance sheet policies of central banks helped during the recession, but they should be used only in exceptional circumstances
    • Mark Stone, Kenji Fujita, and Kotaro Ishi
    • Trading Places
    • Emerging markets are becoming major trading centers thanks to global supply chains and high-technology exports
    • Richard Harmsen and Nagwa Riad
    • Harnessing Diasporas
    • Africa can tap some of its millions of emigrants to help development efforts
    • Dilip Ratha and Sonia Plaza
    • More Europe, Not Less
    • The euro area is learning from its debt crisis that it needs a more centralized approach to fiscal and financial policies
    • Céline Allard

Departments

  • People in Economics: The Master Artisan
  • Maureen Burke profiles Elinor Ostrom, first woman to win the economics Nobel
  • Back to Basics: The Big and the Small Picture
  • Why economics is split into two realms
  • G. Chris Rodrigo
  • Book Reviews
  • Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street,
  • Tomas Sedlacek
  • The Quest: Energy, Security, and the Remaking of the Modern World, Daniel Yergin
  • Data Spotlight
  • Where Investment Goes
  • The Netherlands is the major conduit for foreign direct investment
  • Tadeusz Galeza

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