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.

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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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