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iMFdirect
iMFdirect features views by IMF economists and officials about pressing issues in the global economy. The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.

iMFdirect

Top 6 Blogs on Climate Change

By IMFBlog Actions speak louder than words. The longer we wait to act on climate change, the greater the loss of life and damage to the world economy. Faced with the ongoing existential threat posed by changes to our climate, the United Nations conference known as COP25 is happening in Madrid, Spain.  Policymakers with ambition and vision can choose what to do and how to do it, right now, globally and at home. Policymakers with ambition and vision can choose what to do and how to do it,...

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Chart of the WeekGlobal Carbon Emissions Are on the Rise Again

By Christian Bogmans, Akito Matsumoto, and Andrea Pescatori After good progress in the beginning of the decade, global carbon emissions have started to pick up again. This recent trend sets the world on a dangerous path: to slow the pace of climate change, carbon emissions need to be reduced. Our chart of the week from the IMF’s latest World Economic Outlook shows that emissions have increased by 1 percent in 2017 and another 2 percent in 2018. China has been a key driver of emission growth...

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The Adaptive Age

By Kristalina Georgieva عربي, 日本語, Русский No institution or individual can stand on the sidelines in the fight against climate change When I think of the incredible challenges we must confront in the face of a changing climate, my mind focuses on young people. Eventually, they will be the ones either to enjoy the fruits or bear the burdens resulting from actions taken today. I think of my 9-year-old granddaughter. By the time she turns 20, she may be witness to climate change so profound...

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A New Climate Economy

By Gita Bhatt “Everybody talks about the weather, but nobody does anything about it.” The quip, attributed to 19th-century American humorist Mark Twain, might describe the current state of play on climate change. In Twain’s day, it was absurd to suppose humans could do anything about the weather. Today, we understand that we can and we must. The changing climate, largely wrought by humans, is bringing rising sea levels, temperature extremes, and more frequent and harsher storms. These...

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Central Bank Accountability, Independence, and Transparency

By Tobias Adrian and Ashraf Khan Español, Português In August 1694, the Bank of England opened for business with a staff of 19. The original Royal Charter, granted by King William and Queen Mary, tasked the Bank to “promote the public Good and Benefit of our People.” As a private company, its independence from the government was not then contemplated. Though it would eventually come—some 300 years later—when, in May 1997, the British government gave the Bank operational independence over...

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For Venezuela’s Neighbors, Mass Migration Brings Economic Costs and Benefits

By Emilio Fernandez Corugedo and Jaime Guajardo Español, Português The world’s newest migration crisis is unfolding in Latin America, where Venezuela’s economic collapse and unprecedented humanitarian crisis has sparked a wave of emigration to neighboring countries. While these countries are providing helpful support to migrants in many areas, large migration flows have strained public services and labor markets in these countries. According to the Response for Venezuelans, which is a...

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Chart of the Week Frontier Market Borrowing Binge

By IMFBlog Español, Português Rock bottom global interest rates have been a boon for so-called frontier-market countries, which have been able to borrow cheaply to finance their development needs. But there can be too much of a good thing: countries that don’t put the money to good use may have trouble servicing their loans and find themselves at risk of default. As the Chart of the Week shows, hard-currency bond sales by frontier issuers—countries such as Angola, Belarus, Ecuador, and...

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All the Way to the Top: Industrial Policy, Innovation, and Sustained Growth

By Reda Cherif and Fuad Hasanov The odds of poor or middle-income countries achieving the stardom of the “Asian Miracles” within a generation or two, or even three, are small. Between 1960 and 2014, only 16 developing economies worldwide were able to vault into high-income status, and many of those were fortunate enough to have discovered oil or join the European Union. The “miracles”—such as Hong Kong SAR, Korea, and Singapore—as well as Japan, Germany, and the United States before them,...

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Chart of the WeekEurope’s Wage-Price Puzzle

By Richard Varghese Does higher wage growth fuel inflation? In Europe, that has historically been the case. But the link between wage growth and inflation has weakened in recent years amid low inflation expectations, robust corporate profitability, and strong competitive pressures. The price of labor—namely wages—is rising at a robust pace, especially in the European Union’s newer member states. Yet, surprisingly, inflation has barely risen. We set out to shed light on this puzzle in...

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Chart of the WeekThe Threat of Inequality of Opportunity

By Shekhar Aiyar and Christian Ebeke There are clashing views on the relationship between income inequality and growth. Some have pointed to at least some measure of inequality as a necessary outcome of the rewards to innovation and risk-taking. Others have argued that excessive income inequality depresses investment in both human and physical capital, two key sources of long-term growth. In recent research we argue that the crucial missing link in the inequality-growth relationship is...

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