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Tag Archives: technology

Keynes, the IMF, and the Future

By Gita Bhatt If Lord Keynes, who helped usher in the post–World War II economic order at the Bretton Woods conference, visited the IMF today, he would be astonished at the institution’s evolution. He would find a modern IMF able to help countries with new tools for analyzing financial risks and external imbalances and take on income inequality, corruption, and climate change. He would marvel at our universal membership, diverse staff, and female head. He would also find a world transformed...

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Chart of the WeekCorruption and Your Money

By IMFBlog The costs of corruption run deep. Your taxpayer dollars are lost in different ways, siphoned off from schools, roads, and hospitals to line the pockets of people up to no good. Equally damaging is the way it corrodes the government’s ability to help grow the economy in a way that benefits all citizens. And no country is immune to corruption. Our Chart of the Week from the Fiscal Monitor analyzes more than 180 countries and finds that more corrupt countries collect fewer taxes,...

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Tackling Income Inequality Requires New Policies

By IMFBlog Español, Português The hollowing out of the middle class, rising social and political tension, lack of education, globalization, and rapid technological change are just a few of the many drivers of growing income inequality. “Inclusive growth is one of the critical challenges of our time,” IMF Managing Director Christine Lagarde said at a recent event on income inequality at the IMF Spring Meetings. “The bitter-sweet reality is that despite economic growth there are...

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Chart of the WeekFintech Can Cut Costs of Remittances to Latin America

By IMFBlog Español, Português For Latin Americans living abroad, sometimes sending money back home can be a complicated and costly ordeal. Most people rely on traditional banking methods and money transfer operators to send their remittances. But using these financial services for cross-border payments is costly—about a 6 percent charge on the total amount—and these fees are typically paid by the sender. This means less money left over for the family or friends receiving the money. A more...

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Chart of the WeekFalling Costs Make Wind, Solar More Affordable

By Christian Bogmans Harnessing wind and solar energy for low-carbon electric power generation was once considered uneconomical. Now, rapidly falling costs for these technologies are boosting global renewable energy capacity. Renewable energy sources can help reduce carbon emissions substantially and the effects of global warming. As the Chart of the Week from the April World Economic Outlook shows, solar and onshore wind turbines saw the biggest price declines among low-carbon energy...

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Why Investment May Come Under Threat

By Weicheng Lian, Natalija Novta, and Petia Topalova عربي, 中文, Español, Français, 日本語, Português, Русский It might be hard to imagine a time when a 512 kilobyte computer cost more than $28,000. That was in 1984. Today, you can buy a much more powerful computer for under $300. Prices of machinery and equipment have been falling relative to overall prices for decades, thanks to rising trade and sweeping technological improvements that led to more efficient production of capital goods. This...

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Corporate Taxation in the Global Economy

By Christine Lagarde The public perception that some large multinational companies pay little tax has led to political demands for urgent action. It is not difficult to see why.  Let me highlight three reasons why a new approach to international corporate taxation is urgent. First, the ease with which multinationals seem able to avoid tax, and the three-decade long decline in corporate tax rates, undermines faith in the fairness of the overall tax system. Second, the current situation is...

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Fintech in Sub-Saharan Africa: A Potential Game Changer

By Amadou N. R. Sy If you are reading this blog—drawn by current buzz around financial technology and the "fintech” reference in the title, and its promise to democratize financial services—then it is probably a safe bet to assume that you have heard of M-Pesa. This mobile payments system started in Kenya in 2007 now boasts 30 million users in 10 countries, with other competitors, such as MTN Money and Orange Money, also operating around the continent. The use of mobile money has grown...

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Unlimited Opportunities: Creating More Jobs for Young People in Emerging Market and Developing Economies

By Christine Lagarde and John Bluedorn عربي, Español,Français, Português, Русский “To define is to limit,” Oscar Wilde once said. But sometimes economists need to use definitions to see the scope of a problem and find ways to lift the limits to success. This is especially true for young people in emerging markets and developing economies. We know that young people are essential to economic development and growth. They make up approximately one-third of the working-age population in the...

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A New Social Contract

By Camilla Lund Andersen November 30, 2018 (photo: Michael Waraksa) As the world seeks to address the rise of populism and nationalism, it is becoming clear that economic insecurity lies at the heart of much of the discontent. In the wake of the global financial crisis, voters in wealthy countries began to lose faith in the state’s ability to protect them. The profound changes sweeping labor markets, caused by the rise of technology and continued globalization, have only deepened this...

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