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Finance & Development, June 2020.

Exports and Imports --- Macroeconomics --- Diseases: Contagious --- Political Economy --- Financial Crises --- Health: General --- Health Behavior --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Economic & financial crises & disasters --- Health economics --- International economics --- Infectious & contagious diseases --- Health --- Political economy --- COVID-19 --- Personal income tax --- Financial crises --- Communicable diseases --- Economics --- Income tax --- United States

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'Crisis Shakes Europe: Stark Choices Ahead' looks at the harsh toll of the crisis on both Europe's advanced and emerging economies because of the global nature of the shocks that have hit both the financial sector and the real economy, and because of Europe's strong regional and global trade links. Marek Belka, Director of the IMF's European Department, writes in our lead article that beyond the immediate need for crisis management, Europe must revisit the frameworks on which the European Union is based because many have been revealed to be flawed or missing. But in many respects, one key European institution has proved its mettle—the euro. Both Charles Wyplosz and Barry Eichengreen discuss the future of the common currency. Also in this issue, IMF economists rank the current recession as the most severe in the postwar period; John Lipsky, the Fund's First Deputy Managing Director, examines the IMF's role in a postcrisis world; and Giovanni Dell'Ariccia assesses what we have learned about how to manage asset price booms to prevent the bust that has caused such havoc. In addition, we talk to Oxford economist Paul Collier about how to help low-income countries during the current crisis, while Donald Kaberuka, President of the African Development Bank, writes about how African policymakers can prepare to take advantage of a global economic recovery. 'Picture This' looks at what happens when aggressive monetary policy combats a crisis; 'Back to Basics' gives a primer on fiscal policy; and 'Data Spotlight' takes a look at the recent large swings in commodity prices.

Banks and Banking --- Financial Risk Management --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Fiscal Policy --- General Financial Markets: General (includes Measurement and Data) --- Financial Crises --- Banking --- Monetary economics --- International economics --- Economic & financial crises & disasters --- Currencies --- Financial crises --- Fiscal policy --- Fiscal stimulus --- Banks and banking --- Money --- Prices --- United States

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“Asia Leading the Way” explores how the region is moving into a leadership role in the world economy. The issue looks at Asia’s biggest economy, China, which has relied heavily on exports to grow, and its need to increase domestic demand and to promote global integration if it is to continue to thrive. China is not the only Asian economy that heavily depends on exports and all of them might take some cues from the region’s second-biggest economy, India, which has a highly developed services sector. Min Zhu, the new Special Advisor to the IMF’s Managing Director, talks about Asia in the global economy, the global financial crisis, correcting imbalances, and the IMF in Asia. And “People in Economics” profiles an Asian crusader for corporate governance, Korea’s Jang Hasung. This issue of F&D also covers how best to reform central banking in the aftermath of the global economic crisis; the pernicious effects of derivatives trading on municipal government finances in Europe and the United States; and some ominous news for governments hoping to rely on better times to help them reduce their debt burdens. Mohamed El-Erian argues that sovereign wealth funds are well-placed to navigate the new global economy that will emerge following the world wide recession. “Back to Basics” explains supply and demand. “Data Spotlight” explores the continuing weakness in bank credit. And “Picture This” focuses on the high, and growing, cost of energy subsidies.

Business. --- Economics. --- Finance. --- Banks and Banking --- Exports and Imports --- Finance: General --- Financial Risk Management --- Macroeconomics --- Financial Crises --- Energy: Demand and Supply --- Prices --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Finance --- International economics --- Economic & financial crises & disasters --- Banking --- Sovereign wealth funds --- Financial crises --- Debt reduction --- Services sector --- Debts, External --- Banks and banking --- China, People's Republic of

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Global growth is in low gear, and the drivers of activity are changing. These dynamics raise new policy challenges. Advanced economies are growing again but must continue financial sector repair, pursue fiscal consolidation, and spur job growth. Emerging market economies face the dual challenges of slowing growth and tighter global financial conditions. This issue of the World Economic Outlook examines the potential spillovers from these transitions and the appropriate policy responses. Chapter 3 explores how output comovements are influenced by policy and financial shocks, growth surprises, and other linkages. Chapter 4 assesses why certain emerging market economies were able to avoid the classical boom-and-bust cycle in the face of volatile capital flows during the global financial crisis.

Exports and Imports --- Finance: General --- Foreign Exchange --- Inflation --- Macroeconomics --- General Financial Markets: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Price Level --- Deflation --- Fiscal Policy --- Financial Crises --- International economics --- Finance --- Economic & financial crises & disasters --- Currency --- Foreign exchange --- Emerging and frontier financial markets --- Capital inflows --- Capital flows --- Current account --- Financial services industry --- Capital movements --- Prices --- Fiscal policy --- Balance of payments --- United States

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Recovery from the deepest recession in 60 years has started. But sustaining it will require delicate rebalancing acts, both within and across countries. IMF chief economist Olivier Blanchard writes in our lead article that the turnaround will not be simple. The crisis has left deep scars that will affect both supply and demand for many years to come. This issue of F&D also looks at what’s next in the global crisis and beyond. We look at ways of unwinding crisis support, the shape of growth worldwide after the crisis, ways of rebuilding the financial architecture, and the future of reserve currencies. Jeffrey Frankel examines what’s in and what’s out in global money, while a team from the IMF’s Research Department looks at what early warning systems can be expected to deliver in spotting future problems. In our regular People in Economics profile, we speak to Nobel prize winner Daniel Kahneman, whose work led to the creation of the field of behavioral economics, and our Picture This feature gives a timeline of how the Bank of England’s policy rate has fallen to its lowest level in 300 years. Back to Basics gives a primer on monetary policy, and Data Spotlight looks at how the crisis has affected the eastern European banking system.

Banks and Banking --- Financial Risk Management --- Macroeconomics --- Money and Monetary Policy --- Social Services and Welfare --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Crises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Government Policy --- Provision and Effects of Welfare Program --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Economic & financial crises & disasters --- Monetary economics --- Banking --- Labour --- income economics --- Financial crises --- Currencies --- Early warning systems --- Labor --- Banks and banking --- Money --- Poverty --- Crisis management --- United States