That’s the title of the latest quarterly Finance & Development magazine from the International Monetary Fund, which looks at the global financial crisis that has affected all of us. You can find the online issue here (and there are also versions in French, Spanish and Russian).
The lead article asks what can be done to prevent future crises like the one that began in the U.S. subprime mortgage market. It argues that the key lies in faulty incentives, but says remedies may be difficult to implement.
Other articles look in greater depth at the origins of the U.S. subprime mortgage crisis and why it spilled over to affect so much else, an Asian perspective (remembering the 1997 financial crisis there),the adequacy of banks’ capital and global business cycles. The issue also considers central bank intervention in currency markets, the rise in private capital flows to low-income countries and progress towards the United Nations Millennium Development Goals.
A regular “People in Economics” feature focuses on Jacques Polak, whose research helped shape how the IMF goes about its business. He is best known for developing an economic model in 1957 that explained a country's balance of payments in monetary terms.
A “Back to Basics” article explains over-the-counter markets. Other stories discuss the need for developing countries to radically improve their capacity to absorb technology, a country focus on Algeria andwhy high food and fuel prices are having a destabilizing effect on a slowing world economy.
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