Public resistance to new policies often leaves policymakers scratching their heads. What seems a perfectly reasonable policy to a government is often perceived by its citizenry as regressive. Stefanie Stantcheva’s multidisciplinary approach to research digs deep into the minds of people at the receiving end to help design better policies. Stantcheva is a professor of economics at Harvard University, and this year’s recipient of the prestigious Clark Medal, awarded by the American Economic Association for the most significant contributions to economic thought by an economist under 40. She sat down with journalist Rhoda Metcalfe to discuss how tax policy impacts innovation for the IMF series on extraordinary Women in Economics.
Transcript: https://bit.ly/453h1ku
Most advanced economies are witnessing their populations age and labor forces shrink, and the same trend is expected to hold for the largest emerging economies within the decade. So the largely touted demographic dividend of previous decades is making way for a demographic drag. Diaa Noureldin is an economist in the World Economic Studies division in the IMF Research Department. In this podcast, he says healthy aging and policies that keep people in work longer could offset the demographic drag on growth.
Transcript: https://bit.ly/4jS000P
Read the article in Finance & Development IMF.org/fandd
After four long years of numerous crises, sub-Saharan Africa’s hard-won recovery has been disrupted by yet another shock. The sudden shift in the global outlook has clouded the region’s short-term prospects and significantly complicated policy making. Economist Andrew Tiffin and his team produce the IMF Regional Economic Outlook for sub-Saharan Africa. In this podcast, Tiffin says the current shake-up in global value chains, while disruptive, can create new trade and investment opportunities.
Transcript: https://bit.ly/3ZsstTI
Read the report at IMF.org
While the German economy has been one of Europe’s strongest for decades, its performance in recent years has fallen short of expectations. Why is this once economic powerhouse now lagging? Ulrike Malmendier is a professor of economics and finance at the University of California, Berkeley, and serves on the German Council of Economic Advisors to the German government. In this podcast, Malmendier says an aging population and a lack of workers are contributing to the country’s economic woes.
Transcript: https://bit.ly/3SVnmaW
Malaysia is one of Southeast Asia's strongest economies and has recently been lauded for its ability to keep inflation in check. But Malaysia is not immune to the rising global trade tensions and uncertainty of late. In this podcast, IMF Asia and Pacific Department head Krishna Srinivasan sits down with Bank Negara Malaysia Governor Abdul Rasheed Ghaffour to discuss the intricacies of central bank operations amid this changing landscape. The conversation occurred in the Governor Talks series held during the IMF-World Bank Spring Meetings.
Watch the webcast at IMF.org
After years of economic turmoil, Argentina’s central bank chief has doubled down on efforts to restore confidence in the Argentine peso and normalize its economy. In this podcast, Governor Santiago Bausili and IMF Western Hemisphere Department head, Rodrigo Valdés discuss the challenging process of stabilizing Argentina’s bi-monetary economy. The conversation occurred in the Governor Talks series held during the IMF-World Bank Spring Meetings.
Transcript: https://bit.ly/4iUN3mu
Never underestimate the value of a good idea. Ideas are the starting point for innovation; few things fuel economic growth more than innovation. However, most of today’s innovators emerge from a narrow demographic group with specific backgrounds, which Xavier Jaravel says creates the phenomena of “Lost Einsteins” and “Lost Marie Curies". Jaravel is a professor of economics at the London School of Economics. In this podcast, he talks about the benefits of unleashing untapped talent and broadening the pool of innovators worldwide.
Transcript: https://bit.ly/4j5jrTS
Read the article at IMF.org/fandd
Economists have long surmised that people’s knowledge and skills contribute significantly to economic development, but to what degree can access to an education change lives? Amory Gethin has compiled data from surveys from more than 150 countries to measure what economists have never measured before: the correlation between education and individual incomes. Gethin is an economist in the World Bank Development Research Group working on growth and inequality and has sought to quantify the economic value of education as it relates to global poverty reduction. In this podcast, Gethin says investing in education advances those who pursue degrees and those who don’t.
Transcript: https://bit.ly/4iFzYOl
While we like to think our financial decisions are based on logic, the truth is, they are largely driven by emotion. So when John Maynard Keynes looked for methods to measure economic fluctuations, animal spirits were a key ingredient. Karthik Sastry is a macroeconomist and assistant professor at Princeton University. In this podcast, he says personal instincts and primal urges are known to cause cycles of boom and bust, and one way to gauge those emotions is through economic narratives. Sastry is coauthor with Joel Flynn of How Animal Spirits Affect the Economy published in Finance and Development magazine.
Transcript: https://bit.ly/43HkuoB
Read the article at IMF.org/fandd
Modern economics was built on ideas spelled out by Adam Smith in his 18th-century The Wealth of Nations. But while he used the term only once in that economic treatise, Smith is most remembered for “the invisible hand,” a metaphor Oren Cass says has wrongly been associated with the idea that the pursuit of profit is always socially beneficial and that markets are somehow magically guided by that principal. Cass is the founder and chief economist at American Compass. In this podcast, he says the contortion of Smith’s idea led to a blind faith in markets, whereas “the invisible hand” was about ensuring the alignment between private profit and the public interest.
Transcript: https://bit.ly/3DdWizp
Read the article in Finance and Development: IMF.org/FANDD
Driving Change: Women-Led Development Economics from the Ground Up
The International Economic Association’s Women in Leadership in Economics Initiative (IEA-WE) connects women economists worldwide and helps showcase their important empirical research, especially in developing countries. IMF Podcasts has partnered with the IEA-WE to produce a special series featuring the economists behind the invaluable local research that informs policymakers in places often overlooked. This episode of Driving Change features Bangladeshi economist Rumana Huque, whose research into the real costs of tobacco consumption is prompting a rethink of the country’s tobacco tax system.
Transcript: https://bit.ly/3QzmCqP
Other episodes include Kenyan economist Rose Ngugi, whose indices help local counties design policies that work, Colombian economics Professor Marcela Eslava, whose research looks to fix Latin America’s dysfunctional social security network, and Ipek Illkaracan who makes the business case for investing in social care infrastructure.
Special thanks to IEA editor Navika Mehta for this collaboration.
The pandemic was a brutal reminder of how crucial public health systems are, yet health budgets in many countries are still underfunded. Developing economies generally do not allocate sufficient domestic resources to health and external financing is becoming increasingly difficult to secure. Sanjeev Gupta is a senior policy fellow at the Center for Global Development and coauthor with Victoria Fan of How to Heal Health Financing, published in Finance and Development magazine. In this podcast, Gupta says greater revenue collection and improved budget execution would strengthen health systems in low-income countries and reduce the need for foreign assistance.
Transcript: https://bit.ly/4hRwZSP
Read the article in Finance and Development: IMF.org/fandd
Countries with better institutions are more prosperous. A truism perhaps, but then why are they so hard to build and sustain? That is the question that Simon Johnson has sought to explain since the fall of communism and the basis for the research that won him the 2024 Nobel Prize in Economic Sciences. Johnson, a former IMF chief economist, now a professor at MIT in the Sloan School of Management, shares the award with James Robinson and Daron Acemoglu, who’s also coauthor of his latest book Power and Progress, which challenges the assumption that technology equals progress. In this podcast, Johnson says when controlled by a select few, tech innovation can be self-serving and risk undermining the institutions that make it possible.
Transcript: https://bit.ly/4b2V1aV
As urbanization continues to grow worldwide, affordable housing is a rare commodity in many cities. Sao Paolo, South America’s biggest city, has gained over 2 million new residents in the past decade alone. Elizabeth Johnson heads Brazil research at TS Lombard and has been studying Sao Paolo’s latest attempt at strengthening its housing strategy. In this podcast, Johnson says the city looked to its largely abandoned downtown core to address its housing woes.
Transcript: https://bit.ly/4fuFBNj
Read the article in Finance and Development: IMF.org/fandd
While housing markets play a significant role in economies, new research shows houses across 40 countries are less affordable than at any time since the 2008 financial crisis. IMF economist Deniz Igan helped develop the Housing Affordability Index. In this podcast, she says the pandemic triggered an unusual sequence of events that housing markets around the world are still struggling to correct. Transcript: https://bit.ly/49AeK0N
Read the article in Finance and Development: IMF.org/fandd
Driving Change: Women-Led Development Economics from the Ground Up
The International Economic Association’s Women in Leadership in Economics Initiative (IEA-WE) connects women economists worldwide and helps showcase their important empirical research, especially in developing countries. IMF Podcasts has partnered with the IEA-WE to produce a special series featuring the economists behind the invaluable local research that informs policymakers in places often overlooked. Driving Change kicks off this limited-run series from Turkey, with economist Ipek Ilkkaracan, who makes a strong business case for investing in social care infrastructure.
Other episodes include Kenyan economist Rose Ngugi, whose indices help local counties design policies that work, and Colombian economics Professor Marcela Eslava, whose research looks to fix Latin America’s dysfunctional social security network.
Transcript: https://bit.ly/3CQFQVq
Special thanks to IEA editor Navika Mehta for this collaboration.
Driving Change: Women-Led Development Economics from the Ground Up
The International Economic Association’s Women in Leadership in Economics Initiative (IEA-WE) connects women economists worldwide and helps showcase their important empirical research, especially in developing countries. IMF Podcasts has partnered with the IEA-WE to produce a special series featuring the economists behind the invaluable local research that informs policymakers in places often overlooked. This episode of Driving Change features Kenyan economist Rose Ngugi, whose indices are helping local counties design policies that work.
Other episodes in the series include Colombian economics Professor Marcela Eslava, who looks to fix Latin America’s dysfunctional social security network, and Turkish economist Ipek Ilkkaracan, who makes a strong business case for investing in social care infrastructure.
Transcript: https://bit.ly/4eOBbAt
Special thanks to IEA editor Navika Mehta for this collaboration.
Driving Change: Women-Led Development Economics from the Ground Up
The International Economic Association’s Women in Leadership in Economics Initiative (IEA-WE) connects women economists worldwide and helps showcase their important empirical research, especially in developing countries. IMF Podcasts has partnered with the IEA-WE to produce a special series featuring the economists behind the invaluable local research that informs policymakers in places often overlooked. This episode of Driving Change features Colombian economics Professor Marcela Eslava, whose research looks to fix Latin America’s dysfunctional social security network.
Other episodes in the series include Turkish economist Ipek Ilkkaracan, who makes a strong business case for investing in social care infrastructure, and Kenyan economist Rose Ngugi, whose indices help local counties design better policies.
Transcript: https://bit.ly/3Os40bc
Special thanks to IEA editor Navika Mehta for this collaboration.
With sub-Saharan Africa soon to have one of the largest working-age populations in the world, removing barriers to business growth and encouraging higher productivity industries will help provide the employment opportunities it needs. But reforms don’t come easy. Wenjie Chen and Andrew Tiffin are economists in the IMF’s Africa Department and produce the Regional Economic Outlook for sub-Saharan Africa. In this podcast, they say addressing development needs while realizing reforms that create sufficient jobs will help garner public support and improve regional prospects.
Transcript: bit.ly/4fqMdwQ
Read the full report at IMF.org
As inflation and interest rates continue to decline and the likelihood of a recession slowly fades, financial markets have seen big equity gains. But the latest Global Financial Stability Report (GFSR) warns of several factors that could upend the recovery, including the apparent disconnect between market buoyancy and heightened uncertainty, especially related to geopolitical risks. Jason Wu and Nassira Abbas lead the IMF’s work on financial stability. In this podcast, they say while the near-term risks appear contained, medium-term prospects remain a concern.
Transcript: https://bit.ly/48cGMyV
Read the full report at IMF.org/GFSR
While 21st-century globalization and international trade dramatically changed how multinational corporations operate, the way they are taxed is largely based on early 20th-century thinking. Recent efforts by the OECD and the UN to modernize the international corporate tax system include a minimum corporate tax to make it more equitable. The IMF has also joined the effort by providing its expertise on global tax policy. Senior counsel Cory Hillier and senior economist Shafik Hebous are coauthors of recent research that seeks to strengthen the impact of a corporate minimum tax.
Transcript: https://bit.ly/47YwFhb
Stories can unify or divide but our ability to imagine them is uniquely human. Cooperation and trust, built through shared stories and narratives, are the foundation of human societies and economies. So what happens when humans no longer hold the pen? Yuval Noah Harari is a historian, philosopher, and author of several books on human evolution, including Sapiens, and Nexus: A Brief History of Information Networks from the Stone Age to AI. In this podcast, Harari says artificial intelligence is a risk to humankind's most valuable resource, trust.
Transcript: https://bit.ly/4dvy3Jb
Find his books at ynHarari.com
With all the instability within the Middle East and North Africa region of late, Egypt has nonetheless managed to reign in soaring inflation and win its largest-ever foreign investment. Egypt’s efforts to restore macroeconomic stability in recent years have led to an arrangement under the IMF’s Extended Fund Facility for Egypt, which makes available US$820 million to help support its reform agenda. Ivanna Vladkova Hollar leads the IMF’s work in Egypt. In this podcast, she says that while stabilizing its economy is positive, Egypt’s next big step is an economic transformation that will lift its private sector.
Transcript: https://bit.ly/4efXuzH
Learn more about the IMF’s work in Egypt at IMF.org/Egypt
Working from home was not an option for most people before March 11, 2020, when work and home life suddenly collided. The pandemic upended many aspects of doing business, but the daily commute is one routine that seems unlikely to return to what it was. Nicholas Bloom was studying the potential impact of remote work long before the pandemic launched it into the mainstream and now has data to suggest businesses should stick to the hybrid working model. Bloom is the William D. Eberle Professor of Economics at Stanford University.
Transcript: https://bit.ly/3Xbxfmz
Read the article in Finance and Development: IMF.org/fandd
The world has changed since postwar economic thought placed GDP growth as its guiding principle. 20th-century progress has pushed planetary resources to the limit and brings the sustainability of traditional macroeconomic models into question. In this podcast, Kate Raworth talks with journalist Rhoda Metcalfe about her alternative model Doughnut Economics, which places economic objectives within the social and ecological boundaries of the living planet. Raworth is an ecological economist and the author of Doughnut Economics: Seven Ways to Think Like a 21st Century Economist.
Transcript: https://bit.ly/475TLBW