Finance & Development, December 2011.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. External Relations Department.

Series:

Finance & Development; Finance & Development ; No. 0048/004

Finance & Development

Language:

English

Subjects (All):

Economic stabilization--International cooperation--Periodicals.

Economic stabilization.

Africa--Economic conditions--Periodicals.

Africa.

Physical Description:

1 online resource (60 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2011.

Language Note:

English

Summary:

Africa's Middle-Class Motor finds growing evidence that a recent resurgence in the continent's economic well-being has staying power. In his overview article, Harvard professor Calestous Juma says the emphasis for too long has been on eradicating poverty through aid rather than promoting prosperity through improved infrastructure, education, entrepreneurship, and trade. That is now changing: there is a growing emphasis on policies that produce a middle class. The new African middle class may not have the buying power of a Western middle class but it demands enough goods and services to support stronger economic growth, which, as IMF African Department head Antoinette Sayeh points out, in turn helps the poorest members of society. Oxford University economist Paul Collier discusses a crucial component of Africa's needed infrastructure: railways. It is a continent eminently suited to rail, development of which has been held back more by political than economic reasons. But even as sub-Saharan African thrives, its largest and most important economy, South Africa, has had an anemic performance in recent years. We also profile Ngozi Okonjo-Iweala, Nigeria's colorful economic czar. "Picture This" mines current trends to predict what Africa will look like a half century from now and "Data Spotlight" looks at increased regional trade in Africa. Elsewhere, Cornell Professor Eswar Prasad, examines a global role reversal in which emerging, not advanced, economies are displaying resilience in the face of the global economic crisis. The University of Queensland's John Quiggin, who wrote Zombie Economics, examines whether it makes sense in many cases to sell public enterprises. Economists Raghuram Rajan of the University of Chicago and Rodney Ramcharan of the U.S. Federal Reserve find clues to current asset booms and busts in the behavior of U.S. farmland prices a century ago.

Contents:

Cover; Contents; DEPARTMENTS; People in Economics; Second Time Around; FEATURES; AFRICA'S MIDDLE-CLASS MOTOR; Africa's New Engine: Africa looks to its middle-class consumers to drive prosperity; What Ails South Africa: Plagued by high unemployment and closely tied to Europe, South Africa struggles; Straight Talk: The Quality of Growth: Poor households are benefiting from sub-Saharan Africa's high growth and wider global reach; Building an African Infrastructure: Key political decisions are needed to build critical rail networks for a continent well suited to them

Point of View: Preventing Famine: The ongoing drought and famine in the Horn of Africa make a case for using global risk management to achieve food securityPicture This: Africa-A Look into the Future: What will the continent be like in 50 years' time?; ALSO IN THIS ISSUE; Role Reversal: Emerging economies are less dependent on debt, less vulnerable to volatile investment sentiment, and are rethinking the role of capital flows; Land for Sale: Clues to whether easy credit causes booms and busts in asset prices can be found in U.S. farmland prices a century ago

To Sell or Not: The author of Zombie Economics looks at the pros and cons of privatizationBack to Basics; What Is Econometrics?: Taking a theory and quantifying it; Fixing the Flaws in EMU: The euro area's long-term survival calls for a fundamental transformation of policymaking; A Cushion for the Poor: Commodity-exporting governments can reduce debt and still protect their least well off citizens; Less Volatile than Meets the Eye: Contrary to popular wisdom, commodity prices can be more stable than prices of manufactured products

Are the Critics Right?: A new study finds that public education and health spending get a boost when low-income countries receive IMF financial supportBook Reviews; Grand Pursuit: The Story of Economic Genius; Eclipse: Living in the Shadow of China's Economic Dominance; Tearing Down Walls: The International Monetary Fund 1990-1999; Data Spotlight: Trade in East Africa: Increased intraregional trade and lower tariffs are paving the way for faster growth; Index of Articles for 2011

Notes:

"A Quarterly Publication of the International Monetary Fund."

Includes bibliographical references at the end of each chapters and index.

Description based on online resource; title from PDF title page (ebrary, viewed September 24, 2014).

ISBN:

9786613845955

9781463942267

1463942265

9781463994747

1463994745

9781283533508

1283533502

9781463961947

1463961944