With the global economy experiencing an uneven recovery from the pandemic, what are the complexities of the policy tradeoffs ahead? What are the drivers of sharp divergences across different countries’ economic prospects? In contrast to the aftermath of the Global Financial Crisis, why are emerging markets not leading the post-pandemic recovery? Will Asia be able to rebuild its growth potential in a post-pandemic world, especially India and China? In doing so, how will Asia address the weaknesses in growth and productivity fundamentals that became apparent before the pandemic? Are there lessons to be learned from this experience, as well as from previous crises, and their relevance to countries now facing financial and debt-driven crises in the emerging post-pandemic landscape? The essays in this book look at these and other fundamental issues from several perspectives in today’s complex global economy. They contain invaluable lessons for what needs to be done to sustain the international framework for global trade and investment that has worked so well since the Second World War and the role that needs to be played by official international institutions to maintain multilateral stability and cooperation. Contents in Detail Preface (by Anne O. Krueger) Current Context I The Global Economy: Rebuilding its Growth Potential 1. America’s Economic Resurgence 2. The US Must Play Champion of Open World Trade Again 3. The Financial Sector: A Key Driver of Economic Recovery 4. Economic Expectations from Trump 5. Risk and Regulation in the US Financial System 6. Boosting US Growth Through Fiscal Reform 7. Policy Reforms for Sustaining Global Growth 8. Digital Trade: The New Frontier 9. TPP: Trade-offs and Imperatives II Global Financial Architecture 10. How to Reform the International Monetary System: Summary View 11. How to Better Manage Global Liquidity: The Role of the IMF 12. Reforming the International Monetary System— A Sequenced Agenda 13. Restoring the IMF’s SDRs 14. Asian Perspectives of Global Regulatory Reform— After the Global Financial Crisis 15. IMF Reforms After the Global Financial Crisis: Still Not Enough 117 16. The Renminbi’s Inclusion in the SDR Basket: China Must Reform Further III Asia’s Growth Sustainability 17. What Makes for Economic Growth Persistence? 18. Inclusive Growth, Institutions, and the Underground Economy 19. Risks of a Minsky Moment in Asia? 20. China and India are Witnessing a Persistent Slowdown in Investment Activity 21. Japan’s Abenomics: Time to Take Stock 22. Inclusive and Sustained Growth in Asia: The Role of Fiscal Policy 23. Emerging Asia: At Risk of the “Middle-Income Trap”? 24. Imagining If Key Foreign Banks Start Reducing Their Exposure in Asia IV India’s Demographics and Growth Determinants 25. The Demographics of Modern India 26. Shift the Reform Debate to States 27. Diversifying India’s Trade Destinations 28. How to spur Private Investment? 29. Digital Trade can Boost India’s Growth 30. From GST to TPP V India’s Fiscal Federalism and Public Finances 31. India Needs to Raise Government Revenue to Ensure Equalisation and Growth 32. Federalism and India’s Human Capital: Summary View 33. India’s Human Capital: The Regulatory Context for Better Leveraging Federalism 34. India’s Fiscal Architecture Needs Change 35. India Must Manage Public Finances Better 36. Improving India’s Fiscal Architecture: A Consolidated Review 268 37. The Fiscal Stance of India’s Budget, 2016 VI China: Rebalancing Growth 38. China’s Economy in Transition: Summary View 39. Slowing Growth: Summary Lessons from China 40. China’s Growth Transition, Implications and Outlook 41. Rebalancing Growth in China: The Role of the Yuan in the Policy Package 42. Amending the OBOR: In Search of Private Financing 43. Developing the G20 Hangzhou Action Plan for Global Growth 44. Looking Back: A Wish List for China’s Third Plenum 45. Catalyzing Consumption and Balancing Growth VII Asia and Argentina Crises: Looking Back 46. Account of the Asian Crisis 47. The IMF’s Point-Man for Asia 48. The Day that Shook the World 49. Introductory Remarks on the Role of the IMF Mission in Argentina Index