Africa is the world’s poorest continent, but amid all the bad news, there is hope for change. This pamphlet examines the lessons to be learned from some of the more successful economies south of the Sahara, and discusses a policy framework to promote sustainable economic growth and reduce poverty across the region.

Ukraine may have taken a "gradualist" approach to economic reform, but the results have been no better than in Russia. The editors have assembled the leading specialists on the Ukrainian economy, including officials from major Ukrainian and international economic institutions, to outline the major problems of the economy, analyze the initial phases of economic reform in Ukraine, assess their outcomes, and chart the way forward.

Experts report on the latest research on extending access to financial services to the 2.5 billion adults around the world who lack it. About 2.5 billion adults, just over half the world's adult population, lack bank accounts. If we are to realize the goal of extending banking and other financial services to this vast “unbanked” population, we need to consider not only such product innovations as microfinance and mobile banking but also issues of data accuracy, impact assessment, risk mitigation, technology adaptation, financial literacy, and local context. In Banking the World, experts take up these topics, reporting on new research that will guide both policy makers and scholars in a broader push to extend financial markets. The contributors consider such topics as the complexity of surveying people about their use of financial services; evidence of the impact of financial services on income; the occasional negative effects of financial services on poor households, including disincentives to work and overindebtedness; and tools for improving access such as nontraditional credit scores, financial incentives for banking, and identification technologies that can dramatically reduce loan default rates.

For centuries, dictators ruled Russia. Tsars and Communist Party chiefs were in charge for so long some analysts claimed Russians had a cultural predisposition for authoritarian leaders. Yet, as a result of reforms initiated by Mikhail Gorbachev, new political institutions have emerged that now require election of political leaders and rule by constitutional procedures. Michael McFaul—described by the New York Times as "one of the leading Russia experts in the United States"—traces Russia's tumultuous political history from Gorbachev's rise to power in 1985 through the 1999 resignation of Boris Yeltsin in favor of Vladimir Putin. McFaul divides his account of the post-Soviet country into three periods: the Gorbachev era (1985-1991), the First Russian Republic (1991–1993), and the Second Russian Republic (1993–present). The first two were, he believes, failures—failed institutional emergence or failed transitions to democracy. By contrast, new democratic institutions did emerge in the third era, though not the institutions of a liberal democracy. McFaul contends that any explanation for Russia's successes in shifting to democracy must also account for its failures. The Russian/Soviet case, he says, reveals the importance of forging social pacts; the efforts of Russian elites to form alliances failed, leading to two violent confrontations and a protracted transition from communism to democracy. McFaul spent a great deal of time in Moscow in the 1990s and witnessed firsthand many of the events he describes. This experience, combined with frequent visits since and unparalleled access to senior Russian policymakers and politicians, has resulted in an astonishingly well-informed account. Russia's Unfinished Revolution is a comprehensive history of Russia during this crucial period.

This paper highlights that the Washington Consensus helped fill the need for an economic policy framework following the discrediting of central planning and import-substitution trade strategies. Latin American governments championed the Consensus in the early 1990s, and the policy agenda delivered some of the things it was supposed to—healthier budgets, lower inflation, lower external debt ratios, and economic growth. But unemployment rose in many countries and poverty remained widespread, while the emphasis on market openness made states vulnerable to the side effects of globalization.

The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015. The new report finds that the outlook has deteriorated in advanced economies because of heightened uncertainty and setbacks to growth and confidence, while declines in oil and commodity prices and slower growth have kept risks elevated in emerging markets. These developments have tightened financial conditions, reduced risk appetite, raised credit risks, and stymied balance sheet repair. A broad-based policy response is needed to secure financial stability. Advanced economies must deal with crisis legacy issues, emerging markets need to bolster their resilience to global headwinds, and the resilience of market liquidity should be enhanced. The report also examines financial spillovers from emerging market economies and finds that they have risen substantially. This implies that when assessing macro-financial conditions, policymakers may need to increasingly take into account economic developments in emerging market economies. Finally, the report assesses changes in the systemic importance of insurers, finding that across advanced economies the contribution of life insurers to systemic risk has increased in recent years. The results suggest that supervisors and regulators should take a more macroprudential approach to the sector.

Despite starting as one of the poorest countries in the mid-1980s, Vietnam has achieved rapid developmental progress, reaching lower middle-income status in 2010. In line with rapid economic growth, Vietnam has achieved impressive progress towards the Sustainable Development Goals (SDGs) during this time. This paper sheds light on some elements of Vietnam’s success story, highlighting crucial policies in education and electricity sectors. It undertakes a forward-looking costing exercise that focusses on five sectors – education, health, roads, water, and electricity infrastructure. Achieving the remaining SDGs in Vietnam will be a challenge, with total annual additional spending needs in the 5 subsectors estimated at 7 percent of GDP by 2030.