
(AGENPARL) – mar 21 gennaio 2025 Brazil’s megalopolis combines federal and municipal programs to retrofit buildings in the downtown area
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São Paulo Reclaims Its Center [ https://www.imf.org/en/Publications/fandd/issues/2024/12/sao-paulo-reclaims-its-center-elizabeth-johnson?utm_medium=email&utm_source=govdelivery ]
*DECEMBER 2024*
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Sao Paulo [ https://www.imf.org/en/Publications/fandd/issues/2024/12/sao-paulo-reclaims-its-center-elizabeth-johnson?utm_medium=email&utm_source=govdelivery ]
(Credit: Tuane Fernandes)
Dear Colleague,
São Paulo—the Southern Hemisphere’s largest city, with a population of nearly 11.5 million—has a shortage of 400,000 homes. That’s more than the total number of residences in Washington or San Francisco.
Writing in F&D, *Elizabeth Johnson*, director of Brazil research at macroeconomic consultancy TS Lombard, says the city and the rest of the country are taking another stab at fixing a problem that has become deeply entwined with local and national politics.
“São Paulo is applying lessons learned more than a decade ago, when the federal government launched a massive low-income-housing program, which succeeded in adding more than 8 million housing units but stumbled over complaints that it accentuated inequality and added to urban sprawl,” she says.
*Read the article* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/sao-paulo-reclaims-its-center-elizabeth-johnson?utm_medium=email&utm_source=govdelivery ]
“Elizabeth Johnson spoke to IMF Podcasts about how São Paulo looked to its largely abandoned downtown core to address its housing deficit. Listen here [ https://www.imf.org/en/News/Podcasts/All-Podcasts/2024/12/19/elizabeth-johnson?utm_medium=email&utm_source=govdelivery ].”
The Economics of Housing
December cover [ https://www.imf.org/en/Publications/fandd?utm_medium=email&utm_source=govdelivery ]
Housing plays a transformative role in shaping national economic outcomes, yet is often missing from macroeconomic analysis. F&D details how housing and the economy interact, recent challenges, and potential solutions that can make real-estate markets work for everyone.
F&D’s latest issue is now available in Arabic [ https://www.imf.org/ar/Publications/fandd?utm_medium=email&utm_source=govdelivery ], Chinese [ https://www.imf.org/zh/Publications/fandd?utm_medium=email&utm_source=govdelivery ], French [ https://www.imf.org/fr/Publications/fandd?utm_medium=email&utm_source=govdelivery ], Japanese [ https://www.imf.org/ja/Publications/fandd?utm_medium=email&utm_source=govdelivery ], Russian [ https://www.imf.org/ru/Publications/fandd?utm_medium=email&utm_source=govdelivery ], and Spanish [ https://www.imf.org/fr/Publications/fandd?utm_medium=email&utm_source=govdelivery ].
Feature Articles*
*Walkways, Not Walls* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/walkways-not-walls-prakash-loungani?utm_medium=email&utm_source=govdelivery ] | There are benefits to better connecting macroeconomics with real estate economics | *Prakash Loungani*
*The Housing Affordability Crunch [ https://www.imf.org/en/Publications/fandd/issues/2024/12/the-housing-affordability-crunch-deniz-igan?utm_medium=email&utm_source=govdelivery ]* | A newly developed dataset shows how the pandemic’s aftermath ushered in the worst housing affordability crisis in more than a decade | *Deniz Igan *
**The True Cost of Living [ https://www.imf.org/en/Publications/fandd/issues/2024/12/the-true-cost-of-living-marijn-bolhuis?utm_medium=email&utm_source=govdelivery ]** | Sharply higher borrowing costs, especially for housing, fueled a disconnect between inflation statistics and consumer sentiment | ***Lawrence Summers*, *Marijn Bolhuis ***and ***Judd Cramer***
*China’s Real Estate Challenge* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/chinas-real-estate-challenge-kenneth-rogoff?utm_medium=email&utm_source=govdelivery ] | Sliding property prices may presage a painful economic adjustment | *Kenneth Rogoff *and *Yuanchen Yang*
*Housing Africa’s** Growing Population* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/housing-africas-growing-population-kecia-rust?utm_medium=email&utm_source=govdelivery ] | Deeper understanding of informality and better use of technology can build more sustainable housing markets | *Kecia Rust*
*How To Spot Housing Bubbles* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/how-to-spot-housing-bubbles-enrique-martinez?utm_medium=email&utm_source=govdelivery ] | Early detection and mitigation can help deflate asset bubbles before they burst | *Enrique Martínez García*
*Housing Markets and **Monetary Policy* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/housing-markets-and-monetary-policy-mehdi-andaloussi?utm_medium=email&utm_source=govdelivery ] | Comprehensive, country-specific understanding of housing and mortgage markets can help calibrate monetary policy | *Mehdi Benatiya Andaloussi, Nina Biljanovska *and *Alessia De Stefani*
*Falling Out of Favor [ https://www.imf.org/en/Publications/fandd/issues/2024/12/falling-out-of-favor-maria-petrakis?utm_medium=email&utm_source=govdelivery ]* | Some countries are turning against foreign buyers as soaring property prices become political | *Maria Petrakis*
*Hidden Fortunes* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/hidden-fortunes-chady-el-khoury?utm_medium=email&utm_source=govdelivery ] | How dirty money distorts real estate markets | *Chady El Khoury*
display of three F&D covers from 2024 [ https://www.bookstore.imf.org/templates/fdec2?cid=imfo-com-compc-fdlanding&source=fdlanding&utm_medium=email&utm_source=govdelivery ]
Get an overview of the latest thinking on international economic challenges, interactions, and policy responses.
*Want **to get a free copy?*
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Also in this Issue
*The Mysteries of Cities and Economic Growth [ https://www.imf.org/en/Publications/fandd/issues/2024/12/point-of-view-the-mysteries-of-cities-and-economic-growth-david-cutler?utm_medium=email&utm_source=govdelivery ]* by *David Cutler* and *Edward Glaeser*
It’s impossible to think about economic growth without also thinking about cities’ vital role in connecting the world
*Emerging Markets’ Two-Way Traffic* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/point-of-view-emerging-markets-two-way-traffic-david-lubin?utm_medium=email&utm_source=govdelivery ] by *David Lubin*
Financially fragile economies are pursuing market-friendly reforms, while some stronger emerging market economies are doing the opposite
*Sharing the Road* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/sharing-the-road-robert-zymek?utm_medium=email&utm_source=govdelivery ] by *Jiaxiong Yao and Robert Zymek*
Chinese electric cars will help some European economies and harm others, but tariffs would leave everyone worse off
*How to Heal Health Financing* [ https://www.imf.org/en/Publications/fandd/issues/2024/12/how-to-heal-health-financing-victoria-fan?utm_medium=email&utm_source=govdelivery ] by *Victoria Fan *and *Sanjeev Gupta*
International initiatives must complement, not duplicate, national health strategies
*GDP in the Future [ https://www.imf.org/en/Publications/fandd/issues/2024/12/gdp-in-the-future-bert-kroese?utm_medium=email&utm_source=govdelivery ]* by *Bert Kroese*
Complementary measures help assess our planet’s true wealth and how to increase it sustainably
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Also in this issue, for *Back to Basics [ https://www.imf.org/en/Publications/fandd/issues/2024/12/back-to-basics-are-housing-markets-broken-hites-ahir?utm_medium=email&utm_source=govdelivery ]*, *Hites Ahir* asks: Are housing markets broken?
For *Picture This [ https://www.imf.org/en/Publications/fandd/issues/2024/12/picture-this-housing-costs-mount-marta-doroszczyk?utm_medium=email&utm_source=govdelivery ]*, *Marta Doroszczyk *shows how rising housing prices are piling pressure on the poorest.
Indonesia’s finance minister, *Sri Mulyani Indrawati*, discusses geopolitics, economic reform and being a role model for women for *In the Trenches [ https://www.imf.org/en/Publications/fandd/issues/2024/12/Trenches-relentless-reformer-sri-mulyani-indrawati?utm_medium=email&utm_source=govdelivery ]*.
*Yuval Noah Harari *tells Bruce Edwards for *Café Economics [ https://www.imf.org/en/Publications/fandd/issues/2024/12/cafe-economics-humankinds-comparative-advantage-yuval-noah-harari?utm_medium=email&utm_source=govdelivery ]* that humans dominated the planet by telling stories but may soon no longer hold the pen
Gary Seidman profiles *Anne Case*, the longevity economist, for *People in Economics [ https://www.imf.org/en/Publications/fandd/issues/2024/12/people-in-economics-the-longevity-economist-gary-seidman?utm_medium=email&utm_source=govdelivery ]*.
And for *Currency Notes [ https://www.imf.org/en/Publications/fandd/issues/2024/12/currency-notes-from-corals-to-cricket-salsa-mazlan?utm_medium=email&utm_source=govdelivery ]*, *Salsa Mazlan* spotlights the East Caribbean Central Bank’s award-winning $2 banknote, featuring fecund reefs and a fearless batsman.
Finally, turning to books, *Jeff Kearns *reviews *”Money: A Story of Humanity [ https://www.imf.org/en/Publications/fandd/issues/2024/12/book-review-foundation-for-human-flourishing-jeff-kearns?utm_medium=email&utm_source=govdelivery ]”* by *David McWilliams*.
Elizabeth Van Heuvelen discusses *”Mapmatics: A Mathematician’s Guide to Navigating the World [ https://www.imf.org/en/Publications/fandd/issues/2024/12/book-review-math-maps-and-real-life-elizabeth-van-heuvelen?utm_medium=email&utm_source=govdelivery ]”* by *Paulina Rowińska*.
And Chris Wellisz reviews *Jeffrey Ding*’s *”Technology and the Rise of the Great Powers: How Diffusion Shapes Economic Competition [ https://www.imf.org/en/Publications/fandd/issues/2024/12/book-review-tomorrows-electricity-chris-wellisz?utm_medium=email&utm_source=govdelivery ]”*.
We’d love to hear your thoughts and suggestions. Feel free to contact us.
Nick circle BW
*Nicholas Owen*
Managing Editor | F&D Magazine