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reforms, how can politicians navigate the issue, and even manage to get re-elected given the risk of vocal opposition from the losers? Recognizing that structural reforms may generate growth-equity tradeoffs, Jonathan Ostry’s new paper analyzes the impacts of reforms on both growth and inequality. He finds that a lot depends on what type of reform is being considered. Domestic financial deregulation, external capital market liberalization, and some measures of current account reform increase both growth and inequality. But basic institutional reforms that, for