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International Monetary Fund. External Relations Dept.

. CLICK. The deposit is made in an instant, thanks to an app that plugs him into an electronic banking network. Welcome to banking in the second machine age—the era of smart devices and network-connected machines. The difference between the two transactions speaks to the impressive efficiency gains made possible by advances in computing technology over the past four decades. This issue of F&D focuses on how technology is driving growth. We look at the power of smart machines and artificial intelligence to transform economic life. How can technology drive growth

Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik
The era of quantum computing is about to begin, with profound implications for the global economy and the financial system. Rapid development of quantum computing brings both benefits and risks. Quantum computers can revolutionize industries and fields that require significant computing power, including modeling financial markets, designing new effective medicines and vaccines, and empowering artificial intelligence, as well as creating a new and secure way of communication (quantum Internet). But they would also crack many of the current encryption algorithms and threaten financial stability by compromising the security of mobile banking, e-commerce, fintech, digital currencies, and Internet information exchange. While the work on quantum-safe encryption is still in progress, financial institutions should take steps now to prepare for the cryptographic transition, by assessing future and retroactive risks from quantum computers, taking an inventory of their cryptographic algorithms (especially public keys), and building cryptographic agility to improve the overall cybersecurity resilience.
Hal Varian

Hal Varian A computer now sits in the middle of virtually every economic transaction in the developed world. Computing technology is rapidly penetrating the developing world as well, driven by the rapid spread of mobile phones. Soon the entire planet will be connected, and most economic transactions worldwide will be computer mediated. Data systems that were once put in place to help with accounting, inventory control, and billing now have other important uses that can improve our daily life while boosting the global economy. Transmission

International Monetary Fund

-term plan to implement advanced computing technology for data processing that will improve resource savings. 3.3 Assessment and validation of source data O O o O o LO 31 3.4 Assessment and validation of intermediate data and statistical outputs O O o O o O 27 3.5 Revision studies O O o LO LO LO 29 4 . Serviceability 4.1 Relevance LO LO LO LNO LO LO 32, 33, 34, 35, 36, 37 4.1 GFS: Align budget classification with international guidelines as a step towards meeting the

International Monetary Fund

.4 Source: Staff estimates. 1/ Price-earnings ratio and real earnings based on average during 1996-99. 2/ Earnings per share deflated by the change in the chain-type GDP deflator. 9. While the current configuration of technology stock prices would suggest that investors may have developed unrealistic expectations of long-term earnings growth or risk, the recent performance of technology firms has been remarkable and could be sustained in the period ahead ( Table 6 ). As noted by Whelan ( 1999 ), the application of computing technologies has exploded in