Monetary Policy

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Bank of Canada message leaves market scratching its head

Thursday, 5 June 2014
article
Kevin Carmichael
The Bank of Canada, “might, at times, have trouble communicating the timing of the return to more ‘normal’ monetary policy, but exit will be implemented through standard measures accomplished by tightening the policy rate,” write CIGI's Domenico Lombardi and Pierre Siklos, in an essay that foreshadowed a recent BoC decision.

Policy Responses to Chinese Slowing and the Architecture

Thursday, 5 June 2014
blog
I'm off to the Centre for Global Development today for a discussion of the risks of China slowing on Latin America by the Latin American Shadow Financial Regulatory Committee, or CLAAF in its Spanish acronym. The CLAAF is a blue ribbon group of academics, former central bankers and finance ministers from the region which meet periodically to discuss current financial sector challenges. At the conclusion of their meetings, committee members typically release a statement summarizing their deliberations and points of agreement.

New Canada Among Nations Series book – Crisis and Reform – outlines ways for Canada to retain influence in global financial system

Tuesday, 3 June 2014
article
Canada should continue to play an outsized role in the development and regulation of the international financial system, according to a new book published by CIGI in partnership with the Norman Paterson School of International Affairs (NPSIA).

A date or a number

Tuesday, 20 May 2014
blog
The felicitous first rule of forecasting is "a date or a number, but never both." The point being that if you want to preserve credibility it is best not be proven wrong; the rule pretty much assures that. Ok, so you ask, "what has this got to do with the NAU (New Age of Uncertainty)?

Inside the Issues 4.26 | International Financial System Governance

Friday, 9 May 2014
video
This week, host Andrew Thompson welcomes CIGI Distinguished Fellow Malcolm D. Knight for a discussion on the governance of the international financial system. The conversation begins by exploring the differences between the banking systems of the United States and Canada before touching on changes in the governance of the global financial system since 2008 and reform of the International Monetary Fund.

Preferred credits and the IMF

Friday, 9 May 2014
blog
CIGI Senior Fellow, Susan Schadler, has an interesting post, here, on the IMF's preferred creditor status. Briefly, this refers to the fact that the IMF enjoys a senior status among creditors in the case of sovereign debt restructuring. As Susan notes, this is a legal convention that is agreed to in practice but is not supported in treaty or international law. As a convention, it is subject to change should the implicit understanding that has supported it be eroded.

The economics of climate change and the international financial architecture

Wednesday, 7 May 2014
blog
As evidence of rising greenhouse gas emissions accumulates (see the latest Intergovernmental Panel on Climate Change report, here), a new controversy has erupted. Robert Stavins, an influential advisor to the United Nations Framework Convention on Climate Change and professor at Harvard, complains that the report had been substantially redacted to make it more palatable to member governments.

The Old Normal for the World Economy

Tuesday, 6 May 2014
video
After the financial crisis, we are returning to a world much more like the late 19th than the 20th century. This is a world where globalization continues but is less rules-based than its US hegemony. This is a world in which the poor countries are likely to continue to catch up with the rich but the richer countries are likely to grow more slowly.

Update: Unbalanced Central Bankers

Monday, 5 May 2014
blog
An earlier post on Unbalanced Central Bankers made the point that most inflation-targeting central bankers have consistently undershot their inflation targets in the wake of the global financial crisis. As a result, rather than the symmetry that should mark deviations around target inflation, with above-target observations interspersed with below-target “misses,” the pattern has been a series of consistent under-shooting. The New York Times recently pointed out, here, that the Federal Reserve is failing to meet its own targets on inflation and unemployment.

CIGI appoints Malcolm Knight, former CEO of the Bank for International Settlements, as Distinguished Fellow

Tuesday, 29 April 2014
article
CIGI) is pleased to announce the appointment of Malcolm D. Knight as a CIGI Distinguished Fellow. Dr. Knight is a visiting professor of finance at the London School of Economics and Political Science, a trustee of the International Valuation Standards Council and a director of the Global Risk Institute in Financial Services. From 1999 to 2003, he was Senior Deputy Governor of the Bank of Canada, where he was the Bank’s chief operating officer and a member of the Board of Directors.