Monetary Policy

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The Tensions in International Banking, Part II

Friday, 7 February 2014
blog
A previous post, here, discussed the tensions in the internal governance of international banks, specifically the balance between growing the balance sheet and risk management. There is, however, another tension between efficiency and stability that also requires a judicious balance. Since the global financial crisis, regulatory reforms have grappled with this tension.

CIGI appoints expert on international political economy and Chinese politics as Senior Fellow

Tuesday, 4 February 2014
article
CIGI is pleased to announce the appointment of Hongying Wang as a CIGI Senior Fellow, effective immediately.

Promoting the International Use of Emerging Country Currencies: The Case of Local Currency Debt Issuance for Latin America and the Caribbean

Friday, 24 January 2014
publication
Andrew Powell
This paper focusses on the use of a currency to denominate liabilities such as loans or bonds — more precisely, the value of being able to issue debt externally in one’s own local currency. It considers, in particular, the countries of Latin America and the Caribbean, arguing that global currency markets remain dominated by the US dollar and a very few other global currencies.

What is uncertainty? Reflections on monetary policy in the crisis and beyond

Wednesday, 22 January 2014
blog
The premise of this blog is simple: prospects for global growth and development are clouded by a miasma of uncertainty that stifles investment and demand. The analytics of the problem are captured by the option value of waiting — the notion that uncertainty creates an incentive for individuals to "wait and see" rather than invest and spend. A similar fog of uncertainty prevailed during the years of stagnation in the Great Depression; FDR's admonition, "the only thing we need to fear, is fear itself," was intended to rouse people from the stupor of uncertainty and get the economy moving again.

Latest IMF Forecasts: No Longer Waiting for Godot?

Tuesday, 21 January 2014
publication
After some improvement in the global economy in 2013, today’s release from the International Monetary Fund (IMF) suggests that more progress will be made in the year to come. The recovery in advanced economies is gaining traction, but with the accumulation of government debt and slow balance sheet adjustments, the IMF indicates that it is not yet time to tighten monetary policy. Emerging economies are expected to maintain their strength as many of them return to potential output from their cyclical peaks.

New Year's Resolution?

Monday, 20 January 2014
blog
The start of a new year is a time of resolve. This certainly appears to be the case with respect to European Union President Barrasso, who last week boldly--some might say rashly--predicted that 2014 would be the year of European renaissance. I hope he is right; I fear he may be disappointed.

CIGI appoints former member of International Monetary Fund’s executive board as Senior Fellow

Monday, 20 January 2014
article
CIGI is pleased to announce the appointment of Miranda Xafa as a CIGI Senior Fellow, effective immediately. At CIGI, Ms. Xafa’s research will focus on sovereign debt crises and drawing lessons from the Greek debt restructuring.

Chi ha comprato i titoli di debito poi deve pagarlo

Thursday, 16 January 2014
article
Marco Valerio Lo Prete
An article in Italy's Il Foglio cites CIGI Senior Fellow Richard Gitlin's presentation, on his (with CIGI Fellow Brett House) proposal for a Sovereign Debt Forum, to the executive board of the International Monetary Fund.

CIGI experts present research on sovereign debt crises to International Monetary Fund’s executive board

Thursday, 16 January 2014
article
Experts from CIGI's Global Economy program today presented their latest research, on addressing sovereign debt crises, to members of the executive board of the International Monetary Fund (IMF) and its senior research staff.

US fails to approve IMF reforms

Wednesday, 15 January 2014
article
Robin Harding
"The delay has clearly ‘broken’ the implicit contract underpinning the G20 spirit or contract whereby advanced economies would support a greater voice for emerging economies in global governance arrangements and the latter would take more responsibility as full-fledged stakeholders of the global economy,” says Domenico Lombardi, Director of CIGI's Global Economy program, commenting on a US budget package that left out funds for the IMF.