Monetary Policy

Filter materials by type

International banking and the decline of trust

Tuesday, 4 March 2014
Matthew Arnold is my favourite Victorian poet. And Dover Beach, while somewhat melancholic, is my favourite Arnold poem. The stanza above came to mind reading a recent edition of an ever-thoughtful friend's proprietary newsletter (hat tip: JA), which points to Bank for International Settlements (BIS) data on inter-bank activity following the onset of financial “troubles” in March 2008.

Global Macroeconomic Threats and Opportunities in the Short and Long Run

Friday, 28 February 2014
In a repeated, premature rush to declare the crisis over, the world is serially misreading the distinctions between short-run and long-run economic imperatives," writes CIGI Senior Fellow Brett House, in a paper Commissioned by the Canadian Security Intelligence Service (CSIS).

Economist and venture capitalist William H. Janeway to discuss lessons from capitalism, ‘innovation economy,’ in CIGI lecture

Thursday, 27 February 2014
William H. Janeway, economist and senior adviser at Warburg Pincus, will discuss the dynamics of the innovation economy, at the next Signature Lecture at CIGI.

New CIGI-sponsored papers explore reserve currency politics and implications for reform of international monetary system

Thursday, 20 February 2014
Allowing emerging economies to issue debt in nominal local currency units would offer risk-sharing benefits and bring some stability to debt-to-GDP ratios, according to one of two new papers co-published by CIGI.

First among men

Saturday, 15 February 2014
Peter Wilson
Domenico Lombardi, Director of CIGI's Global Economy Program, argues that such issues such as green growth, income inequality and gender inclusion are not central to the IMF's mandate to protect financial stability. Instead, Lombardi says these issues sit more comfortably with the aid and development role of the Fund's sister organization, the World Bank

Is this time different?

Friday, 14 February 2014
Financial storms raged around the globe late in the month, as capital raced out of countries that, by some accounts, had hitherto been the darling of international investors. The proximate cause of this turbulence was, of course, the so-called “tapering” of the US Federal Reserve’s program of bond buying — quantitative easing. And the resulting taper tantrum has led some to invoke the dreaded “C” word.

Reforming the International Monetary System in the 1970s and 2000s: Would an SDR Substitution Account Have Worked?

Tuesday, 11 February 2014
Robert N. McCauley, Catherine R. Schenk
This paper analyzes the discussion of a substitution account in the 1970s and how the account might have performed had it been agreed in 1980. The substitution account would have allowed central banks to diversify away from the dollar into the IMF’s Special Drawing Right, comprised of US dollar, Deutschmark, French franc (later euro), Japanese yen and British pound, through transactions conducted off the market.

Adjustment Challenges in the International Economy: Bretton Woods Revisited?

Monday, 10 February 2014
Seventy years ago this July, representatives of the Allied and United Nations then engaged in the final year of the Second World War gathered at the Mount Washington Hotel, Bretton Woods, New Hampshire, to draft a truly remarkable document.

The Tensions in International Banking, Part II

Friday, 7 February 2014
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
CIGI is pleased to announce the appointment of Hongying Wang as a CIGI Senior Fellow, effective immediately.