Monetary Policy
Constrained Discretion, Incentive Compatibility and the International Monetary System
One of the benefits of working at CIGI is the opportunity it provides to interact with the bright, young students at the Balsillie School of International Affairs. Several weeks ago, I had a conversation with one student (hat tip: KE) on the evolution of the international monetary system and it got me thinking about an old theme regarding the role of the International Monetary Fund (IMF) that I have kicked around for many years (probably post-Asian financial crisis).
A Battle on Two Fronts
Some of the world’s largest central banks have been experiencing a difficult time of late. It is bad enough when markets and politicians gang up on the central bankers to do "more" when the world economy shows no signs of a full recovery. Indeed, the news appears to be getting worse as Asian economies — which until now have remained largely aloof to the slow growth that is gripping much of the advanced industrial world — are also potentially facing a slowdown of their own.
Is Financial Fragmentation in Europe a Prelude to a Globalization Backlash?
The euro was intended to promote a European-wide, highly-integrated, efficient capital market that would enhance growth and help cure the continent of the dreaded "euro sclerosis" disease. To an economist, one of the truly fascinating developments in the continuing saga of the euro zone crisis is the extent to which the project of European Monetary Union (EMU) is having the opposite effect.
Un viaje clave a India y China
Distinguished Fellow Jorge Heine comments on the upcoming CELAC summit in New Delhi. (NOTE: This article in only available in Spanish.)
Expert Group Meeting on Sovereign Debt Restructuring
CIGI in partnership with The Financing for Development Office (FfDO) of the United Nations Department of Economic and Social Affairs (UNDESA) organized an Expert Group Meeting on Sovereign Debt Restructuring on May 18, 2012. Participants included leading experts representing international institutions, academia, private sector creditor groups and other market participants, G24, civil society and policy makers, as well as the facilitator and negotiator of the UN second committee debt resolution. The meeting was convened to explore concrete, practical steps to improve the framework for the timely and orderly restructuring of sovereign debt.
Required reading
Martin Wolf has an excellent piece in the Financial Times (hat tip: MF). It should be required reading for policy makers around the globe, particularly the architects of the euro zone. I have no illusions that it will be or that its basic message will be heeded.
What is that message?
BRICS, Asia and International Monetary Reform
The project supports innovative research on BRICS and Asian views on international monetary reform, and orderly adjustment.
CIGI commentaries track progress on RMB internationalization and global monetary reform
Beijing’s decision to name another RMB-clearing bank in the near future in Singapore suggests that China’s regulatory authorities are ready, once again, to raise the quotas on offshore renminbi (RMB) transactions, says a new CIGI commentary series.
What Does the Future Hold for India-Latin America Relations?
"The India-CELAC Dialogue could not be more timely. It joins Latin America's new regionalism with the new India," says CIGI Distinguished Fellow Jorge Heine, commenting on the future of India-Latin America relations, part of the Latin America Advisor's featured Q and A.
Off to the RMB Races — The Singapore Stock Exchange
The Singapore Exchange Limited — or SGX — announced on July 6, 2012 that it is ready to list, quote, trade, clear and settle securities denominated in Chinese renmimbi (RMB), as it aims to parlay the decision to name an RMB-clearing bank for Singapore into a game changer for offshore RMB business. SGX's addition of RMB securities trading complements the offshore RMB bonds already listed on the exchange.