skip to main content skip to main navigation skip to footer
Main Content

Monetary Policy

Filter materials by type

Sustainable Climate Finance: From Discussion to Action

Friday, 9 October 2015
In a packed theatre in the middle of Lima at the 2015 International Monetary Fund (IMF) and World Bank Group (WBG) Annual Meetings in Peru, Christine Lagarde (Managing Director of the IMF) declares, “The threat is real!” at the flagship conversation on climate change.

The Global Monetary and Financial Policy Experiment

Friday, 9 October 2015
At the height of the global financial crisis, monetary policy entered unchartered waters as it attempted to prevent the collapse of the financial system and support liquidity in the banking system. It has now been seven years that the central banks of the world’s major economies have been intervening in financial markets using unconventional monetary policies and it remains uncertain how, at what pace and when the ‘normalization’ of monetary policy should occur.

Global policy makers have a new enemy: Stagnation

Thursday, 8 October 2015
CIGI Senior Fellow Kevin Carmichael reports from on the ground in Lima, Peru following the press conference held on October 8, 2015 with the International Monetary Fund Managing Director Christine Lagarde and World Bank President Jim Yong Kim.

The latest threat to inflation targeting is inflation data

Thursday, 24 September 2015
Inflation targeting is an extremely resilient policy. It survived an attempted lynching after the financial crisis, when a mob of economists such as David Blanchflower blamed it for the Great Recession. There was some introspection, but none of the method’s adherents changed course. In fact, the United States Federal Reserve made its inflation target more explicit. India this year adopted one.

Two Key Words in China’s Currency Policy: Control and Balance

Monday, 31 August 2015
The past few weeks have been turbulent for China’s economy, to say the least, with its currency, the renminbi (RMB) — also known as the yuan — declining sharply, nearly two percent against the dollar on August 11, the biggest one-day change in the currency in 20 years. In total, it experienced a 4.4 percent devaluation from August 11 to August 13, shocking the global financial markets. The world interpreted China's move as a currency war or currency manipulation, prompting the devaluation of currencies in many emerging markets.

The Export-Driven Model of Economic Growth is Dead

Monday, 31 August 2015
India’s central bank governor upset some people in New Delhi when he first suggested that Prime Minister Narendra Modi was wrong if he thought he could load his country out of poverty by applying China's growth model.

China’s Daring Depreciation

Tuesday, 18 August 2015
On August 11, the People’s Bank of China lowered the central parity rate of the renminbi by 1.9%, sending shockwaves around the globe. Many foreign commentators condemned the devaluation as a blatant attempt to boost Chinese exports – a move that would, they warned, spark a new round of currency wars. But there are good reasons to believe that this was not China’s motivation at all.

The Promise and Peril of Macroprudential Policy

Friday, 7 August 2015
Central bankers continue to fret about frothy asset markets – as well they should, given the financial crisis of 2008-2009. Having been burned once, they are now doubly shy. And China’s recent stock-market plunge has certainly not eased their fears.

India’s politicians are finding it hard to let go of their central bank

Friday, 31 July 2015
Financial markets sent Indian Prime Minister Narendra Modi’s government a message this week: leave Raghuram Rajan alone. India’s main stock market fell after the release in New Delhi of a draft proposal that would empower the government to select the majority of members of the Reserve Bank of India’s new monetary policy committee.

Rule, Germania

Thursday, 30 July 2015
A persistent theme – indeed the leitmotif – of the way that German leaders discuss the eurozone is their insistence on the importance of following the rules. That refrain is followed by a chorus from the rest of the monetary union demanding to know why Germany is taking such an inflexible approach. The answer, it turns out, reflects the way Germany’s federal system of government has shaped its decision-making, as well as Germany’s historic experience with debt crises.
Footer Content