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All items tagged IMFOpen Think Tank ArticlesDecember 8, 2009 | A Big Fat Greek Financial WeddingC. Fahrholz & A. Kern: Greece’s stated intent of selling treasury bonds solely to foreign investors, as a means to push through fiscal reforms, could result in a full-blown drama, at the expense of European taxpayers. Greece is taking this bet, under the assumption that the IMF and the Euro area will come to its rescue. ... MoreJune 17, 2009 | Will the Global Financial Crisis Affect EMU Enlargement?C. Fahrholz, J. Börner and C. Wójcik: The current global financial crisis is creating new challenges for the European Monetary Union (EMU) that may threaten its credibility, its enlargement through the addition of member nations and even put the long-term stability of the euro at risk. The European Union must create new institutions that can balance short term needs during the crisis with long term sustainability. ... MoreFebruary 15, 2009 | The Legacy of the Financial Crisis Awaits Us in 2020Soyen Park: The financial crisis will bring about critical changes to the global order. New markets will emerge, the ECB may disappear, and leading financial institutions may become obsolete. Whatever the case, prudent, coordinated government policy is imperative. ... MoreFebruary 13, 2009 | Reining in the Nation StateMansur Seddiqzai: Nation states threaten to only further dominate local and regional organizations in the future. A decentralized system of global governance which incorporates regional associations is required if disorder and crises are to be prevented. ... MoreDecember 18, 2008 | Re-evaluating Economic Governance In the Financial CrisisMaie-Brit Rüter: As the financial crisis threatens to also become an economic one, the recent Carlo Schmid Network conference left its most lasting impressions on topics addressing the crisis and possible remedial action. The conclusions: the international economic order is in urgent need of revision. Nevertheless, existing institutions should not be thrown out with the bathwater. ... MoreGlobal Must Read ArticlesMarch 11, 2010 | How to Better Prepare for the Next Financial CrisisThe financial crisis demonstrated that economic difficulties arise as a result of misguided financial as well as monetary policies. With the crisis a recent memory, the chances are good for tackling the root of the problem and reforming the old system, since both spheres are interconnected and hence need to be reformed in concert. For one, the formation of asset bubbles needs to be avoided and ... MoreNovember 12, 2009 | Financial Crisis Hits Developing Countries Harder than ExpectedThe financial crisis has hit poor, developing countries to a greater extent than anticipated. An additional 50 million people have slid into poverty there. Developing countries are set to lose 750 billion dollars in income by the end of 2009, as a result of the international financial upheaval. For developing countries, the financial crisis has brought about a crisis in confidence in the wisdom ... MoreMay 15, 2009 | US - China Relationship has Long Term ImportanceThe US - China relationship remains the most important in world politics. ++ “China’s response to the financial turmoil has been forthright” and has impressed governments across the world. ++ The US supports China’s membership in the reconstituted Financial Stability Board, as well as giving China more influence within the IMF that reflects their presence in the global economy. ++ The US and ... MoreApril 21, 2009 | China on Track to Be Global Financial LeaderThe global financial crisis has highlighted both the decline of the US and the dependence of the world on China’s economy. ++ Given that reform is inevitable, China will be a central player in whatever new global financial architecture emerges from the present crisis. ++ Five years ago, China was not even included in discussions on such matters. ++ Apart from reform to the IMF and the World ... MoreApril 14, 2009 | US Must Have Less Power Over the IMFWhile the recent pledge by the G20 to increase the resources of the IMF is welcome, the organisation desperately needs to restructure and reform if it is going to play an effective role in solving this current economic crisis. ++ Countries such as China and India should be given a greater say in the running of the IMF, while the US should be given less control. ++ Developed countries, which ... MoreMarch 25, 2009 | China to the RescueBrazil, Russia, India and China, the “BRIC” countries, have called the IMF to implement sweeping reforms “to adapt to the ever-changing global financial situation.” ++ To give the IMF greater legitimacy, reforms should “give proper representation to and increase the say of emerging developing economies. ” ++ As the world’s third largest economy, China should get a place in the monetary body. ++ ... MoreMarch 11, 2009 | "Global New Deal" Answer to the Economic DownturnToday’s politics is global as well as local. ++ A global effort is required to “reduce the impact of the downturn and support a sustainable recovery.” ++ Problems in emerging markets and developing countries should not be ignored. ++ Increased funding to the IMF should be agreed by the G20 to increase lending and “prevent the spread of the crisis from corporations to countries.” ++ In addition, ... MoreDecember 19, 2008 | America's Future Place in the WorldGlobal power is increasingly spread-out and is tipping towards Asia. ++ This shift will shape Obama’s political agenda, forcing him to distance himself from unilateralism. ++ Asia is planning an alternative to the IMF and the US must acknowledge that it is losing economic decision-making power. ++ China can help to stabilize Afghanistan as it has close economic relations with the country. ... MoreDecember 4, 2008 | Europe Must Make Multilateralism a RealityEurope may well come to regret the multilateralism it has been longing for from the US now that it is finally on the horizon. ++ European responses are uncertain should Obama call for funds, troops, and solidarity. ++ The EU should show willingness to intervene in the Congo. ++ Privileged European voting rights in the IMF should be rescinded to better reflect global GDP. ++ By putting into ... MoreNovember 26, 2008 | Dalai Lama Losing Britain in the Financial CrisisAfter asking China to give more to the IMF, Britain has drastically changed its position on Tibet, no longer recognizing it as autonomous. ++ This change of heart risks tearing up historical agreements that frame the international order and “could provide the basis for resolving China’s dispute with Tibet.” ++ Britain’s concession could be China’s biggest triumph ... MoreNovember 18, 2008 | The US Must Rely on Economic and Military PowerThe Bush administration destroyed American goodwill abroad. ++ Obama is a welcome change, but there are limits to what “soft power” can achieve. ++ White House glamour will be useless if Asia stops buying US treasury bonds. ++ As the IMF slips out of American hands, so does world economic leadership and we return to a multi-polar world. ++ Soft power counts for little without economic backing, ... MoreNovember 17, 2008 | Realistic Expectations: G20This weekend’s G20 summit was a mixed bag: Obama did not attend, lame-duck Bush cannot make any serious commitments, and yet, the G20 may be jockeying its way into an important position. ++ National governments promised to focus on macroeconomic coordination, and regulatory standards via the IMF or Financial Stability Forum (FSF). ++ “It would be good if Saturday’s declaration proved to be the ... MoreNovember 17, 2008 | Pakistan Should Spend on Schools, Not MinistersPakistan should be grateful for IMF supervision. ++ President Zardari seems to think he can add 61 people to his government and magically create money. ++ With a marginal parliamentary opposition and a heterogeneous government, power is in presidential hands. ++ Those responsible for finance and security are unelected. ++ Parliament and the nation remain bystanders to politics that affect them, ... MoreNovember 14, 2008 | The West Must Treat Developing Countries as PartnersThe financial relevance of the G7 has diminished, from 65% of production in 2002 to 52% now, and will continue to fall. ++ In 2009 all growth will happen in developing nations. ++ The support of China, India, and Brazil is needed to resolve this crisis, and the G20 is the space for solutions. ++ The West is failing on global trade, climate change, and development aid. ++ Progress on the immediate ... MoreNovember 13, 2008 | IMF Stands for Global Economy InsuranceUninsured drivers need to save big for car crashes; nations have done that to prepare for financial crashes. ++ However, every-country-for-itself policies are wasteful and inflate credit bubbles. ++ The IMF was everyone’s insurance after Bretton Woods but it has not kept up with the crash costs. ++ Government payments should be tripled to make the IMF bigger and to help unavoidable crashes ... MoreNovember 12, 2008 | Minimum Target for the G20: Do No HarmThe G20-meeting may harm the economy if conflicts surface and the US is blamed for the crisis. ++ The IMF lacks legitimacy due to an under-representation of Asian powers and over-representation of Europeans. ++ Obama must agree to the results of the summit, even with a lame-duck Bush as host, or markets risk destabilization. ++ Leadership is needed from Europeans who called for the meeting. ++ ... MoreNovember 11, 2008 | Getting out of Bretton Woods Was a Bad IdeaAlthough little can be done until the financial crisis is over, it is time to think about exchange rate reform now. ++ Asian countries devalued their own currency while hording US dollar reserves to boost employment and growth. ++ This excess was pushed into housing bubbles in the US and UK by expansionary policies that fired up credit expansions. ++ Countries’ reserve needs must be met, ... MoreOctober 30, 2008 | International Middle-Man FundInternational Monetary Fund resources are limited and might not handle all those requests from new, strategically located democracies like Pakistan, Ukraine and Hungary if things get too severe; however, the US, Japan and Europe should still borrow from the IMF when needed in order to ensure global stability without borrowing from Gulf Arab states, Russia or China, which would attach political ... MoreOctober 21, 2008 | Bretton Woods IIDeveloping countries are cut off from global prosperity; climate change has decreased the world food supply; and energy shortages often promote environmentally damaging solutions. ++ A Bretton Woods II summit is needed. ++ First, the IMF should have global regulatory financial control; a global tax on carbon emissions can counter human induced climate change; the World Bank should help poor ... MoreOctober 14, 2008 | G20 the New G7G20 nations represent 85 percent of the world’s economy. ++ The forum is essential for addressing the financial meltdown. ++ Developed nations urgently need liquidity; the vast reserves of foreign capital held by emerging economies are the remedy. ++ Bush’s first appearance at the G20 highlights this very fact. ++ “It’s of all nations’ common interest to take coordinated measures to tackle the ... MoreOctober 13, 2008 | G7 Must Work With IMF to Avert Global RecessionIt will not suffice if the G7 only saves the financial systems of its own members. ++ The wealthiest nations can afford to shore up their banks, but emerging countries won’t be able to do the same on their own. ++ Steep recessions will follow in emerging regions and will in turn dampen the economies of Western Europe and the US. ++ Therefore, in its own interest the G7 should ensure that ... MoreOctober 10, 2008 | Gordon Brown: Global Fix for FinanceWorld’s financial systems are increasingly interdependent, and solutions to economic slowdown that used to be relevant are now “outworn dogmas.” ++ Cross-continental flows of capital make regional systems of supervision inadequate. ++ A global system of supervision needs to be introduced immediately. ++ The Financial Stability Forum and the International Monetary Fund need to ... MoreOctober 8, 2008 | Global Crisis, Global SolutionWith the financial crisis teetering on the verge of global contagion, a coordinated, worldwide effort is needed to avert a further calamity. ++ “There is inherent tension as finance becomes global but its regulation remains national.” ++ Solutions include a global stimulus program with different countries using different tools: recapitalizing banks for psychological purposes and expanding ... MoreApril 24, 2008 | Will the Chinese Change International Institutions?The appointment of a Chinese Professor, Lin Yifu, to the post of chief economist at the World Bank reflects the changes in the global balance of powers. ++ In the past, the World Bank, like the IMF, was traditionally dominated by American, Europeans, and their neoliberal agenda. ++ However as American financial pillars are now underpinned by Chinese money, it has become impossible to ignore ... MoreApril 15, 2008 | The Political Will to Make a "Real Dent in Poverty"Political pressures are preventing the structural problems of the aid system from being solved rapidly. ++ Achieving the development goals set for 2015 requires immediate action, the political will of official donors, and the contribution of non-profit organizations. ++ Even if aid is in short supply, a system which coordinates donors, projects and priorities can deliver quality assistance. ... MoreApril 11, 2008 | IMF Needs a New Governance StructureThe IMF might have prevented the US crisis if it had detected mortgage market vulnerability sooner. ++ Since IMF governance is organized according to the “money for influence” model - most influential members have most leverage - US policies and regulations were not scrutinized or criticized. ++ IMF can only effectively supervise and secure financial stability if power is distributed evenly to ... MoreApril 9, 2008 | The Eurozone Should Assume Global LeadershipThe IMF’s need for governance reform points to the EU’s lack of management of its external monetary policy. ++ Consolidating the representation of Eurozone members on the board - currently 15 members are awkwardly split among 8 chairs - would increase effectiveness, give the EU a voting power that truly reflects the euro’s strength on bond and currency markets, and strengthen the voice of ... More |
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