Financial crisis
Leadership and management in central banking
Future demands on central banks require them now to adopt innovative approaches to leadership and management, argues John Mendzela in the first of two articles.
Review of Globalization and its Discontents
Joseph Stiglitz’s capacity to shock is not in doubt. But his view of globalisation is too narrow, and he is wide of the mark on the discontent, suggests Graham Bannock.
The costs of conversion for the UK
Graham Bannock, of Bannock Consulting, puts a figure of £12 billion on a switch to the euro for British business. For many, especially small firms, cost will exceed benefit, which may explain why most of them oppose UK entry.
Review of Financial crises and what to do about them
Barry Eichengreen finds a middle way between past policy failings and current lofty aims in his financial crisis handbook, says Benedict Mander.
Brazil central bank raises interest rates to 21%
BRAZIL - Brazil's central bank yesterday sought to stave off a growing financial crisis by raising overnight interest rates by 3 percentage points to 21 per cent. The increase followed renewed pressure on the Real, the country's currency, before a likely…
IMF's Stefan Ingves on the Nordic Banking Crisis
SPEECH - In a speech titled 'The Nordic Banking Crisis from an International Perspective' Stefan Ingves, Director, Monetary and Exchange Affairs Department at the IMF said that the lessons of the Nordic countries in dealing with their banking crises…
Brazil's c bank calls extraordinary Copom meeting
BRAZIL - Brazil's Central Bank called Monday an extraordinary meeting of its interest rate-setting Monetary Policy Committee (Copom), two weeks before presidential elections and amid a currency crisis that is fanning inflation and whipping the economy.
Advocate of hard-landing may join Japan debt team
JAPAN - Japan's best-known advocate of a "hard-landing" solution to the banking crisis is likely to be named this week a member of the taskforce charged with drawing up proposals to tackle the financial system's mountain of bad debts.
NY Fed's McDonough says Brazil should be fine
US - New York Federal Reserve President William McDonough said on Monday that the crisis of confidence in Brazil would likely turn out all right.
BIS-Central bankers see economy picking up in 2003
SWITZERLAND - Top central bankers expect the world economy to pick up speed next year after turmoil in financial markets has weighed on growth prospects this year, Bank of England Governor Sir Edward George said on Monday.
RBA's Edey Confidence crisis no threat to recovery
AUSTRALIA - Fears that the global economic recovery has stalled have been overplayed, with Japan, the rest of Asia, and the United States growing steadily despite the crisis of confidence in stockmarkets, the Reserve Bank said yesterday.
Brazil c bank holds rates with a downward bias
BRAZIL - Brazil's central bank held its benchmark interest rate unchanged at 18 percent on Wednesday as financial turmoil ahead of October presidential elections continued to batter the currency and fan inflation.
Accounting for reserves
John Nugée highlights the disparities in alternative accounting treatment of external reserves. Portfolio management decisions increasingly have to take these into account, with unforeseen consequences for markets.
IMF Survey, 5 August
REPORT - IMF Survey, Topical coverage of the IMF's activities, policies, and research, 5 August. Includes Jack Boorman on the Argentina crisis and lessons to be learned from it.
Uruguay set to receive IMF money to avert crisis
URUGUAY - Uruguay was yesterday set to receive $1.5bn (£950m) from the International Monetary Fund and impose limited restrictions on bank withdrawals in an effort to avert a collapse of its once-vaunted financial system.
Papua New Guinea's central bank wants spending cut
PAPUA NEW GUINEA - The Bank of Papua New Guinea yesterday warned that the incoming government could face a financial crisis similar to those in 1994 and 1999 following a 210.5m kina hole in the budget deficit in the first half of this year.
Japan-style financial crisis looms for Taiwan
ARTICLE - A researcher with the Asian Development Bank Institute said Thursday that indications are Taiwan may be due for a crisis like the one that hit Japan in 1997.
Rumours persist of emergency fed meeting
US - The US Federal Reserve refused to comment Wednesday on rumours that it was considering an emergency meeting in response to the collapse in the stock markets.
Soros says central banks should bailout Brazil
ARTICLE - In the wake of the current economic crisis in Brazil, George Soros has said that leading central banks should open their discount windows and refinance the holders of Brazilian debt. Indeed, he expressed surprise that central banks had not…
Brazil maintains steady interest rates
BRAZIL - Brazil's central bank yesterday maintained its prime interest rate at 18.5 per cent for the third consecutive month after recent market turmoil began fuelling inflation fears.
IMF to support Uruguay and Brazil
US - The International Monetary Fund has moved to provide financial help to Uruguay and Brazil, both affected by the crisis in Argentina.
The role of fiscal policy in crisis situations
ARTICLE - Flemming Larsen, Director of the IMF Office in Europe, has responded to Joseph Stiglitz's in Les Echos on June 3, 'L'actualite de Keynes'. Larsen counters criticisms that the IMF imposes hardship on crisis-stricken countries, as they only point…
Private sector consensus on sov debt restructuring
PRESS RELEASE - A joint press release issued by private sector financial industry leaders announces a consensus inspired by market-based principles on crisis management and sovereign debt restructuring, June 11.
Speech by David Dodge of Bank of Canada, 14 May
SPEECH - In a speech titled 'International Financial Architecture and the Resolution of Financial Crises' Dodge reviewed the progress made in strengthening the international financial architecture, preventing global financial crises, and expediting…