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62. Role of the IMF in the Global Financial Crisis
- Author:
- Miranda Xafa
- Publication Date:
- 09-2010
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- More than two years on, the impact of the financial crisis that erupted in August 2007 is still being felt as the global economy emerges from the Great Recession. The crisis intensified dramatically after the bankruptcy of Lehman and the rescue of insurance giant AIG in September 2008, which narrowly avoided a near-simultaneous failure of multiple counterparties. The International Monetary Fund's early forecast of the severity of the resulting economic downturn (IMF 2008a) helped mobilize concerted official action to address quickly and forcefully these extraordinary economic and financial events by providing fiscal stimulus to sustain growth, as well as capital injections and guarantees to ease the credit crunch. Following the emergency summit of G20 leaders in Washington in November 2008, support packages for banks were put together in a hurry in the United States, Europe, and elsewhere to prevent the dis- orderly failure of systemically important institutions and to restore confidence in the financial system.
- Topic:
- Financial Crisis
- Political Geography:
- United States and Middle East
63. Jimmy Stewart Is Dead: Ending the World's Ongoing Financial Plague with Limited Purpose Banking
- Author:
- Gerald P. O'Driscoll Jr.
- Publication Date:
- 09-2010
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Chapter 1 of the book is titled “It's a Horrible Mess,” and in it Laurence Kotlikoff, a professor of economics at Boston University, reminds the reader of the breadth, depth, and horror of the global financial crisis. It is a cure for the dispassionate observer of events, an indictment that would send all but those with ice water in their veins to sign up for the Tea Party Express. The book is a particularly well-written account of the crisis that begins in housing finance, spreads throughout the financial system, and then throughout the real economy. The crisis hit in tsunami-like waves beginning in 2007 and continued into 2009.
- Topic:
- Financial Crisis
64. Briefly Noted [Full Text]
- Publication Date:
- 06-2010
- Content Type:
- Journal Article
- Abstract:
- This section contains a round-up of recent notable books in the field of international affairs.
- Topic:
- War and Financial Crisis
65. Making Choices: Prospects for a Canada-EU Free Trade Agreement.
- Author:
- Joseph Blomeley
- Publication Date:
- 05-2010
- Content Type:
- Journal Article
- Journal:
- Journal of Public and International Affairs (JPIA)
- Institution:
- School of Public and International Affairs (SPIA), Princeton University
- Abstract:
- With a population of over 500 million, the European Union (EU) is Canada's second-largest trading partner. In 2006, two-way merchandise trade between Canada and the EU was approximately $78 billion and two-way investment reached $263 billion. While these figures are far from marginal, they pale in comparison to the $626 billion in two-way merchandise trade and $497 billion in two-way investment with the United States. In light of these numbers, analysts have argued that there is room for improvement in the economic relationship between Canada and the EU. They believe that the relationship has been significantly under-traded and under-valued. In an attempt to bolster this claim, a Canada-EU Joint Trade Study commissioned by the European Commission and the Government of Canada (GoC) recently noted that Canada is the EU's 11th-largest merchandise trading partner, with only 1.8 percent of external EU trade in this category (GoC, 2008). In light of the financial crisis in the United States, discussions to revive talks of a Canada-EU Free Trade Agreement (FTA) have begun to garner attention.
- Topic:
- Economics, Government, and Financial Crisis
- Political Geography:
- United States, Europe, and Canada
66. Improving International Policy Coordination in the Wake of the Financial Crisis.
- Author:
- Jonathan Burks
- Publication Date:
- 05-2010
- Content Type:
- Journal Article
- Journal:
- Journal of Public and International Affairs (JPIA)
- Institution:
- School of Public and International Affairs (SPIA), Princeton University
- Abstract:
- The on going financial crisis has exposed the weaknesses of the risk management practices pervasive in the financial industry and the limitations of a domestic regulatory structure that fails to provide any federal regulator with the responsibility and authority to comprehensively oversee the financial system. Of course these problems have not been limited to the United States, as banks based abroad, like UBS, and economies around the world have also been shaken by the crisis. The crisis has also exposed the shortcomings of the international regime for economic and financial policy coordination.
- Topic:
- Economics and Financial Crisis
- Political Geography:
- United States
67. Special Assessment: Asian Regionalism
- Author:
- Amy Searight
- Publication Date:
- 03-2010
- Content Type:
- Journal Article
- Journal:
- Comparative Connections
- Institution:
- Center for Strategic and International Studies
- Abstract:
- After a decade of rising regionalist aspirations and a flurry of community-building initiatives, the past year and a half has seen a slight shift in the momentum and direction of Asian regionalism. While the signing of regional free trade agreements continues apace and discussions on regional cooperative mechanisms proceed unabated, the perceptions and political goals of many in the region have been recalibrated in the face of new challenges and new opportunities. By far, the biggest challenge was the global economic crisis, which had a mixed impact on Asian regionalism. On one hand, it spurred calls for regional action, much in the way of the financial crisis that hit Asia hard in 1997-98. Moreover, the relatively swift recovery of Asian economies seemed to highlight the fact that world economic power is shifting to East Asia. On the other hand, crisis revealed the extent to which East Asia remains deeply integrated with the global economy, in both trade and finance, and it called into question the relevance of regional solutions for dealing with global challenges.
- Topic:
- Financial Crisis
- Political Geography:
- East Asia and Asia
68. Understanding the Geopolitical Implications of the Global Financial Crisis
- Author:
- Wu Xinbo
- Publication Date:
- 10-2010
- Content Type:
- Journal Article
- Journal:
- The Washington Quarterly
- Institution:
- Center for Strategic and International Studies
- Abstract:
- Although the global financial crisis breaking out in the fall of 2008 seems to be drawing to an end, it is still too early to tell exactly how big a loss it has caused to the world economy. Viewed through a macro politico-economic lens, the global financial turmoil formally put an end to the unipolar post—Cold War era, in which the U.S. power preponderance, its alleged universal politicoeconomic model of development (often referred to as the Washington Consensus), and its overwhelming international influence had been a defining feature. The looming new era is characterized by the emergence of a multipolar power structure, plural politico-economic models, and multiple players on the international stage.
- Topic:
- Cold War and Financial Crisis
- Political Geography:
- United States and Washington
69. Rights Interests: Trade Disputes
- Author:
- Howard Guille
- Publication Date:
- 06-2010
- Content Type:
- Journal Article
- Journal:
- Human Rights and Human Welfare - Review Essays
- Institution:
- Josef Korbel Graduate School of International Studies, University of Denver
- Abstract:
- The global financial crisis led to the steepest drop in global activity and trade since World War II (International Monetary Fund 2009c). Recession means unemployment of people and resources. It is a bad time to be a worker and a despondent one for worker representatives. The crisis began, publicly at least, with financial panics and ensuing bank failures in the United States in September 2008. The financial bubble of securities and derivatives burst because of “the obesity of banks and shadow banks” (Johnson 2009). However, politicians and governments had given bankers and financiers a license for excess by deregulating finance and trusting open markets. In essence, elected politicians gave small government to bankers, who in turn gave neo-liberal globalization to us.
- Topic:
- Globalization, Government, War, and Financial Crisis
- Political Geography:
- United States
70. Uluslararası Güç Dengeleri Bağlamında Uluslararası Finans Sisteminin Yeniden Yapılandırılması: Disiplinlerarası Bir Değerlendirme
- Author:
- Gökhan Özkan
- Publication Date:
- 10-2010
- Content Type:
- Journal Article
- Journal:
- Uluslararasi Iliskiler
- Institution:
- Uluslararasi Iliskiler
- Abstract:
- The global financial crisis triggered debate on restructuring international financial system. In this study, restructuring process of the international financial system is evaluated within the context of international balance of power. It is argued that it is insufficient to focus only on the economic dimension, but restructuring should be evaluated by taking into account international political dynamics. This work looks at how differences of opinion between the developed countries, particularly the G-7 countries and the developing (emerging?) countries, particularly Brazil, Russia, India and China shape the process. It is anticipated that the restructuring process will proceed at a modest pace because of the asymmetry of interests and the gap between the understandings of the developing and developed countries about reforming the decision-making mechanisms of the IMF and the World Bank and the diversification of the international monetary system. It is concluded that the new shape of the international financial architecture will depend on the international politics and balance of power as well as the evolution of the global crisis and the economic dynamics.
- Topic:
- International Trade and Finance, International Monetary Fund, Financial Crisis, and World Bank
- Political Geography:
- Russia, China, India, and Brazil