COC

financial crisis

Rethinking Bretton Woods | Tue, Oct 1, 2013

Credit Rating Reform Overlooks Developing World

Inter Press Service New Agency (IPS) quotes Aldo Caliari, Center of Concern's director of Rethinking Bretton Woods Project in its September 15, 2013 article, "Credit Rating Reform Overlooks Developing World." The article notes that even in countries not issuing debt, credit ratings serve as "benchmarks for bonds issued by firms in  the country." Caliari says, "This bias incentivises developing countries to adhere strictly to rules dictated by CRAs." According to article author, Samuel Oakford, "Emerging markets began to be rated by CRAs in the 1980s and 90s, a period that overlapped with the rise of market-based antidotes to the economic ills of the developing world. The mutually influential mix was not always fortuitous for borrowers."  Caliari says, "The standards imposed by CRAs can favour austerity and punish countries that increase social spending, without regard to growth. That ratings are meant to predict a very narrow occurrence, sovereign defaults, is part of the problem. Many incorrectly assume that ratings reflect the overall health of an economy."

US Administration urged to improve coherence of trade and finance policies (February 2013)

Rethinking Bretton Woods | Wed, Feb 27, 2013

US Administration urged to improve coherence of trade and finance policies (February 2013)

US-based organizations urged US President Barack Obama to undertake a formal review of the administration’s trade and investment policies to ensure that they increase international financial and economic stability and are consistent and coherent across the administration’s policies on trade, development, and financial system reform.

G20 Bailed Out by European Crisis (July 2012)

Rethinking Bretton Woods | Sat, Jun 30, 2012

G20 Bailed Out by European Crisis (July 2012)

This report provides an assessment of the outcomes of the G20 Summit held in the city of Los Cabos, Mexico, on June 18-19 2012, regarding the global economic recovery, financial regulation and IMF reform.

Click here for a related report on the outcomes of a G20 Study on Macroeconomic Impacts of Commodity Price Volatility, also addressed at the Los Cabos Summit.

Trade to Remain Depressed in Medium-term, IMF and UN forecast (February 2011)

Rethinking Bretton Woods | Fri, Feb 18, 2011

Trade to Remain Depressed in Medium-term, IMF and UN forecast (February 2011)

Limited change in the patterns and structures of global trade seem to be the weakest link in efforts to promote global economic recovery, a reading of both UN and IMF recent reports suggest.

  

After the dramatic decline in world trade of 2008-09, 2010 had been announced as the year of the recovery. Such assumption dominated good part of the year, especially as trade had began to recover in the later part of 2009.

  

But recent IMF and UN reports concur in estimating that trade will remain depressed in the medium term.

  

Center Focus, Issue 181 - Summer 2009

Center of Concern | Tue, Sep 15, 2009

Center Focus, Issue 181 - Summer 2009

In this issue:·        

  • Re-Planning Our Journey:  Pope Benedict Addresses the Crises -- Jim Hug, SJ     
  • Time Ripe for Serious Commitments on Climate Change -- Theresa Polk       
  • Developing Countries Give Voice to Financial and Economic Crises -- Aldo Caliari
  • Rich Country Food Initiative Falls Short -- Theresa Polk
  • Economics for the 21st Century -- Kristin Sampson         
  • The Intersection of Climate Change, Agriculture, and Development:  An Interview with Laura Hurtado (Guatemala) and Fatou Mbaye (Senegal) -- Chadi el-Khoury    
Industrializing Amidst a Global Financial Crisis: Is it possible? (March 2009)

Rethinking Bretton Woods | Thu, May 7, 2009

Industrializing Amidst a Global Financial Crisis: Is it possible? (March 2009)

The financial crisis will subject developing countries to great challenges. In many of their economies, shaped to strongly rely on exports, a high degree of commodity dependence and lack of diversification will magnify the impact of trade trends on their revenue. Escalating to products with higher industrial content might, in the light of global recession and lower revenue, become even more difficult, while at the same time more necessary than ever before to secure developing countries’ future.

On Hard Times & Dust

Center of Concern | Fri, Oct 24, 2008

On Hard Times & Dust

Much like the current crisis, the Depression wasn’t an event isolated to the world of finance. In fact, it was magnified by, and in turn magnified the impacts of, a corresponding ecological crisis. Much like we face today.

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