Rethinking Bretton Woods | Fri, Oct 11, 2013

Center of Concern, Heinrich Boll Stiftung, N.A., CIGI Convene Discussion on G20s Consensus on Infrastructure

International economist and lawyer, Aldo Caliari, the director of Rethinking Bretton Woods Project, met with moderator Thomas A. Bernes, a CIGI distinguished fellow and former Director of the Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) prior to an event held at Carnegie Endowment for the International Peace. Bernes moderated the evening's discussion of three goals for future work of the "Financing for Investment" study group. Nancy Alexander of Heinrich Boll Stiftung, N.A., chaired the discussion. In attendance were over 40 representatives of the international finance community.  

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."

WTO vies for role in shaping “Bretton Woods II” (October 2008)

Rethinking Bretton Woods | Thu, Nov 6, 2008

WTO vies for role in shaping “Bretton Woods II” (October 2008)

A number of leaders have been calling for a summit level meeting to address global responses to the financial crisis, calls that culminated with Pt. Bush’s decision to call a summit of the members of the Group of 20 (now scheduled for November 15) which, it is announced­, is likely to lead to a series of new meetings. Though the global financial crisis –not trade­--is the primary topic of the meetings, WTO Director General Mr. Pascal Lamy, in a recent speech delivered at the Beijing School of Government, was quick to back the calls for the summit series and portray the institution he heads as “part of the solution.” While the interplay between financial crisis and trade is, undoubtedly, coming to the fore in developing countries, it is unclear what role the WTO could play, as there are institutions much better positioned to act on this issue.