financial reform

Center of Concern | Fri, Oct 21, 2011

Strong Vatican Document on Financial Reform

In an article released October 21st, Tom Reese, S.J. of the Woodstock Theological Center alerts us to a new Vatican call for global financial reform that will be published October 24th.  Calling it "radical," he outlines some of the positions the document will underline.  A similar story appeared in CNS online.  This development supports the important work done by Aldo Caliari and his colleagues through the Center's Rethinking Bretton Woods Project.

Seeing Financial Regulation Anew (September 2011)

Rethinking Bretton Woods | Mon, Sep 26, 2011

Seeing Financial Regulation Anew (September 2011)

In an article appeared on the Summer 2011 issue of Center Focus, Aldo Caliari describes the discrediting of the two beliefs that kept control of financial regulation in the hands of a small cadre of so-called technical elites for the last two decades. "If we want the next decade to see the emergence of a financial system that serves the common good, it is imperative to ensure that the debate on financial regulation sees the active scrutiny and participation of broad swathes of society," he says.

Developing countries and the reform debate on credit rating agencies (February 2009)

Rethinking Bretton Woods | Sat, Feb 7, 2009

Developing countries and the reform debate on credit rating agencies (February 2009)

The conditions of global credit turmoil that affected the markets since August 2007, and worsened since September 2008, represent a historic opportunity for a truly new international financial architecture. 

Against this backdrop, the misleading grades given by credit rating agencies to a number of sophisticated products that greatly impacted bank’s liquidity have placed the spotlight on these actors. The debate on what role should credit rating agencies play has, thus, become the focus of renewed attention. 

This paper assesses this debate from the perspective of developing countries, to show that an agenda that continues to be debated in forums where they are not present, is likely to continue to sideline their substantive concerns. The FSF report’s agenda on Credit Rating Agencies is taken as a proxy of what the official agenda looks like and argues that it is far from suitable to address the concerns of developing countries.  

The paper suggests some recommendations for an advocacy strategy with the short-term goal of bringing alternative view on CRAs onto the official debate and the longer-term objective of increasing the voice and participation of developing countries in the agenda for reform of the global financial system.