One of the key aims of a development supportive international financial architecture—that is, one supporting growth and poverty reduction— is the provision of adequate countercyclical official liquidity in the face of external shocks. External shocks tend to have very large negative effects on developing economies’ growth, investment and poverty.
This paper focuses on one question which is critical to reaching a global agreement on emissions reductions: how the burden of saving the planet should be shared, between rich countries and poor. There is no question that there will have to be global reductions. That is not the question
This paper deals with the idea that the production structure and knowledge diversification define the feasible set of conditions for income distribution and elite concentration. The evidence supports the notion that a diversified knowledge structure generates and distributes rents in a more equitable way.
Based on the importance of CDS, Mehrling argues in his paper that the current crisis is best seen as the first test of the new system of structured finance.
The current financial crisis poses severe challenges for central bank policymaking; but the widely-used DSGE paradigm – designed to analyse the control of inflation – seems ill-suited to understanding the origins of the crisis or designing measures to resolve it.
The financial crisis that began in the United States in the summer of 2007, and then spread to Europe, has now become global and increasingly serious. Although governments and central banks around the world have taken many costly measures, they have not yet been able to contain the crisis. The threat of global recession and the dire social consequences that could accompany such a downturn make internationally coordinated, but nationally different, expansion of fiscal spending to help maintain economic activity essential. It also calls for an urgent reform of the global financial architecture and regulatory system.
The recent economic turmoil has generated renewed interest in a financial transactions tax (FTT). While such a tax will be vigorously opposed by the financial industry, it offers a very attractive mechanism for raising revenue that is arguably efficiency-enhancing. Calculations based on 2000 trading volumes showed that a set of scaled transactions taxes, imposed on transfers of stock and other financial assets, could raise more than $100 billion a year, even assuming large reductions in trading volume.
This paper examines access to external financing in the privatization context and provides new evidence on the effects of financing constraints on performance and investment.
This working paper has been commissioned by the Poverty Group, Bureau for Development Policy at UNDP, to identify the transmission mechanisms of the financial crisis from developed to developing countries and to provide broad policy recommendations at the national, global and regional level.
Adverse effects of trade liberalization, and trade agreements on health are not inevitable. They are the result of how we have managed trade—to enhance profits of the drug companies, not to enhance the health of those in the developing countries. The author proposes that we can reform our trade regimes and the way we finance and encourage research into drugs so as to improve health—and even lower costs.