Crowding Out Redefined: The Role of Reserve Accumulation Brad DeLong COmmenTaRY
... Thus I find myself puzzled when I try to think of how 1997–98 could have seen a shift in trend that then caused the cycle. I cannot see any exogenous change in the trend that would validate either the post-1998 slowdown in growth and investment or the financial crisis itself as a reaction to bad new ...
... Thus I find myself puzzled when I try to think of how 1997–98 could have seen a shift in trend that then caused the cycle. I cannot see any exogenous change in the trend that would validate either the post-1998 slowdown in growth and investment or the financial crisis itself as a reaction to bad new ...
Actions by the government to reduce the effects from the crisis
... Actions by the government to reduce the effects from the crisis When Brazil began to feel, strongly, the impact of the global economic crisis, in the last four months of 2008, the Brazilian government implemented several measures to lessen its effects on the country. These actions covered the fiscal ...
... Actions by the government to reduce the effects from the crisis When Brazil began to feel, strongly, the impact of the global economic crisis, in the last four months of 2008, the Brazilian government implemented several measures to lessen its effects on the country. These actions covered the fiscal ...
The Global Crisis Jomo K. Sundaram 13 March 2009, Mumbai TISS & IDEAs
... declining after spikes ...
... declining after spikes ...
YORK UNIVERSITY
... o Less dependent on trade – domestic demand more important and government provided stimulus to domestic demand o Less dependent on trade with US or EU – but other trading partners likely to be adversely affected, so difficult to escape indirect effects Less likely to escape financial shock because o ...
... o Less dependent on trade – domestic demand more important and government provided stimulus to domestic demand o Less dependent on trade with US or EU – but other trading partners likely to be adversely affected, so difficult to escape indirect effects Less likely to escape financial shock because o ...
Misdirected and ineffective: Regional financial cooperation in Asia
... have been able to raise $2 billion from the CMI swap arrangement. The IMF’s bail-out package for Thailand at that time amounted to $17.2 billion. If in addition countries had to accept an IMF programme or IMF-designed conditionalities, the second reason for opting for a regional fund was ...
... have been able to raise $2 billion from the CMI swap arrangement. The IMF’s bail-out package for Thailand at that time amounted to $17.2 billion. If in addition countries had to accept an IMF programme or IMF-designed conditionalities, the second reason for opting for a regional fund was ...
TFConf_Palacin
... from labour market linkages with the large economies in the region, official financing has provided some fiscal space to offset the negative impact of the crisis. ...
... from labour market linkages with the large economies in the region, official financing has provided some fiscal space to offset the negative impact of the crisis. ...
My Big Fat Greek Crisis
... The EU’s standard decision-making procedure is known as 'codecision'. This means that the directly elected European Parliament has to approve EU legislation together with the Council (the governments of the 27 EU countries). The Commission drafts and implements EU legislation. The Treaty of Lisb ...
... The EU’s standard decision-making procedure is known as 'codecision'. This means that the directly elected European Parliament has to approve EU legislation together with the Council (the governments of the 27 EU countries). The Commission drafts and implements EU legislation. The Treaty of Lisb ...
April 29 - Harvard Kennedy School
... The US recession started in December 2007 according to the NBER Business Cycle Dating Committee (announcement of Dec. 2008) . ...
... The US recession started in December 2007 according to the NBER Business Cycle Dating Committee (announcement of Dec. 2008) . ...
Slide 1
... It confirms: US recession turned severe in September, when the worst of the financial crisis hit (Lehman bankruptcy…) ...
... It confirms: US recession turned severe in September, when the worst of the financial crisis hit (Lehman bankruptcy…) ...
U.S. Recession Mitigating Strategies: Lessons from Thailand:
... In the absence of capital investment opportunities, this huge inflow of foreign funds found a convenient channel in real estate markets. This was the primary cause of the bubble in real estate prices. The US story is similar to that of Thailand. In the years before the crisis significant amounts of ...
... In the absence of capital investment opportunities, this huge inflow of foreign funds found a convenient channel in real estate markets. This was the primary cause of the bubble in real estate prices. The US story is similar to that of Thailand. In the years before the crisis significant amounts of ...
Import Substitution Industrialization (ISI)
... Government Too Reactionary to pull out of crisis – Tax revenue declined due to recession and avoidance – Unwilling to devalue because it would multiply government debt – Government unable to reduce expenditures due to social ...
... Government Too Reactionary to pull out of crisis – Tax revenue declined due to recession and avoidance – Unwilling to devalue because it would multiply government debt – Government unable to reduce expenditures due to social ...
THE FIRST-WORLD DEBT CRISIS IN GLOBAL PERSPECTIVE
... See essay with same title, Challenge, July/Aug 2008 ...
... See essay with same title, Challenge, July/Aug 2008 ...
dow jones newswire coverage
... emerging markets, including Brazil, where solvency concerns have hit a fever pitch just months after its neighbor, Argentina, defaulted on most of its $141 billion in public sector debt. It argues that multilateral lenders such as the International Monetary Fund, whose role as lender of last resort ...
... emerging markets, including Brazil, where solvency concerns have hit a fever pitch just months after its neighbor, Argentina, defaulted on most of its $141 billion in public sector debt. It argues that multilateral lenders such as the International Monetary Fund, whose role as lender of last resort ...
The international monetary system
... being squeezed by a combination of a depreciating US dollar and an undervalued Chinese renminbi. Only weeks later, French President Nicolas Sarkozy placed reform of the international monetary system atop the G20 agenda under France’s chairmanship, prompting the IMF and other organisations to launch ...
... being squeezed by a combination of a depreciating US dollar and an undervalued Chinese renminbi. Only weeks later, French President Nicolas Sarkozy placed reform of the international monetary system atop the G20 agenda under France’s chairmanship, prompting the IMF and other organisations to launch ...
Document
... solution to any realization crisis: debt-led consumption growth. • To avert a crisis for a while, the state did something to moderate the growing inequality in income and wealth that would eventually stifle aggregate demand ...
... solution to any realization crisis: debt-led consumption growth. • To avert a crisis for a while, the state did something to moderate the growing inequality in income and wealth that would eventually stifle aggregate demand ...
“The exorbitant priviledge” (Giscard d`Estaing)
... relative to other parts of economy, particularly the role of banks Climate of greater general indebtedness and increased gearing (debt to equity ratios) ...
... relative to other parts of economy, particularly the role of banks Climate of greater general indebtedness and increased gearing (debt to equity ratios) ...
Rise and Fall of the KLCI Index (1984 - 2014)
... The Mexican peso crisis (also known as the Tequila crisis) was a currency crisis sparked by the Mexican government's sudden devaluation of the peso against the U.S. dollar in December 1994, which became one of the first international financial crises ignited by capital flight. ...
... The Mexican peso crisis (also known as the Tequila crisis) was a currency crisis sparked by the Mexican government's sudden devaluation of the peso against the U.S. dollar in December 1994, which became one of the first international financial crises ignited by capital flight. ...
FINANCIAL CRISIS
... value growth, etc Sell their tulips and “crystallize” profit Response of massive tulip owners ...
... value growth, etc Sell their tulips and “crystallize” profit Response of massive tulip owners ...
Lecture 17: The IMF & Financial Crises
... • Lending: Loans to countries facing balance of payments crises or otherwise w/o access to other credit – Smooth out shocks, avoid defaults – “Concessional” loans available for poor countries ...
... • Lending: Loans to countries facing balance of payments crises or otherwise w/o access to other credit – Smooth out shocks, avoid defaults – “Concessional” loans available for poor countries ...
3.17 – Globalism`s Discontents
... post-WWII establishment of Bretton Woods system (the system that created IMF/World Bank) US dollar as reserve currency US $ is the most widely held reserve currency in the world today. Throughout the last decade, an average of 2/3s of the total allocated foreign exchange reserves of countries ...
... post-WWII establishment of Bretton Woods system (the system that created IMF/World Bank) US dollar as reserve currency US $ is the most widely held reserve currency in the world today. Throughout the last decade, an average of 2/3s of the total allocated foreign exchange reserves of countries ...
Document in Word format
... Kong’s interests, given the new market financial dynamics under globalisation and therefore the importance of financial stability in the region to financial stability in Hong Kong. It was a loan, meaning that it had to be repaid, and the credit risk was considered acceptable, given the general econo ...
... Kong’s interests, given the new market financial dynamics under globalisation and therefore the importance of financial stability in the region to financial stability in Hong Kong. It was a loan, meaning that it had to be repaid, and the credit risk was considered acceptable, given the general econo ...
Korea
... • Too much debts — 500% D/E ratio of 30 major conglomerates • Difficulties of repaying debts • Increasing difficulty for merchant banks to rollover short term loans With seemingly strong fundamentals and long period of impressive growth, South Korea was believed, by many people, that it would be abl ...
... • Too much debts — 500% D/E ratio of 30 major conglomerates • Difficulties of repaying debts • Increasing difficulty for merchant banks to rollover short term loans With seemingly strong fundamentals and long period of impressive growth, South Korea was believed, by many people, that it would be abl ...
1997 Asian financial crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.The crisis started in Thailand (well known in Thailand as the Tom Yum Goong crisis; Thai: วิกฤตต้มยำกุ้ง) with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its fixed exchange rate, cutting its peg to the U.S. dollar, after exhaustive efforts to support it in the face of a severe financial over-extension that was in part real estate driven. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt.Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Laos, Malaysia and the Philippines were also hurt by the slump. Brunei, China, Singapore, Taiwan and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations (ASEAN) economies in 1993–96, then shot up beyond 180% during the worst of the crisis. In South Korea, the ratios rose from 13 to 21% and then as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise.Although most of the governments of Asia had seemingly sound fiscal policies, the International Monetary Fund (IMF) stepped in to initiate a $40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis. The efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. After 30 years in power, President Suharto was forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah. The effects of the crisis lingered through 1998. In 1998 the Philippines growth dropped to virtually zero. Only Singapore and Taiwan proved relatively insulated from the shock, but both suffered serious hits in passing, the former more so due to its size and geographical location between Malaysia and Indonesia. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover. After the 1997 Asian Financial Crisis, economies in the region are working toward financial stability on financial supervision.Until 1999, Asia attracted almost half of the total capital inflow into developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return. As a result, the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore, and South Korea experienced high growth rates, 8–12% GDP, in the late 1980s and early 1993. This achievement was widely acclaimed by financial institutions including IMF and World Bank, and was known as part of the ""Asian economic miracle"".