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2. Asian and European Financial Crises Compared
- Author:
- Edwin M. Truman
- Publication Date:
- 10-2013
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The European and Asian financial crises are the two most recent major regional crises. This paper compares their origins and evolution. The origins of the two sets of crises were different in some respects, but broadly similar. The two sets of crises also shared similarities in their evolution, but here the differences were more significant. The European crisis countries received more external financial support, despite the fact that they involved more solvency issues while the Asian crises involved more liquidity issues. On balance, the reform programs in the European crises were less demanding and rigorous than in the Asian crises. Partly as a consequence, the negative impacts on the global economy have been larger. I draw three lessons from this analysis: First, history will repeat itself; there will be other external financial crises. Second, other countries have a stake in appropriate crisis management. Third, the IMF and other countries were mistaken in treating the European crises as individual country crises rather than as a crisis for the euro area as a whole that demanded policy conditionality on all members of the euro area.
- Topic:
- Economics, International Trade and Finance, International Monetary Fund, and Financial Crisis
- Political Geography:
- Europe and Asia
3. Leadership Selection at the International Financial Institutions
- Author:
- Jenny Ottenhoff
- Publication Date:
- 09-2011
- Content Type:
- Policy Brief
- Institution:
- Center for Global Development
- Abstract:
- The International Financial Institutions (IFIs) are multilateral agencies. The term typically refers to the International Monetary Fund (IMF), which provides financing and policy advice to member nations experiencing economic difficulties, and the multilateral development banks (MDBs), which provide financing and technical support for development projects and economic reform in low- and middle-income countries. The term MDB is usually understood to mean the World Bank and four smaller regional development banks: African Development Bank (AfDB). Asian Development Bank (ADB). European Bank for Reconstruction and Development (EBRD) Inter-American Development Bank (IDB).
- Topic:
- Development, Economics, International Monetary Fund, Foreign Aid, and World Bank
- Political Geography:
- Africa, America, Europe, and Asia
4. Billions More for International Institutions? The ABCs of the General Capital Increases (GCI)
- Author:
- Todd Moss, Sarah Jane Staats, and Julia Barmeier
- Publication Date:
- 06-2010
- Content Type:
- Policy Brief
- Institution:
- Center for Global Development
- Abstract:
- The international financial institutions dramatically increased their lending in 2008–09 to help developing countries cope with the global financial crisis and support economic recovery. Today, these organizations are seeking billions of dollars in new funding. The IMF, which only a few years ago was losing clients and shedding staff, expanded by $750 billion last year. The World Bank and the four regional development banks for Africa, Asia, Europe, and Latin America are asking to increase their capital base by 30 to 200 percent. A general capital increase (GCI) for these development banks is an unusual request. A simultaneous GCI request is a once-in-a-generation occurrence.
- Topic:
- International Relations, International Monetary Fund, Financial Crisis, and World Bank
- Political Geography:
- Africa, Europe, Asia, and Latin America