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461. The evolving post-crisis world

Author:
Stephen Grenville
Publication Date:
04-2010
Content Type:
Working Paper
Institution:
Lowy Institute for International Policy
Abstract:
The worst of the global financial crisis (GFC) is over, but it has left scars, principally in the form of fiscallydriven debt increases, balance sheets that still need repair and high unemployment in the principal crisis countries. There is also unfinished business from the precrisis period, in the form of external imbalances. More positively, the crisis offers lessons about economic policymaking that may improve the way things are done. Of course the main lessons are for the developed countries that were at the centre of the crisis. But the countries of the region had to cope with the backwash, and in doing so lessons were learned. In addition, the lessons in the crisis countries, learned in an environment of extreme stress, may have relevance for the emerging market economies of this region.
Topic:
Development, Emerging Markets, and Financial Crisis
Political Geography:
China, India, and Asia

462. The Impact of the Global Financial Crisis on the Budgets of Low-Income Countries

Author:
Katerina Kyrili and Matthew Martin
Publication Date:
07-2010
Content Type:
Working Paper
Institution:
Oxfam Publishing
Abstract:
The financial crisis has hit developing countries hard, driving millions more people into poverty and reversing several years of rapid progress towards the Millennium Development Goals (MDGs). For most of the poorest people, the impact will depend on what governments do with their budgets–how much they spend to fight against the crisis, protect the poorest, and revive progress towards the MDGs. This report examines what 56 low-income countries have done in 2009 and are planning to do in 2010. It is unique in drawing on budget documents issued in June–December 2009, and therefore in being able to describe what is happening in detail, in order to look ahead to 2010 and beyond. This study is particularly timely as the deadline for countries to reach the MDGs is now only five years away.
Topic:
Development, Poverty, Third World, Global Recession, and Financial Crisis
Political Geography:
Africa

463. A Crisis Multiplied: How the global economic crisis, coming on top of other shocks, is worsening poverty in Burkina Faso

Author:
Elizabeth Stuart
Publication Date:
07-2010
Content Type:
Working Paper
Institution:
Oxfam Publishing
Abstract:
It is a stable democracy, with an efficient and increasingly transparent government. The entire budget is published online. Strong education and health plans are in place, and the government promotes the use of generic medicines. In recent years growth has been consistently robust, at around 6 percent. The country hosts a world-renowned film festival. It has consistently sought to reform and modernize, just as the IMF and World Bank have prescribed. And, in turn, donors love to fund it. It was, for instance, one of the first countries to qualify for debt relief under the Heavily Indebted Poor Countries (HIPC) programme. So confident is the international community that its money will be in safe hands that it readily gives budget support – which is very positive, as this form of aid allows the government to fund recurrent expenditures such as teachers' and doctors' salaries, though from a donor's perspective it is more difficult to trace, in large amounts.
Topic:
Economics, Markets, Poverty, Third World, Global Recession, and Financial Crisis

464. The Great Crash of 2008: Causes and Consequences

Author:
Deepak Lal
Publication Date:
06-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
In the early 1980s, I was working as the research administrator at the World Bank, while the Third World was engulfed by a debt crisis. The current global financial crisis has eerie similarities, but different outcomes. Why?
Topic:
Third World and Financial Crisis
Political Geography:
Africa, Asia, and Latin America

465. Lender of Last Resort: What It Is, Whence It Came, and Why the Fed Isn't It

Author:
Thomas M. Humphrey
Publication Date:
06-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
It has become commonplace in the current crisis to refer to the Federal Reserve as the economy's lender of last resort (LLR). Typical is the observation of Glenn Hubbard, Hal Scott, and John Thornton (2009) that "Over many decades and especially in this financial crisis, the Fed has used its balance sheet to be a classical lender of last resort."
Topic:
Financial Crisis

466. Government Housing Policy and the Financial Crisis

Author:
Peter J. Wallison
Publication Date:
06-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
It is popular around the world to blame the financial crisis on the United States. But before we identify this as the usual anti- Americanism, we should perhaps look more seriously at our country's housing policies. Unfortunately, there is a strong argument that the financial crisis is indeed the fault of the United States—an artifact of the housing policies that this country has followed since the early 1990s. These policies produced an unprecedented number of subprime and other nonprime mortgages (known as Alt-A), and when the housing bubble topped out in late 2006 and early 2007, these loans began to default at unprecedented rates. In my view, the severe losses associated with these defaults caused weakness of Bear Stearns and AIG—resulting in their rescue—the failure of Lehman Brothers, the severe recession we are experiencing in the United States today, and ultimately the financial crisis itself.
Topic:
Financial Crisis
Political Geography:
United States

467. Economic Contractions in the United States: A Failure of Government

Author:
Mark Calabria
Publication Date:
06-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Charles Rowley and Nathanael Smith have put together a brief, yet extensive, study comparing America's Great Depression and the recent financial crisis. Their focus is on both the economics and the politics behind these events. With both, they demonstrate how each was a failure of government, not of the market. The book concludes with several recommendations for addressing our nation's current economic and fiscal situation. The most original contribution of their work is in bringing a Public Choice framework to evaluating the financial crisis.
Topic:
Economics and Financial Crisis
Political Geography:
United States

468. Financial Reform: Going Global? Global overhaul, but not global approach

Author:
Steven Leslie and Jason Karaian
Publication Date:
07-2010
Content Type:
Working Paper
Abstract:
Sweeping overhaul is now law However, many years will be needed to create agencies, conduct studies and write rules Phase-in provisions for many measure.
Topic:
Government, International Trade and Finance, Markets, Global Recession, and Financial Crisis

469. The Transatlantic Economy 2010: Annual Survey of Jobs, Trade and Investment between the United States and Europe

Author:
Daniel S. Hamilton and Joseph P. Quinlan
Publication Date:
01-2010
Content Type:
Working Paper
Institution:
Center for Transatlantic Relations
Abstract:
Despite the recession, the United States and Europe remain each other's most important foreign commercial markets. No other commercial artery in the world is as integrated and fused as the transatlantic economy. We estimate that the transatlantic economy continues to generate close to $4.28 trillion in total commercial sales a year and employs up to 14 million workers in mutually “onshored” jobs on both sides of the Atlantic.
Topic:
Economics, Globalization, International Trade and Finance, Global Recession, and Financial Crisis
Political Geography:
United States and Europe

470. Address by Vikram Pandit, Chief Executive Officer, Citi

Author:
Vikram Pandit
Publication Date:
04-2010
Content Type:
Video
Institution:
Columbia University World Leaders Forum
Abstract:
This World Leaders Forum program features a keynote address by Vikram Pandit, Chief Executive Officer of Citi, followed by a question and answer session with the audience.
Topic:
Economics, International Trade and Finance, and Financial Crisis
Political Geography:
United States