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| Section: International Financial Architecture |
27 July 2010 |
| Section: International Financial Architecture |
02 July 2008 |
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BIS for Action on Inflation, Future Financial Stability Framework |
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Excessive and imprudent credit growth over a long period of time may have brought the global economy close to a “tipping point” - facing a rise in global inflation and unsustainable accumulation of debt-related imbalances slowing down growth and falling prices, the Bank for International Settlements (BIS) said last Monday in its annual report.
The Bank identified global inflation to be a “clear and present threat” needing higher interest rates and a bias in global policy that would be “much less accommodating”, even as the slowdown in growth and falling prices may need fiscal policies. And looking beyond, the BIS also called for a “new macro-financial stability framework” to resist the inherent pro-cyclicality of the financial system. |
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| Section: International Financial Architecture |
18 June 2008 |
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BCBS Issues Draft Principles on Managing Liquidity Risk |
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The Basel Committee on Banking Supervision (BCBS), responding to the financial market turmoil, issued on Tuesday draft enhanced global principles for strengthening banks’ liquidity risk management and improving global supervisory practices.
The principles, numbering seventeen, are outlined in a document titled “Principles for Sound Liquidity Risk Management and Supervision”. BCBS has invited public comments on the draft principles by 29 July 2008.
According to the Basel-based Bank for International Settlements (BIS), the principles support one of the key recommendations for strengthening prudential oversight set out in the “Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience”, which was presented to G7 Finance Ministers and Central Bank Governors in April 2008. |
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| Section: Financial Crises & Policy Responses |
25 April 2008 |
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The Unfolding Turmoil and Some Policy Responses |
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The unfolding financial turmoil in the mature economies is best seen as a natural result of a prolonged period of generalised and aggressive risk–taking – which happened to have the sub–prime market at its epicentre – and the policy response to strengthen the financial system on a more structural basis should be firmly anchored to the more enduring factors that drive financial instability.
This was the view put forth by Claudio Borio from the Monetary and Economic Department of the Basel–based Bank for International Settlements (BIS) in a Working Paper issued in March which provides a preliminary assessment of the events of the financial turmoil, and draws some lessons for policies designed to strengthen the financial system on a long–term basis. |
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| Section: Financial Crises & Policy Responses |
09 July 2010 |
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The Financial Crisis and Challenges Facing Africa |
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| The global crisis has had a negative impact on African economies, and the main challenge facing these countries is how to position themselves for post-crisis recovery while ensuring that policy responses to the crisis do not lead to problems of debt sustainability. |
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| Section: Financial Crises & Policy Responses |
18 April 2008 |
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Questionable Timing for Tighter GATS Rules, Liberalized Banking |
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The new efforts to breathe life into the Doha round of trade negotiations at the WTO are targeting international trade in services as well as in manufactures and agriculture. The processes envisaged appear to involve “horizontal” negotiations for modalities - in agriculture and non-agricultural market access (NAMA) at senior-official levels leading to a mini-ministerial (mid-May being a possible date), as well as a “signalling” conference on services, and conclusion of negotiations with an agreement while George W. Bush is still in White House.
Among the requests and offers on the table in the services negotiations, the plurilateral request for banking (as well as other financial services) of a number of industrial and emerging-market economies (Australia, Canada, the European Communities, Ecuador, Hong Kong China, Japan, Republic of Korea, Norway, Chinese Taipei and the United States) is of special interest owing to the identity of the countries which have submitted it and to the scope of the activities which it covers. The countries principally targeted, it is reasonable to assume, are emerging-market countries with substantial banking sectors, mainly in Asia and Latin America. |
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| Section: Financial Crises & Policy Responses |
03 March 2008 |
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Credit Crisis Rapidly Spreading to New Areas |
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Just when there were so many reports about the recession in the United States, there was the news last Saturday that only 45% of business economists (who work in companies and financial institutions) in the US believed that a recession would take place this year. And the majority of those predicting recession thought it would be brief, while only a small minority thought there would be a deep and protracted recession.
But there is a good chance that this overall forecast will prove too optimistic. The “real economy” of production and employment is more likely to be adversely affected by the grave weaknesses being revealed in the financial sector. The past few weeks have brought worrying reports showing that the financial crisis is spreading to other areas. The evidence is mounting that there may be a much greater unravelling of the financial system than earlier anticipated. |
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| Section: World Bank & IMF |
06 February 2007 |
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