DOCSLIB.ORG

International Economic and Financial Cooperation: New Issues, New Actors, New Responses

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
International Economic and Financial Cooperation: New Issues, New Actors, New Responses International Economic and Financial Cooperation: New Issues, New Actors, New Responses Geneva Reports on the World Economy 6 International Center for Monetary and Banking Studies (ICMB) International Center for Monetary and Banking Studies 11 A Avenue de la Paix 1202 Geneva Switzerland Tel (41 22) 734 9548 Fax (41 22) 733 3853 Website: www.icmb.ch © 2004 International Center for Monetary and Banking Studies Centre for Economic Policy Research (CEPR) Centre for Economic Policy Research 90-98 Goswell Road London EC1V 7RR UK Tel: +44 (0)20 7878 2900 Fax: +44 (0)20 7878 2999 Email: [email protected] Website: www.cepr.org British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN: 1 898128 84 7 International Economic and Financial Cooperation: New Issues, New Actors, New Responses Geneva Reports on the World Economy 6 Peter B Kenen Council on Foreign Relations and Princeton University Jeffrey R Shafer Citigroup and former US Under Secretary of the Treasury Nigel L Wicks CRESTCo and former Head of HM Treasury Charles Wyplosz Graduate Institute of International Studies, Geneva and CEPR ICMB INTERNATIONAL CENTER FOR MONETARY AND BANKING STUDIES CIMB CENTRE INTERNATIONAL DETUDES MONETAIRES ET BANCAIRES International Center for Monetary and Banking Studies (ICMB) The International Center for Monetary and Banking Studies was created in 1973 as an inde- pendent, non-profit foundation. It is associated with Geneva’s Graduate Institute of International Studies. Its aim is to foster exchange of views between the financial sector, cen- tral banks and academics on issues of common interest. It is financed through grants from banks, financial institutions and central banks. The Center sponsors international conferences, public lectures, original research and publi- cations. It has earned a solid reputation in the Swiss and international banking community where it is known for its contribution to bridging the gap between theory and practice in the field of international banking and finance. In association with CEPR, the Center launched a new series of Geneva Reports on the World Economy in 1999. The four subsequent volumes have attracted considerable interest among practitioners, policy-makers and scholars working on the reform of international financial architecture. The ICMB is non-partisan and does not take any view on policy. Its publications, including the present report, reflect the opinions of the authors, not of ICMB or of any of its spon- soring institutions. President of the Foundation Board Tommaso Padoa-Schioppa Director Charles Wyplosz Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research is a network of over 600 Research Fellows and Affiliates, based primarily in European universities. The Centre coordinates the research activities of its Fellows and Affiliates and communicates the results to the public and private sectors. CEPR is an entrepreneur, developing research initiatives with the producers, con- sumers and sponsors of research. Established in 1983, CEPR is a European economics research organization with uniquely wide-ranging scope and activities. CEPR is a registered educational charity. Institutional (core) finance for the Centre is pro- vided by major grants from the Economic and Social Research Council, under which an ESRC Resource Centre operates within CEPR; the Esmée Fairbairn Charitable Trust and the Bank of England. The Centre is also supported by the European Central Bank, the Bank for International Settlements, 22 national central banks and 45 companies. None of these organizations gives prior review to the Centre’s publications, nor do they necessarily endorse the views expressed therein. The Centre is pluralist and non-partisan, bringing economic research to bear on the analy- sis of medium- and long-run policy questions. CEPR research may include views on policy, but the Executive Committee of the Centre does not give prior review to its publications, and the Centre takes no institutional policy positions. The opinions expressed in this report are those of the authors and not those of the Centre for Economic Policy Research. Chair of the Board Guillermo de la Dehesa President Richard Portes Chief Executive Officer Stephen Yeo Research Director Mathias Dewatripont About the Authors Peter B Kenen is a Senior Fellow in International Economics at the Council on Foreign Relations and Walker Professor of Economics and International Finance Emeritus at Princeton University, where he also served as Director of the International Finance Section from 1971 to 1999. He taught at Columbia University from 1957 to 1971. A specialist in international economics, he earned his BA from Columbia and his PhD from Harvard. He has written several books, including Exchanges and Policy Coordination, Economic and Monetary Union in Europe, and The International Financial Architecture: What’s New? What’s Missing? He has been a consultant to the US Treasury and other US government agencies and to the International Monetary Fund, and he has held research fellowships award- ed by the Center for Advanced Study in the Behavioral Sciences, the Guggenheim Foundation, the Royal Institute for International Affairs, and the Bank of England. He is a member of the Council on Foreign Relations and the Group of Thirty. Jeffrey R Shafer dealt with international financial and monetary issues during 25 years at the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the Organization for Economic Cooperation and Development and the US Treasury, where he was Assistant Secretary and subsequently Under Secretary for International Affairs. He joined what is now Citigroup in 1997, where he is Vice Chairman, Public Sector Group. Mr Shafer holds a PhD in Economics from Yale University and an AB in Economics from Princeton University. Sir Nigel L Wicks joined HM Treasury in 1968 after working for the British Petroleum Company. He worked for Prime Ministers Harold Wilson, James Callaghan and Margaret Thatcher. He has been the UK's Executive Director at the International Monetary Fund and World Bank, the Prime Minister's representative (‘Sherpa’) for the Economic Summits of the Group of Seven Industrialized Nations and G7 ‘Deputy’ for five Chancellors of the Exchequer. From 1989 to 2000, he was the Treasury's Second Permanent Secretary responsible for international financial matters, during which time he was for five years Chairman of the EC Monetary Committee. The UK Prime Minister appointed him as Chair of the Committee on Standards in Public Life for the period March 2001 to April 2004. He is now Deputy Chairman of the securities settlement company Euroclear. He studied Business Administration at Portsmouth College of Technology and holds degrees in History from the Universities of Cambridge and London. Charles Wyplosz is Professor of International Economics at the Graduate Institute of International Studies in Geneva where he is Director of the International Centre for Monetary and Banking Studies. An expert in monetary affairs, currency crises and the international monetary system, Charles Wyplosz has written numerous books and papers. He is a member of several advisory committees to the French government and to the European Commission and Parliament and an occasional consultant to the European Commission, the IMF, the World Bank, the United Nations, the Asian Development Bank, and the Inter-American Development Bank. He holds degrees in Engineering and Statistics from Paris and a PhD in Economics from Harvard University. v Contents List of Conference Participants ix List of Tables xiii List of Figures xiii List of Boxes xiii Acknowledgements xiv Foreword xv Executive Summary xvii Introduction xxi 1 Economic Cooperation since Bretton Woods: A Changing Agenda, New Players and Evolving Arrangements 1 1.1 A new beginning 1 1.2 Bretton Woods: the vision and the reality 3 1.3 Fixed exchange rates under pressure: ad hoc responses drive institutional change 4 1.4 A new monetary system takes shape 6 1.5 Impoverished management of a new system 8 1.6 The parallel track: regional cooperation 16 1.7 The private sector 17 1.8 The situation in 2004 18 Appendix 1A A Glossary of International Financial and Economic Committees, Groups and Clubs 20 Committees 20 Groups 21 Clubs 22 2 International Economic Cooperation: Principles for a Changing World 23 2.1 A changing set of issues 23 2.2 Players and rules of the game 26 2.3 A changing environment 30 2.4 Legitimacy under stress and the anti-globalization backlash 34 2.5 Challenges ahead 35 3 Cross-bborder Debt – Managing the Challenges 39 3.1 Introduction 39 3.2 The need for an international system 39 3.3 Three episodes of stress in debtor and creditor relationships 42 3.4 The need for new techniques, instrumentss and approaches 43 3.5 The role of the fund and the G7 finance ministers and governors 50 Appendix 3A Recent Sovereign Debt Restructurings 59 viii International Economic and Financial Cooperation 4 Enhancing Cooperation to Keep Up with Global Financial Markets 63 4.1 The emergence of financial issues on the international agenda 63 4.2 The present state of financial cooperation 66 4.3 Improving the process 72 5 Balance-oof-ppayments Adjustment among Key Currency Countries 77 5.1 Economic interdependence and policy interdependence 77 5.2 The role of exchange rate changes 79 5.3 Principles and practice 80 5.4 Reforming the management of the adjustment process 83 5.5 The need for a new key
Load more

Recommended publications
  • North Korea-South Korea Relations: Never Mind the Nukes?
    North Korea-South Korea Relations: Never Mind The Nukes? Aidan Foster-Carter Leeds University, UK Almost a year after charges that North Korea has a second, covert nuclear program plunged the Peninsula into intermittent crisis, inter-Korean ties appear surprisingly unaffected. The past quarter saw sustained and brisk exchanges on many fronts, seemingly regardless of this looming shadow. Although Pyongyang steadfastly refuses to discuss the nuclear issue with Seoul bilaterally, the fact that six-party talks on this topic were held in Beijing in late August – albeit with no tangible progress, nor even any assurance that such dialogue will continue – is perhaps taken (rightly or wrongly) as meaning the issue is now under control. At all events, between North and South Korea it is back to business as usual – or even full steam ahead. While (at least in this writer’s view) closer inter-Korean relations are in themselves a good thing, one can easily imagine scenarios in which this process may come into conflict with U.S. policy. Should the six-party process fail or break down, or if Pyongyang were to test a bomb or declare itself a nuclear power, then there would be strong pressure from Washington for sanctions in some form. Indeed, alongside the six- way process, the U.S. is already pursuing an interdiction policy with its Proliferation Security Initiative (PSI), which Japan has joined but South Korea, pointedly, has not. Relinking of cross-border roads and railways, or the planned industrial park at Kaesong (with power and water from the South), are examples of initiatives which might founder, were the political weather around the Peninsula to turn seriously chilly.
    [Show full text]
  • SYSTEMIC REFORM at a STANDSTILL: a FLOCK of “Gs” in SEARCH of GLOBAL FINANCIAL STABILITY by Roy Culpeper, President, the North-South Institute
    SYSTEMIC REFORM AT A STANDSTILL: A FLOCK OF “Gs” IN SEARCH OF GLOBAL FINANCIAL STABILITY by Roy Culpeper, President, The North-South Institute Commonwealth Secretariat/World Bank Conference on Developing Countries and Global Financial Architecture Marlborough House London, 22-23 June 2000 1 SYSTEMIC REFORM AT A STANDSTILL: A FLOCK OF “Gs” IN SEARCH OF GLOBAL FINANCIAL STABILITY by Roy Culpeper, President, The North-South Institute1 Introduction The subject of “Global Governance” became topical in the 1990s with a rash of financial crises, the most far-reaching and dramatic one having started in East Asia in mid-1997 and spread around the world before subsiding during the course of 1999. It is worth recalling, however, that the subject of Global Governance has been a hardy perennial since the breakdown of the original Bretton Woods system a quarter century ago. Its antecedents include the debate on the New International Economic Order in the 1970s; the North-South Summits of the early 1980s; the UNCED negotiations in Rio de Janeiro in 1992; and the chain of ensuing UN conferences throughout the decade – the Vienna conference on Human Rights, the Social Summit at Copenhagen, the Beijing Conference on gender and development, and the Cairo conference on Population and Development. While these discussions have produced a few tangible results, their impact on Global Governance has been minimal. Although it may sound unpleasant to believers in the rationality of a more equitable world order, perhaps a large reason for the failure of these many attempts to reform the global order is that they have been dominated by the poor and the powerless, while the rich and powerful have not been persuaded of the need for significant changes to the status quo.
    [Show full text]
  • Occasional Paper by Alastair Clark and Andrew
    Macroprudential Policy: Addressing the Things We Don’t Know Alastair Clark Andrew Large Occasional Paper 83 30 Group of Thirty, Washington, DC About the Authors Alastair Clark, CBE, formerly Executive Director and Adviser to the Governor of the Bank of England, has since 2009 been Senior Adviser to HM Treasury on Financial Stability and is a member of the UK’s new interim Financial Policy Committee. He has also acted as an independent adviser to overseas public authorities in relation to financial stability and crisis prevention issues. He has been at various times a member of many international groups linked to the G20, the Financial Stability Board, and the Bank for International Settlements. In 2005 he co-chaired, with Walter Kielholz, a G30 Study Group looking at the systemic impact of reinsurance. He holds degrees from Cambridge University and the London School of Economics. Sir Andrew Large retired in 2006 as Deputy Governor of the Bank of England where he had served since 2002. He now acts independently for central banks and governments in relation to financial stability and crisis prevention issues. Andrew Large’s career has covered a wide range of senior positions in the world of global finance, within both the private and public sectors. He is in addition Chairman of the Senior Advisory Board of Oliver Wyman, Senior Adviser to the Hedge Fund Standards Board, Chairman of the Advisory Committee of Marshall Wace, and Chairman of the Board Risk Committee of Axis, Bermuda. ISBN 1-56708-154-1 Copies of this paper are available for $10 from: The Group of Thirty 1726 M Street, N.W., Suite 200 Washington, D.C.
    [Show full text]
  • References--391-406 8/12/04 11:33 AM Page 391
    11--References--391-406 8/12/04 11:33 AM Page 391 References Aghion, Philippe, Philippe Bacchetta, and Abhijit Banerjee. 2000. Currency Crises and Mon- etary Policy with Credit Constraints. Harvard University, Cambridge, MA. Photocopy. Aghion, Philippe, Philippe Bacchetta, and Abhijit Banerjee. 2001. A Corporate Balance Sheet Approach to Currency Crises. Photocopy. www.hec.unil.ch/deep/textes/01.14.pdf. Alesina, Alberto, and Guido Tabellini. 1990. A Positive Theory of Fiscal Deficits and Gov- ernment Debt. Review of Economic Studies 57: 403–14. Allen, Franklin, and Douglas Gale. 2000a. Optimal Currency Crises. New York University. Photocopy (April). www.econ.nyu.edu/user/galed/occ.pdf. Allen, Franklin, and Douglas Gale. 2000b. Comparing Financial Systems. Cambridge, MA: MIT Press. Allen, Mark, Christoph Rosenberg, Christian Keller, Brad Setser, and Nouriel Roubini. 2002. A Balance Sheet Approach to Financial Crisis. IMF Working Paper 02/210 (December). Washington: International Monetary Fund. www.imf.org/external/pubs/ft/wp/2002/ wp02210.pdf. Arbelaez, Maria Angelica, María Lucía Guerra, and Nouriel Roubini. Forthcoming. Debt Dy- namics and Debt Sustainability in Colombia. In Fiscal Reform in Colombia, ed. J. Poterba. Cambridge, MA: MIT Press. Banque de France. 2003. Toward a Code of Good Conduct on Sovereign Debt Renegotiation. Issues paper prepared by Banque de France staff. Paris: Banque de France. Bartholomew, Ed, Ernest Stern, and Angela Liuzzi. 2002. Two-Step Sovereign Debt Restruc- turing. New York: JP Morgan Chase and Co. www.emta.org/keyper/barthol.pdf. Becker, T., A. S. Richards, and T. Thaicharoen. 2003. Bond Restructuring and Moral Hazard: Are CACs Costly? Journal of International Economics 61: 127–61.
    [Show full text]
  • The Korean Financial Crisis of 1997: Onset, Turnaround, and Thereafter, Which I Originally Authored in Korean in 2006
    The Korean Financial Crisis of 1997 Onset, Turnaround, and Thereafter Public Disclosure Authorized Kyu-Sung LEE Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The Korean Financial Crisis of 1997 The Korean Financial Crisis of 1997 ONSET, TURNAROUND, AND THEREAFTER Kyu-Sung LEE © 2011 The International Bank for Reconstruction and Development / The World Bank and the Korea Development Institute 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org All rights reserved 1 2 3 4 14 13 12 11 The findings, interpretations, and conclusions herein are those of the author and do not reflect the views of the World Bank, its Board of Executive Directors or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorse- ment or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development / The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com.
    [Show full text]
  • The Divergent International Response to China's Xinjiang's Policy
    The Divergent International Response to China’s Xinjiang Policy Dorothy Settles HIST 402C: International Relations from the Asian Perspective Dr. Timothy Brook April 12, 2020 1 Introduction In response to ethnic and religious unrest in China’s northwestern province of Xinjiang, the Chinese Communist Party has engaged in a colossal crackdown on the local Uyghur Muslim population. In recent years, an estimated one million Uyghurs have been detained in re-education centers, which have been likened to concentration camps, while religious and cultural freedom has been forcibly suppressed1. This has generated a slew of strong yet divergent international reactions, ranging from outright support to passive silence to scathing condemnation. On July 8, 2019, a group of 22 predominantly Western countries issued a letter to the United Nations Human Rights Council condemning China for their oppression of the Uyghurs. Days later, 37 developing countries, many of which are Muslim-majority, came together and wrote a different letter to the UNHRC, “commend[ing] China’s remarkable achievements in the field of human rights,”2 in reference to their policies in Xinjiang. While it is initially shocking to see so many (especially Muslim) countries coming to China’s defense, it cannot be divorced from China’s burgeoning global influence. This paper analyzes the international response to China’s oppression of the Uyghurs, in order to understand the shifting face of the emerging Sino-centric world order. I argue that the emerging Sino-centric world order is becoming increasingly characterized by the dissolution of traditional transnational religious and cultural bonds and the emboldening of regimes that emphasize sovereignty over human rights.
    [Show full text]
  • RBA Annual Report 2000
    INTERNATIONAL FINANCIAL CO-OPERATION international financial and Canada); and the IMF/World Bank, with co-operation around 180 members. The former was too The three years since the Asian crisis began narrow to carry out the necessary consultation have seen a substantial push within the and co-ordination among countries, while the international community for reform of the latter was too large to allow decisive actions to international financial system. The problems in deal with emerging problems. Asia (and in Eastern Europe and Latin America The initial response of the international as well) not only damaged the growth perform- community was to set up the G22, an ad hoc ance of the countries directly affected, but had group of 22 countries including those affected repercussions on major financial markets, and by the crisis. This group was able to make quick brought a recognition on the part of the progress on a number of issues, but the feeling international financial community that was that its membership was not balanced, changes should occur in the so-called inter- with some claiming that Asian countries (which national financial architecture. The RBA made up 10 of the 22) were over-represented. believed that it should contribute as strongly In the event, that group has been replaced as possible to this work, given the potential for by two new international groupings, which major changes to the shape of international seem to have a greater degree of permanance financial markets to emerge from the process. than the G22. The two groupings are the Financial As a result, the RBA increased significantly the Stability Forum and the G20.
    [Show full text]
  • Revisiting Bretton Woods: Proposals for Reforming the International Monetary Institutions
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Mikesell, Raymond F. Research Report Revisiting Bretton woods: Proposals for reforming the international monetary institutions Public Policy Brief, No. 24 Provided in Cooperation with: Levy Economics Institute of Bard College Suggested Citation: Mikesell, Raymond F. (1996) : Revisiting Bretton woods: Proposals for reforming the international monetary institutions, Public Policy Brief, No. 24, ISBN 0941276155, Levy Economics Institute of Bard College, Annandale-on-Hudson, NY This Version is available at: http://hdl.handle.net/10419/54254 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu PPB No.24 2/17/99 3:13 PM Page a1 The Jerome Levy Economics Institute of Bard College Public Policy Brief Revisiting Bretton Woo d s Pr oposals for Reforming the Interna t i o n a l Mo n e t a r y Institutions Raymond F.
    [Show full text]
  • June 2020 Ph.D., Columbia University, New York, 1988. Advisor
    June 2020 CARMEN M. REINHART CURRICULUM VITAE EDUCATION Ph.D., Columbia University, New York, 1988. Advisor: Robert Mundell. Doctoral Dissertation: “Real Exchange Rates, Commodity Prices, and Policy Interdependence.” M. Phil., 1981 and M.A., Columbia University, New York, 1980. B.A., Florida International University, Miami, 1978. PROFESSIONAL POSITIONS Chief Economist and Vice President, World Bank, Washington DC, June 2020- Minos A. Zombanakis Professor of the International Financial System, Harvard Kennedy School, July 2012 – Dennis Weatherstone Chair, Peterson Institute for International Economics, Washington DC, 2011 – June 2012. Director, Center for International Economics, 2009-2010; Professor, School of Public Policy and Department of Economics, 2000 – 2010; Director, International Security and Economic Policy Specialization, 1998 – 2001; Associate Professor School of Public Policy, University of Maryland, 1996 – 2000. Senior Policy Advisor and Deputy Director, Research Department, 2001 – 2003. Senior Economist and Economist, 1988 - 1996, International Monetary Fund. Chief Economist and Vice President, 1985 – 1986; Economist, March 1982 - 1984, Bear Stearns, New York. AWARDS AND HONORS Karl Brunner Award, Swiss National Bank, planned September 2021. Mundell-Fleming Lecture, International Monetary Fund, planned November 2020. Economica, Coase-Phillips Lecture, London School of Economics, London, May 2020. FIMEF Diamond Finance Award, Instituto Mexicano de Ejecutivos de Finanzas, Mexico, August 2019. Homer Jones Memorial Lecture, St. Louis Federal Reserve, July 2019. Thomas Schelling Lecture, University of Maryland, April 2019. Carmen M. Reinhart Pa ge 1 King Juan Carlos Prize in Economics, December 2018. Wiki. Bernhard Harms Prize, Kiel Institute for the World Economy. October 2018. Adam Smith Award, National Association of Business Economists, September 2018. William F. Butler Award, New York Association for Business Economists, September 2017.
    [Show full text]
  • The G-20 and International Economic Cooperation: Background and Implications for Congress
    The G-20 and International Economic Cooperation: Background and Implications for Congress Rebecca M. Nelson Analyst in International Trade and Finance August 10, 2010 Congressional Research Service 7-5700 www.crs.gov R40977 CRS Report for Congress Prepared for Members and Committees of Congress The G-20 and International Economic Cooperation Summary The G-20 is an international forum for discussing and coordinating economic policies. The members of the G-20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union. Background: The G-20 was established in the wake of the Asian financial crisis in the late 1990s to allow major advanced and emerging-market countries to coordinate economic policies. Until 2008, G-20 meetings were held at the finance minister level, and remained a less prominent forum than the G-7, which held meetings at the leader level (summits). With the onset of the global financial crisis, the G-7 leaders decided to convene the G-20 leaders to discuss and coordinate policy responses to the crisis. To date, the G-20 leaders have held four summits: November 2008 in Washington, DC; April 2009 in London; September 2009 in Pittsburgh; and June 2010 in Toronto. The G-20 leaders have agreed that the G-20 is now the premier forum for international economic coordination, effectively supplanting the G-7’s role as such. Commitments: Over the course of the four G-20 summits held to date, the G-20 leaders have made commitments on a variety of issue areas.
    [Show full text]
  • Macroprudential Policy: Andrew Large Alastair Clark
    Macroprudential Policy: Addressing the Things We Don’t Know Alastair Clark Andrew Large Occasional Paper 83 30 Group of Thirty, Washington, DC About the Authors Alastair Clark, CBE, formerly Executive Director and Adviser to the Governor of the Bank of England, has since 2009 been Senior Adviser to HM Treasury on Financial Stability and is a member of the UK’s new interim Financial Policy Committee. He has also acted as an independent adviser to overseas public authorities in relation to financial stability and crisis prevention issues. He has been at various times a member of many international groups linked to the G20, the Financial Stability Board, and the Bank for International Settlements. In 2005 he co-chaired, with Walter Kielholz, a G30 Study Group looking at the systemic impact of reinsurance. He holds degrees from Cambridge University and the London School of Economics. Sir Andrew Large retired in 2006 as Deputy Governor of the Bank of England where he had served since 2002. He now acts independently for central banks and governments in relation to financial stability and crisis prevention issues. Andrew Large’s career has covered a wide range of senior positions in the world of global finance, within both the private and public sectors. He is in addition Chairman of the Senior Advisory Board of Oliver Wyman, Senior Adviser to the Hedge Fund Standards Board, Chairman of the Advisory Committee of Marshall Wace, and Chairman of the Board Risk Committee of Axis, Bermuda. ISBN 1-56708-154-1 Copies of this paper are available for $10 from: The Group of Thirty 1726 M Street, N.W., Suite 200 Washington, D.C.
    [Show full text]
  • Training Manual
    IEA Training Manual A training manual on integrated environmental assessment and reporting Training Module 6 Scenario development and analysis Authors: Jill Jäger, The Sustainable Europe Research Institute (SERI) Dale Rothman, International Institute for Sustainable Development (IISD) Chris Anastasi, British Energy Group Sivan Kartha, Stockholm Environment Institute (SEI) Philip van Notten (Independent Scholar) Module 6 A training manual on integrated environmental assessment and reporting ii IEA Training Manual Scenario development and analysis Module 6 Table of Contents List of Acronyms iv Overview 1 Course Materials 3 1. Introduction and learning objectives 3 2. What is a scenario? 5 3. A very short history of scenario development 6 4. Examples of scenario exercises 7 4.1 Short-term country scenarios – Mont Fleur 7 4.2 Medium-term regional and global scenarios – The UNEP GEO-3 Scenarios 8 4.3 Long term global scenarios – Intergovernmental Panel on Climate Change (IPCC) 10 5. The purpose, process and substance of scenarios and scenario exercises 13 6. Policy analysis 16 7. Developing scenarios – A complete process 20 7.1 Clarifying the purpose and structure of the scenario exercise 22 7.2 Laying the foundation for the scenarios 28 7.3 Developing and testing the actual scenarios 33 7.4 Communication and outreach 36 References 38 Instructor Guidance and Training Plan 40 Presentation Materials 41 IEA Training Manual iii Module 6 A training manual on integrated environmental assessment and reporting List of Acronyms AIM Asia-Pacific Integrated
    [Show full text]