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Latin American Economy & Business
CANNING HOUSE EDITION latin american economy & business December 2018 - EB-18-12 ISSN 0960-8702 C O N T E N T S Creating economic development and LEADER 1 growth strategies to deal with migration Creating economic development and growth strategies to deal with and change in Central America migration and change in Central America The current migration crisis in Central America is tied to missing economic reforms and strategies disconnected from the chronic problems in the REGIONAL ECONOMY REVIEW region. Reducing high emigration rates resulting from poor economic Brazil 6 development can be addressed in one of several ways: as a development Campos Neto takes over at Brazil’s central bank problem, as a border control challenge, or as an opportunity to leverage Brazil 7 migrant economic contributions. World Bank’s Levy Returns to Run BNDES Any policy intervention should triangulate the economic impact of migra - Colombia 8 tion with the drivers that caused it and with the fundamental development U-turn on VAT leaves a hole in the problems each migrant-sending country faces. Drivers of migration are budget immediate factors that create international mobility. They are mostly associ - Argentina 9 ated with, but not caused by, fundamental development problems. For The hard slog example, regional insecurity is a by-product of fundamental development ECONOMIC HIGHLIGHTS 10 challenges associated with the poor performance of, or lack of, fully-func - Costa Rica 12 tioning democratic institutions ensuring the rule of law. Similarly, the Brighter prospects for tax reform informal economy is a fundamental development challenge that triggers a Uruguay 13 lack of economic opportunity. -
2016 Annual Meetings of the Boards of Governors
THE WORLD BANK GROUP Public Disclosure Authorized 2016 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS Public Disclosure Authorized SUMMARY PROCEEDINGS Public Disclosure Authorized Washington, D.C. October 7-9, 2016 Public Disclosure Authorized THE WORLD BANK GROUP Headquarters 1818 H Street, NW Washington, D.C. 20433 U.S.A. Phone: (202) 473-1000 Fax: (202) 477-6391 Internet: www.worldbankgroup.org iii INTRODUCTORY NOTE The 2016 Annual Meetings of the Boards of Governors of the World Bank Group (Bank), which consist of the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), the International Finance Corporation (IFC), International Centre for the Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA), held jointly with the International Monetary Fund (Fund), took place on October 7, 2016 in Washington, D.C. The Honorable Mauricio Cárdenas, Governor of the Bank and Fund for Colombia, served as the Chairman. In Committee Meetings and the Plenary Session, a joint session with the Board of Governors of the International Monetary Fund, the Board considered and took action on reports and recommendations submitted by the Executive Directors, and on matters raised during the Meeting. These proceedings outline the work of the 70th Annual Meeting and the final decisions taken by the Board of Governors. They record, in alphabetical order by member countries, the texts of statements by Governors and the resolutions and reports adopted by the Boards of Governors of the World Bank Group. In addition, the Development Committee discussed the Forward Look – A Vision for the World Bank Group in 2030, and the Dynamic Formula – Report to Governors Annual Meetings 2016. -
A Semantic Analysis of Monetary Shamanism: a Case of the BOJ's Governor Haruhiko Kuroda
DPRIETI Discussion Paper Series 17-E-011 A Semantic Analysis of Monetary Shamanism: A case of the BOJ's Governor Haruhiko Kuroda KEIDA Masayuki Rissho University TAKEDA Yosuke Sophia University The Research Institute of Economy, Trade and Industry http://www.rieti.go.jp/en/ RIETI Discussion Paper Series 17-E-011 February 2017 A Semantic Analysis of Monetary Shamanism: A case of the BOJ's Governor Haruhiko Kuroda* KEIDA Masayuki TAKEDA Yosuke Rissho University Sophia University Abstract This paper examines whether statistical natural language processing techniques have been useful in analyzing documents on monetary policy. A simple latent semantic analysis shows a relatively good performance in classifying the Bank of Japan (BOJ)’s documents on its governors’ policy and the impact without human reading. Our results also show that Governor Haruhiko Kuroda’s communication strategy changed slightly in 2016 when the BOJ introduced the negative interest rate policy. This change in 2016 is comparable to the one from the transition from Masaaki Shirakawa to Kuroda. In spite of the intention, the BOJ had a misjudgment in the communication strategy. Keywords: Monetary policy, Communication, Latent semantic analysis JEL classification: E52, E58 RIETI Discussion Papers Series aims at widely disseminating research results in the form of professional papers, thereby stimulating lively discussion. The views expressed in the papers are solely those of the author(s), and neither represent those of the organization to which the author(s) belong(s) nor the Research Institute of Economy, Trade and Industry. *This study is conducted as a part of the Project “Sustainable Growth and Macroeconomic Policy” undertaken at Research Institute of Economy, Trade and Industry (RIETI). -
Foco No Planalto – Edi N 021 2020
Edição Nº 021/2020 Foco no Planalto Notas sobre a semana de 1º a 5 de junho, em Brasília. INSTABILIDADE POLÍTICA E INSTITUCIONAL. A questão pode ter repercussão ainda no Tribunal Superior Eleitoral (TSE). Na última O aumento da pressão sobre o presidente Jair sexta (29), o ministro Og Fernandes abriu um prazo Bolsonaro e suas reações, cada vez mais de três dias para o presidente Bolsonaro e vice voltadas para sua base de apoio social mais Hamilton Mourão se manifestem sobre a inclusão engajada, mantém o país numa crise política e de informações do inquérito em curso no STF em institucional entre os Poderes. O quadro se dois processos da Justiça Eleitoral que apuram agrava em um momento ainda crítico no denúncias de utilização de empresas para enfrentamento da crise do Coronavírus e sem a efetuarem disparos de mensagens com notícias recuperação econômica e fiscal almejada. falsas contra opositores durante a campanha de 2018. Os primeiros quatro meses já mostravam sinais crescentes de instabilidade. Contudo, o cenário No Congresso, é forte o ímpeto para aprovação foi agravado com as investigações de possível de uma legislação dura para o combate das tentativa de interferência do presidente em fake news, em um discurso que reforça a investigações da Polícia Federal e o avanço do disposição de confronto com o Palácio do inquérito envolvendo parlamentares, assessores, Planalto. No Senado Federal foi agendada para influenciadores digitais e empresários apoiadores amanhã (2) a discussão e votação o PL 2630/20, do presidente contra ministros do STF. do senador Alessandro Vieira, que estabelece As manifestações críticas dos ministros Abraham responsabilização das plataformas digitais quanto Weintraub (Educação) e general Augusto Heleno aos conteúdos publicados nas redes. -
Global Finance's Central Banker Report Cards 2021
Global Finance’s Central Banker Report Cards 2021 NEW YORK, September 1, 2021 — Global Finance magazine has released the names of Central Bank Governors who earned “A” or “A-” grades as part of its Central Banker Report Cards 2021. The full Central Banker Report Cards 2021 report and grade list will appear in Global Finance’s October print and digital editions and online at GFMag.com. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of 101 key countries and territories including the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. About Global Finance Grades are based on an “A” to “F” scale for success in areas such as inflation control, economic Global Finance, founded in growth goals, currency stability and interest rate management. (“A” represents an excellent 1987, has a circulation of performance down through “F” for outright failure.) Subjective criteria also apply. 50,000 and readers in 191 countries. Global Finance’s “With the pandemic still surging in many areas, and inflation emerging as a major area of audience includes senior concern once again, the world’s central bankers are confronting multiple challenges from corporate and financial multiple directions,” said Global Finance publisher and editorial director Joseph Giarraputo. officers responsible for making investment and strategic “Global Finance’s annual Central Banker Report Cards show which financial policy leaders are decisions at multinational succeeding in the face of adversity and which are falling behind.” companies and financial The Central Bankers earning an “A” grade in the Global Finance Central Banker Report Card institutions. -
Foco No Planalto – Edi 023 2021
Edição Nº 023/2021 Foco no Planalto Notas sobre a semana de 07 a 11 de junho, em Brasília. AGENDA DE REFORMAS & AVANÇO DA CPI valerem já em 2022, as novas regras devem ser SOBRE ESTADOS aprovadas até outubro deste ano. Nesta semana, a agenda de Reformas do Já no Senado, a CPI da Pandemia planeja ouvir Governo deve dar mais um passo. O presidente primeiro governador. Ainda na incerteza sobre a da Câmara, Arthur Lira (PP/AL), anunciou que vai possibilidade de convocar governadores se reunir com os líderes partidários para definir as estaduais, a CPI da Pandemia marcou para esta próximas etapas da Reforma Administrativa – que semana o depoimento do governador do já teve sua admissibilidade aprovada na Comissão Amazonas, Wilson Lima (PSC). Sua convocação, de Constituição e Justiça e de Cidadania (CCJC). inicialmente, estava prevista apenas para o dia 29, mas operações policiais da última semana levaram Por outro lado, a Reforma Tributária segue sem o colegiado a antecipar a oitiva. No entanto, uma previsão clara. Apesar do acordo pelo fatiamento ação de 18 governadores questiona no STF a da proposta – firmado pelo Planalto e pelos validade de convocação pela CPI – a relatora, presidentes da Câmara e do Senado – os projetos ministra Rosa Weber, ainda não se manifestou. que tratam sobre a matéria ainda não têm prazo Aliados do Planalto tentam manter o depoimento para começarem a tramitar. Diversos segmentos dos chefes dos Executivos locais. econômicos têm resistido à ideia do fatiamento, assim como estados e municípios. Além disso, a CPI também deve enfrentar nesta semana pedidos de quebras de sigilo. -
OECD, "Seminar on Capital Movements Agenda,"
PROGRAMME SEMINAR ON OPEN AND ORDERLY CAPITAL MOVEMENTS Does global co-operation matter? 25 October 2016, OECD, Paris Organised by the OECD in co-operation with Germany (Federal Ministry of Finance) as the upcoming G20 Presidency Open and orderly capital movements: does global co-operation matter? An open, transparent and orderly global system of capital flows underpins global growth and stability. In light of the increasingly interconnected global economy, faced with episodes of heightened capital flows volatility, significant value is attached to credible commitment mechanisms to rules-based and co-operative approaches to capital flows that send a positive signal of a predictable policy agenda. This type of framework will help countries maintain markets’ confidence and continue to attract the long-term, high-quality capital needed to support inclusive growth and sustainable development. The OECD Code of Liberalisation of Capital Movements (the Code) provides such a framework. As an instrument that encourages co-operation, it has provided a tried and tested process for global dialogue for over 50 years. The Code is used by the 35 OECD countries, including emerging economies, as well as by non-OECD countries. Four non-OECD countries have applied for adherence since it was opened to all in 2012. It is a living instrument adaptable to countries at different levels of development, through built-in flexibility clauses that allow temporary suspension of liberalisation commitments in times of economic and financial disturbance. Over time, Adherents have developed a body of well-established jurisprudence on the implementation of the Code’s rights and obligations and the conformity of individual country measures. -
Risk and Regulation Monthly November 2020 Contents
CENTRE for REGULATORY STRATEGY EMEA Risk and Regulation Monthly November 2020 Contents CONTENTS HIGHLIGHTS COVID-19 BANKING CAPITAL MARKETS INVESTMENT MANAGEMENT CENTRAL BANK OF IRELAND OTHER CONTACTS Highlights In Ireland, the Central Bank published the outcome of its thematic review of fund management companies. It was found that a significant number of firms have not fully implemented the framework for governance, management and oversight in fund management companies. The European Commission published a consultation on AIFMD. This ask respondents whether fund delegation rules should be accompanied with quantitative criteria or a list of core functions that cannot be delegated. For a full list of COVID-19 related regulatory, monetary and fiscal policy initiatives, please see our report available here. COVID-19 Speech by Pablo Hernández de Cos, Governor of the Bank of Spain, on EU Spain's experience with risks and ECB vulnerabilities in the corporate sector as a result of the COVID-19 crisis Speech by Philip R. Lane, Member of the Executive Board at the ECB, on the Speech by Luigi Federico Signorini, ECB’s monetary policy in the pandemic Deputy Governor at the Bank of Italy on mobilising private finance for a Interview of Christine Lagarde, green recovery and hence “building President of the ECB on the role of the back better” ECB in non-normal times Macroprudential bulletin covering the Speech by Randal K Quarles, Vice usability of capital buffers Chairman for Supervision of the Board of Governors of the Federal Reserve ECB - -
Diário Da Câmara Dos Deputados De 29/10/2020
REPÚBLICA FEDERATIVA DO BRASIL , DIARIOA DA CAMARA DOS DEPUTADOS ANO LXXV Nº 191, QUINTA-FEIRA, 29 DE OUTUBRO DE 2020 BRASÍLIA - DF MESA DA CÂMARA DOS DEPUTADOS (Biênio 2019/2021) PRESIDENTE RODRIGO MAIA (DEM-RJ) MARCOS PEREIRA 1º VICE-PRESIDENTE (REPUBLICANOS-SP) 2º VICE-PRESIDENTE LUCIANO BIVAR (PSL-PE) 1ª SECRETÁRIA SORAYA SANTOS (PL-RJ) 2º SECRETÁRIO MÁRIO HERINGER (PDT-MG) 3º SECRETÁRIO EXPEDITO NETTO (PSD-RO) 4º SECRETÁRIO ANDRÉ FUFUCA (PP-MA) 1º SUPLENTE DE SECRETÁRIO RAFAEL MOTTA (PSB-RN) 2ª SUPLENTE DE SECRETÁRIO GEOVANIA DE SÁ (PSDB-SC) 3º SUPLENTE DE SECRETÁRIO ISNALDO BULHÕES JR. (MDB-AL) 4º SUPLENTE DE SECRETÁRIO PAULÃO (PT-AL) CÂMARA DOS DEPUTADOS SUMÁRIO SEÇÃO I Proposições 1. PROPOSIÇÕES APRESENTADAS ..................................... 4 2. RESPOSTAS RECEBIDAS A REQUERIMENTOS DE INFORMAÇÃO .................... 9 Comissões 3. ORDEM DO DIA DAS COMISSÕES .................................... 11 SEÇÃO II Mesa Diretora 4. ATAS DA MESA ............................................. 13 Ata da 6ª RO de 22-julho-2020 . 14 Ata da 7ª RO de 1-setembro-2020 . 88 Composição da Câmara dos Deputados 5. COMPOSIÇÃO DA CÂMARA DOS DEPUTADOS ............................. 98 SUPLEMENTO Representação 4 Quinta-feira 29 DIÁRIO DA CÂMARA DOS DEPUTADOS Outubro de 2020 1. PROPOSIÇÕES APRESENTADAS Outubro de 2020 DIÁRIO DA CÂMARA DOS DEPUTADOS Quinta-feira 29 5 PROPOSIÇÕES APRESENTADAS NO DIA 28/10/2020 PROJETO DE LEI COMPLEMENTAR PLP 258/2020 - da Srª. Dulce Miranda - Altera a Lei Complementar nº 101, de 4 de maio de 2000, para instituir vedação à limitação de empenho das despesas relativas ao Sistema Único de Assistência Social (Suas). PROJETO DE LEI PL 5049/2020 - do Sr. Fernando Rodolfo - Acresce o parágrafo 10 ao artigo 2º da Lei nº 12.850, de 2 de agosto de 2013, para responsabilizar, nos crimes cometidos por organização criminosa armada, o agente que adirige, financia ou promove, na medida de sua culpabilidade PL 5050/2020 - do Sr. -
Local Currency Bond Markets Conference South African Reserve Bank (SARB) Conference Centre, Pretoria, South Africa
Local Currency Bond Markets Conference South African Reserve Bank (SARB) Conference Centre, Pretoria, South Africa Thursday, 8 March 2018 Venue: SARB Conference Centre Auditorium 11.00 – 12.00 Registration 12.00 – 13.00 Finger lunch Programme Director: Mr Nimrod Lidovho, SARB 13.00 – 13.15 Welcome address by Governor Lesetja Kganyago, SARB 13.15 – 13.45 Opening remarks "Facing up to the original sin - The German experience of establishing a local currency bond market" by Andreas Dombret, Board Member, Deutsche Bundesbank 13.45 – 14.30 Keynote “Local currency markets – the case of a development bank” Joachim Nagel, Member of the Executive Board, KfW 14.30 – 14.45 Coffee break 14.45 – 15.30 “African growth and prosperity: the important role of local currency bond markets” by Stacie Warden, Executive Director, Center for Financial Markets, Milken Institute 15.30 – 16.15 Expert speech “Challenges of development of LCBM in emerging markets” Leon Myburgh, SARB 16.15 – 17.15 Bilateral talk “CWA: Development of financial markets in Africa” moderated by Deputy Governor Daniel Mminele, SARB Dondo Mogajane and Ludger Schuknecht, co-chairs of G-20 Africa Advisory Group, ZAF/GER Venue: SARB Conference Centre Banqueting Room 18.00 – 21.00 Conference dinner 18.00 – 18.20 Dinner remarks by Deputy Governor Daniel Mminele, SARB Friday, 9 March 2018 Venue: SARB Conference Centre Auditorium Programme Director: Mr Martin Dinkelborg, Deutsche Bundesbank 9.00 – 10.30 Panel discussion “The role of central banks in establishing primary markets” moderated by Zafar -
Ignazio Visco: the fi Nancial Crisis and Economists’ Forecasts
Ignazio Visco: The fi nancial crisis and economists’ forecasts Commencement address by Mr Ignazio Visco, Deputy Director General of the Bank of Italy, to the students of the Master in Public Economics at the Faculty of Economics, La Sapienza University, Rome, 4 March 2009. While I alone am responsible for the views put forward in this paper, I wish to thank Fabio Busetti, Michele Caivano, Eugenio Gaiotti, Alberto Locarno, Sergio Nicoletti Altimari, Patrizio Pagano, Fabio Panetta and Stefano Siviero for discussions on its various parts and for their practical assistance. The original speech, which contains various links to the documents mentioned, can be found on the Bank of Italy’s website. 1. Introduction T IS PERHAPS early to draw lessons from the crisis that has hit the global economy. The crisis appears severe and widespread, its effects far-reaching and long-lasting. IMeasures of various kinds have been taken or are in the process of being taken regarding monetary policy, the use of public resources and the revision of rules and institutions on which the proper functioning of the markets and the operation of fi nancial intermediaries depend. The present is undoubtedly a period of maximum efforts on the part of economic policy and overall political action, efforts that are directly proportional to the seriousness of the crisis. But this is also a moment in which the interpretative models used in analyzing our economies start being reconsidered and attempts are being made at identifying the reasons underlying the failures of markets, economic policies and economists’ forecasts. Besides, this is also necessary in order to better defi ne interventions – global, substantial, focused and lasting – aimed at overcoming the crisis and, as far as possible, preventing, with the design of new rules, new institutions and new policies, such serious instability from occurring again. -
Haruhiko Kuroda: Opening Remarks
January 17, 2019 Bank of Japan Opening Remarks at the G20 Finance and Central Bank Deputies Meeting Haruhiko Kuroda Governor of the Bank of Japan Good afternoon. It is a great honor for me to work with you and to serve as co-chair with Minister Aso at the G20 Finance Ministers and Central Bank Governors Meetings this year. The G20 was established in 1999, twenty years ago. It was the year when the euro was introduced and two years after the Asian Financial Crisis. I attended the inaugural meeting in Berlin as Vice-Minister of Finance for International Affairs. The main objective of the G20 was to promote cooperation among systemically significant economies including emerging market economies, in order to achieve stable and sustainable global growth. Later, the leaders' summit was initiated in response to the global financial crisis in 2008, and the G20 played a significant role in coordinating policy responses to the crisis. Since then, as the world economy has recovered from the crisis, the G20 has discussed a wide range of issues to promote strong, sustainable, balanced, and inclusive growth. While the role and agenda of the G20 have evolved over time, I would like to point out three important values that have been emphasized consistently, based on my long-time involvement in the G20 since its inauguration. First, we recognize that the expansion of cross-border transactions of goods, services, and finance will benefit all countries. We need to conduct policies so that many people can enjoy the positive effects of international trade and capital flows on growth and productivity gains, while minimizing their potential negative impacts.