Trust and the Future of Multilateralism
By David Lipton
May 10, 2018
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Where trust exists and is reciprocated—where there is “confidence” in policies, institutions and systems—economies will achieve more (photo: iStock by Getty Images).
We live in an era of doubts and questions about the global order. We have seen an erosion of trust in bedrock institutions—political parties, national governments, regional authorities, and among international trade and investment partners. […]
Staying Ahead of the Next Crisis: Improving Collaboration with Regional Financing Arrangements
By Petya Koeva Brooks, Pragyan Deb, and Nathan Porter
December 21, 2017
Version in 中文 (Chinese), 日本語 (Japanese)
Festival of lights in Chiang Mai, Thailand: Regional financing arrangements, such as the Chiang Mai Initiative, are playing a growing role in crisis prevention (photo: Tejas Tamobhid PATNAIK/newzulu/Newscom)
A decade ago, regional financing arrangements played a limited role in the global financial safety net. However, the global financial crisis has drastically changed the landscape. Governments have created new arrangements—such as the European Stability Mechanism and the Chiang Mai Initiative Multilateralization—and the resources in the global financial safety net tripled between 2007 and 2016. Because of this evolution, and since the time to repair the roof is when the sun is shining, effective and efficient collaboration between the IMF and regional arrangements has become critical to preventing and mitigating crises in many parts of the world. […]
Strength in Numbers: A Safety Net to Prevent Crises in the Global Economy
December 19, 2017
Version in عربي (Arabic); 中文 (Chinese), Español (Spanish), Français (French), 日本語 (Japanese), Русский (Russian)
Walking on a safety net: countries need insurance in bad economic and financial times (photo: Vivek Prakash/Newscom).
If you are lucky, when the going gets tough, you have a group of people you can rely on to help you through a crisis. Countries are no different—a safety net to help them in bad economic and financial times can make the difference in peoples’ lives. […]
What We Have Seen and Learned 20 Years After the Asian Financial Crisis
July 13, 2017
Versions in عربي (Arabic), Bahasa (Indonesia), 中文 (Chinese), Español (Spanish), Français (French),
日本語 (Japanese), Русский (Russian)
A trader in Seoul, South Korea: Asia is the largest contributor to global growth (photo: Ryu Seung-il/Polaris/Newscom)
Asia today is the fastest-growing region in the world, and the largest contributor to global growth. It has six members of the Group of Twenty advanced and emerging economies, and its economic and social achievements are well recognized.
But 20 years ago, July 1997 marked the beginning of the Asian Financial Crisis, when a combination of economic, financial and corporate problems triggered a sharp loss of confidence and capital outflows from the region’s emerging market economies. The crisis began in Thailand on July 2, when the baht’s peg to the dollar was dropped, and eventually spread to Korea, Indonesia and other countries. […]