Beyond the Meltdown: Regulatory Reform of the Financial Sector
In the wake of the Wall Street meltdown, financial re-regulation is
high on the legislative calendar for 2009. The Consumer Education
Foundation, Demos, and Essential Information hosted an exciting
symposium about what needs to be done. It took place at the National Press Club in Washington, D.C. (CEPR
Co-Director Dean Baker participated in Panel # 3, "Charting a
New Course: Regulation and Restructuring after the Cataclysm").
December 11, 2008
Ecuador's Debt Audit: Implications in the Global Economic Crisis
Minister of Economy and Finance of Ecuador, Maria Elsa Viteri, discussed the implications of the Ecuadorian debt situation in the context of the global economic crisis, including the negative impacts of deregulation of the financial markets and the lack of appropriate established international mechanisms for auditing developing country debt.
Ecuador will announce a decision on December 15, 2008 regarding debt payment on approximately $3.8 billion in foreign debt. This comes after a 30-day grace period in which debt payments were suspended based on serious irregularities in the country’s debt history detailed in a 172-page final report by an independent Public Credit Audit Commission. If Ecuador defaults, it will be the first Latin America country to do so since Argentina in 2002.
Financial Turmoil and the "Solutions" -- Will it Help or Worsen the Effects on Developing Countries?
World leaders of the G-20 gathered in Washington to discuss solutions to the global financial crisis. Although the crisis originated in the deregulated financial markets of the developed countries, the impacts of the crisis - both in the financial sector and in the real economy - are spreading globally, including to many countries of the global South. Will the "solutions" discussed at the G-20 meeting help or hurt developing countries?
Panelists Martin Khor, Director of the Third World Network and Mark Weisbrot, Co-Director of CEPR, discussed appropriate regulatory mechanisms that are needed to prevent another similar crisis, and steps governments can take to reduce the impacts in the real economy of the US recession on countries globally.
Media Briefing: Economists Question IMF's 'Firefighting' Abilities in Current Economic Crisis
As world leaders gather in Washington November 15, 2008, for a summit to address the global economic crisis, the International Monetary Fund is being touted as a "financial firefighter." However, the IMF's track record of the last 30 years casts serious doubts on that institution's ability to contain the financial meltdown. Rather than dousing flames, the IMF's prescriptions have often poured gasoline on economic fires in emerging nations, crippling long-term development. Should the IMF be designated as the lender of last resort, it must overhaul the structural adjustment policies that prevent many nations from providing basic services for their people.
Argentina's Economic Recovery: Four Years After the Meltdown
National Press Club, November 30, 2005
Featuring: Mark Weisbrot, co-director of the Center for Economic and Policy Research and Michael Mussa, former Research Director for the International Monetary Fund and current Senior Fellow at the Institute for International Economics