Financial Crisis

Presentation, October 2016

South Centre Presentation to the Special Event of the Second Committee of the UN General Assembly

UNCTAD organized a special event of the Second Committee of the United Nations General Assembly on 26 October 2016 in New York on “SOVEREIGN DEBT RESTRUCTURINGS: Lessons learned from legislative steps taken by certain countries and other appropriate action to reduce the vulnerability of sovereigns to holdout creditors”. Ms. Yuefen Li, Special Advisor on Economics and Development Finance of the South Centre, spoke as a panelist and alerted the UN Member States of the current legislative challenges facing the sovereigns when it comes to the need for sovereign debt restructuring including the impact of the plurilateral and bilateral trade and investment agreements.

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Policy Brief 26, June 2016

Debt Dynamics in China – Serious problems but an imminent crisis is unlikely

Recently, there have been many articles in the international media predicting that China is facing an imminent financial/debt crisis worse than the 2008 US sub-prime crash. However, a closer look at the debt dynamics in China highlights some fundamental differences be-tween the debt situation of the source country of the 2008 global financial crisis and that of China. (more…)

Book by the South Centre, 2014

Liberalization, Financial Instability and Economic Development

 

Bk_2014_Liberalization, Financial Instability and Economic Development_EN_001About the book: Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. The book challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.

Author: Yılmaz Akyüz

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Book by the South Centre, 2012

Financial Crisis and Global Imbalances: A Development Perspective

 

eg2 Akyuz book1

About the book: This book examines – from a standpoint of promoting stability and growth in developing countries – key policy lessons to be drawn from the devastating global economic crisis of 2008-09. In this collection of papers on the 2008-09 Great Recession and its implications, leading economist Yılmaz Akyüz underlines the need for economic restructuring along the above lines with a view to more effective crisis prevention and intervention. Given their vulnerability to shocks and limited capacity to respond, he says, this reform process is an endeavor in which developing economies have a crucial interest.

Author: Yılmaz Akyüz

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Statement, 23 February 2016

World Economic Situation: Serious Difficulties Call For Bold Measures

Dr. Yılmaz Akyüz, Chief Economist of the intergovernmental organization South Centre, says that the 2008 financial crisis may be moving in a third wave that could devastate the Global South. (more…)

South Centre/ILO/IPD Brief, October 2015

 The Forthcoming Adjustment Shock

This policy brief is based on the working paper “The Decade of Adjustment: A Review of Austerity Trends 2010-2020 in 187 Countries” by Isabel Ortiz, Matthew Cummins, Jeronim Capaldo and Kalaivani Karunanethy, published by (more…)

South Centre/ILO/IPD Paper, October 2015

The Decade of Adjustment: A Review of Austerity Trends 2010-2020 in 187 Countries

By Isabel Ortiz, Matthew Cummins, Jeronim Capaldo, Kalaivani Karunanethy. Geneva: ILO, IPD Columbia University and the South Centre.

This paper: (i) examines the latest IMF government spending projections for 187 countries between 2005 and 2020; (ii) reviews 616 IMF country reports in 183 countries to identify the main adjustment measures considered by governments in both high-income and developing countries; (iii) applies the United Nations Global Policy Model to simulate (more…)

Policy Brief 20, August 2015

Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies:  The Case of Malaysia

Developing countries have become more closely integrated to the unstable international financial system in recent years.  The traditional cross-border financial and trade linkages been deepened;  but also the foreign presence in their domestic credit, bond, equity and property markets has reached unprecedented levels. New channels have thus emerged for the transmission of financial shocks from global boom-bust cycles. Almost all emerging and developing economies are now vulnerable to instability and shocks originating from the global financial system.  (more…)

Investment Policy Brief 2, July 2015

Crisis, Emergency Measures and the Failure of the ISDS System: The Case of Argentina

This brief gives an account of Argentina’s experience with investor-state dispute settlement in 2001-2014. Between 2002 and 2007, Argentina was the subject of a quarter of all the cases initiated within the framework of the International Centre for Settlement of Investment Disputes (ICSID) Convention. These cases were triggered by changes within the regulatory framework for international investments –particularly in sectors related to the provision of public services– as a result of the implementation of a package of measures aimed at tackling one of the worst economic crises in Argentina’s history. (more…)

Statements, 3-5 February 2015

South Centre Statements on Sovereign Debt Restructuring Processes

The following are two Statements presented by the South Centre on Options for moving forward and Crisis Resolution & International Debt Workout Mechanisms for a multilateral legal framework for sovereign debt restructuring processes. (more…)

Research Paper 60, January 2015

Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies

After a series of crises with severe economic and social consequences in the 1990s and early 2000s, emerging and developing economies (EDEs) have become even more closely integrated into what is widely recognized as an inherently unstable international financial system. Both policies in these countries and a highly accommodating global financial environment have played a role. Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic credit, bond, equity and property markets has reached unprecedented levels. (more…)

Policy Brief 16, September 2014

Resolving Debt Crises: How a Debt Resolution Mechanism Would Work

The issue of foreign debt has made a major comeback. This is due to the crisis in Europe, in which many countries had to seek big bailouts to keep them from defaulting on their loan payments.

Before this, debt crises have been associated with African and Latin American countries. In 1997-99, three East Asian countries also joined the indebted countries’ club. (more…)

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