The UK white paper on globalization - endorsed by the entire UK Government - was published in December.
This report will consider the linkages between financial and capital account liberalization, the implications for governments’ choice of macroeconomic policies and the impacts on poor people.
Financial liberalisation has created volatility in financial markets, threatening the orderly running of national economies.
While the cost of using bilateral contributions to finance multilateral debt reduction is relatively high, this would not be the case if genuinely additional resources could be generated
A new report by UNCTAD, Capital Flows to Developing Countries and the Reform of the International Financial System, concludes that until ways can be found at the international level to limit financial instability then developing countries should maintain national control over capital flows.
A new report from War on Want, The Global Gamblers, British Banks and the Foreign Exchange Game, finds that banks profit substantially from trading foreign currency during periods of financial instability.
In a parting shot as he departed the Bank on February 1st, Joseph Stiglitz, in an interview with the International Herald Tribune, said the interests of poor countries had not been “adequately represented in a lot of the international fora”, even when decisions were potentially harmful to them.
A new report from the IMF, Country Experiences with the Use and Liberalization of Capital Controls, reviews experience with the use of capital controls in 14 countries and provides detailed studies of the experience of the use of controls in Chile, India and Malaysia.
A new report from UK NGO CAFOD criticises the IMF response to the financial crisis as “inadequate and at times harmful to the interests of the poor” and urges “deep reforms”.
Action to change the IMF’s Articles of Agreement to extend the Fund’s purview to cover capital account liberalisation has been put on hold since the financial crisis.