Financial Crisis

Scaling up Development Finance

The Business and Sustainable Development Commission has estimated that achievement of Agenda 2030 for the Sustainable Development Goals will require US$2-3 trillion of additional investments annually compared to current world income of around US$115 trillion. This is a conservative estimate; annual investments of up to US$2 trillion yearly will be needed to have a chance of keeping temperature rise below 1.5°C.

Venezuela’s Government Is Following a “Policy to Repress,” the UN Says

After sending a team to investigate the human rights conditions in Venezuela amid growing political and economic crisis, the UN Human Rights Office has reported that the crushing of anti-government protests point to the “the existence of a policy to repress political dissent and instil fear in the population to curb demonstrations.”

Quantitative Easing for Wealth Redistribution

Following the 2007-2008 global financial crisis and the Great Recession in its wake, the ‘new normal’ in monetary policy has been abnormal. At the heart of the unconventional monetary policies adopted have been ‘asset purchase’ or ‘quantitative easing’ (QE) programmes. Ostensibly needed for economic revival, QE has redistributed wealth – regressively, in favour of the rich.

Leadership Failure Perpetuates Stagnation

What kind of leadership does the world need now? US President Franklin Delano Roosevelt’s leadership was undoubtedly extraordinary. His New Deal flew in the face of the contemporary economic orthodoxy, begun even before Keynes’ General Theory was published in 1936.

Why New US Cold War with Russia Now

Even before the imposition of new sanctions on Russia by Donald Trump and the ongoing fuss over Russian hackers undermining US democracy, Russian-American relations had deteriorated to a level not seen since the 1950s. Why?

UN Analytical Leadership in Addressing Global Economic Challenges

The United Nations recently released the 70th anniversary issue of its flagship publication, the World Economic and Social Survey (WESS). First published in January 1948 as the World Economic Report, it is the oldest continuous publication analyzing international economic and social challenges. The 2017 issue reviews 70 years of WESS policy recommendations, many of which remain relevant today to address global challenges and to achieve the 2030 Agenda or Sustainable Development Goals.

Asian Financial Crisis: Lessons Learned and Unlearned

Debates are taking place on whether there will be another financial crisis, whether in some part of the world or that is global in scope.  Governments draw lessons from financial crises to adopt measures to prevent their recurrence.  However, such measures are often designed to address the root causes of the last crisis but not the next one.  More importantly, they can actually become the new sources of instability and crisis. 

Migrant Contributions to Development: Creating a “New Positive Narrative”

Despite the “undeniable” benefits of migration, barriers including public misconceptions continue to hinder positive development outcomes, participants said during a series of thematic consultations here on safe, orderly, and regular migration.

Alcoholism Cannot Explain Russian Mortality Spike

The steep upsurge in mortality and sudden fall in life expectancy in Russia in the early 1990s were the highest ever registered anywhere in recorded human history in the absence of catastrophes, such as wars, plague or famine. The shock economic reforms in the former Soviet economies after 1991 precipitated this unprecedented increase in mortality, shortening life expectancy, especially among middle-aged males.

The G20 Needs To Go Back to its Roots

When the finance ministers of the G7 countries proposed the G20 in the late 1990s, a good sense of realism prevailed. They recognized that addressing issues of global finance required the political support from—and involvement of—emerging market economies.

Prepare Now for the Next Financial Crisis

The Asian financial crisis started 20 years ago and the global financial crisis and recession 9 years back. When a new global financial crisis strikes, the developing countries will be more damaged than in the last crisis as they have become less resilient and more vulnerable.  They thus need to prepare from being overwhelmed.

Early Death in Russia

The transition to market economy and democracy in the Russian Federation in the early 1990s dramatically increased mortality and shortened life expectancy. The steep upsurge in mortality and the decline in life expectancy in Russia are the largest ever recorded anywhere in peacetime in the absence of catastrophes such as war, plague or famine.

Reforming the International Financial System

When we fail to act on lessons from a crisis, we risk exposing ourselves to another one. The 1997-1998 East Asian crises provided major lessons for international financial reform. Two decades later, we appear not to have done much about them. The way the West first responded to the 2008 global financial crisis should have reminded us to do more. But besides accumulating more reserves, Southeast Asia has not done much else.

G20’s Record Does Not Inspire Hope

The G20 leaders meeting in Hamburg, Germany, on 7-8 July comes almost a decade after the grouping’s elevation to meeting at the heads of state/government level. Previously, the G20 had been an informal forum of finance ministers and central bank governors from advanced and emerging economies created in 1999 following the 1997-1998 Asian financial crisis.

1997 Asian Crisis Lessons Lost

After months of withstanding speculative attacks on its national currency, the Thai central bank let it ‘float’ on 2 July 1997, allowing its exchange rate to drop suddenly. Soon, currencies and stock markets throughout the region came under pressure as easily reversible short-term capital inflows took flight in herd-like fashion. By mid-July 1997, the currencies of Indonesia, Malaysia and the Philippines had also fallen precipitously after being floated, with stock market price indices following suit.

Southeast Asia: From Miracle To Debacle

The World Bank and other influential international financial institutions and development agencies have been touting Southeast Asian (SEA) newly industrializing countries as models for emulation, especially by African developing countries seeking to accelerate their development transformations. But these recommendations are usually based on misleading analysis of their rapid growth and structural transformation.

Putting the Spotlight on Women Migrant Workers

Migrant workers, and their economic contribution to the development of both the country of origin and the host country, have caught the eye of governments and policymakers worldwide.

UN Response Teams Underfunded as Costs Hit Staggering $23.5 Billion

UN response teams that help the most vulnerable people in the world are still largely underfunded, a new status report has revealed.The funding available to the teams is no match for the record number of people—141 million—who need assistance today.

East Asia’s Real Lessons

International recognition of East Asia’s rapid economic growth, structural change and industrialization grew from the 1980s. In Western media and academia, this was seen as a regional phenomenon, associated with some commonality, real or imagined, such as a supposed ‘yen bloc’.

UN Work Stoppage in Geneva Halts Human Rights Meeting

As UN staffers in Geneva threaten a strike, protesting a proposed salary cut of over 7.5 percent, a token two-hour “work stoppage” last week forced the Human Rights Council to suspend its meeting.

Migrant Workers Pour Trillions into World Economy

A new report by the International Fund for Agricultural Development (IFAD) says the flow of money from migrants—commonly located in developed countries—to their families in lower income countries has doubled over the last decade.

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