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Goes beyond the call for more humanistic management in the aftermath of a series of corporate scandals and the recent financial crisis, and offers advice on how we can build more humanistic organizations with the help of integrity. The authors shed light on leadership, governance and further implementation issues.
In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.

Thailand

International Monetary Fund. Monetary and Capital Markets Department

Published: 2019-10-07

Total Pages: 136


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This Financial System Stability Assessment paper on Thailand highlights that assets of the insurance and mutual fund sectors have doubled as a share of gross domestic product over the last decade, and capital markets are largely on par with regional peers. The report discusses significant slowdown in China and advanced economies, a sharp rise in risk premia, and entrenched low inflation would adversely impact the financial system. Stress tests results suggest that the banking sector is resilient to severe shocks and that systemic and contagion risks stemming from interlinkages are limited. Financial system oversight is generally strong, but the operational independence of supervisory agencies can be strengthened further. The operational independence of supervisory agencies can be strengthened further by reducing the involvement of the Ministry of Finance in prudential issues and ensuring that each agency has full control over decisions that lie within its areas of responsibility.
The idealism that engendered the European ​​Neighbourhood Policy in 2004, later codified in the Lisbon Treaty in 2009, has since been reviewed to adapt to the turbulence that has befallen the EU and its neighbourhood. The ENP is now little more than an elegantly crafted fig leaf that purports to take a soft power approach to the EU’s outer periphery, argues the author, but in effect it inclines more towards Realpolitik. By prioritising security interests over liberal values in increasingly transactional partnerships, the EU is atomising relations with its neighbouring countries. And without the political will and a strategic vision to guide relations with the neighbours of the EU’s neighbours, the ENP remains in suspended animation.
Today's European Union is in an identity crisis as it seems to be losing its points of reference. The principles that upheld its creation are being increasingly questioned around the world and within the EU itself. Its chances to survive hinge upon its ability to deliver at home and abroad, without abandoning its values and principles but rather adapting and re-launching them. This volume offers policy options on key questions for the future of the EU: How to scale-up its role abroad? How to benefit from new partners without severing ties with traditional allies such as the US? How to contain Eurosceptic forces by reducing inequalities? And how to reinforce the euro while aiming at more sustainable and balanced growth?
Research carried out by the World Bank on the root causes of conflict and civil war finds that a developing country's economic dependence on natural resources or other primary commodities is strongly associated with the risk level for violent conflict. This book brings together a collection of reports and case studies that explore what the international community in particular can do to reduce this risk.; The text explains the links between natural resources and conflict and examines the impact of resource dependence on economic performance, governance, secessionist movements and revel financing. It then explores avenues for international action - from financial and resource reporting procedures and policy recommendations to commodity tracking systems and enforcement instruments, including sanctions, certification requirements, aid conditionality, legislative and judicial instruments.