Tokyo links — IMF-World Bank Annual Meetings

The 2012 annual meetings of the IMF and the World Bank are being held this year in Tokyo at a crucial time for the world economy. Track everything through the live events schedule  (all Tokyo times).

Key reports out this week are

banner in Tokyo

Stay up-to-date through timely reports from IMF Survey online, through iMFdirect blog, World Bank Voices, and through regular video briefings and YouTube.  Also track news and commentary through Google +.

Extensive Japanese  (日本語) language content and updates are also available.

The Meetings bring together more than 10,000 central bankers, ministers of finance and development, private sector executives, academics, and journalists to discuss global economic issues and the interconnected world.

4 Responses

  1. Note the two key words here,”Crucial Time.”

    It would appear that the IIMF and the World Bank and others are spending a lot of time at a useless meeting; they get paid for these meetings and we the tax-payers are footing the bill.

    Question,
    Will they finally begin to discuss the Capital Requirements of banks? No, they will not, why should they? These corrupt bankers are in control of the World Bank and are in full control of the IMF. Over the past number of years, the IMF/ECB and the EU have done nothing to sort out the banks. The IMF/ECB/EU and Germany do not give a toss if a country is on it’s knees as long as their corrupt buddies in the banks get their money.

    These banks do not care if someone loses their home. They do not care if a business closes down. They do not care if Interest Rates go down. They will still find away to line their own pockets and to line the pockets of government ministers.

    Over the past few days, we had someone from the central bank of Ireland say wages are still too high; what he did not say was that wages are too high for these corrupt bankers/civil servants. He did not say anything about the fat-cat bonuses he and others in these banks will get in around 3 months time. He said nothing about the way banks are allowed to push up mortgage repayments without question. I don’t give a toss about Germany or anyone else, but u can be sure of one thing: As long as the Irish government allows the two main Irish banks to do as they please, they will require another bailout within the next 6 months, and in turn Ireland WILL require a second bailout.

    • Philip. I do sympathize with much of your sentiment, but we have perhaps reached a point where discussing the fundamental lunacy embedded in the current capital requirements for banks is becoming unavoidable.

      I say this because now we can read some voices in the regulatory establishment expressing dissent in terms which no longer much compatible with a mutual admiration club. For instance, Thomas Hoenig, a director of the FDCI of the U.S. has recently opined:

      “A decade of expanding financial subsidies and misaligned incentives gave us an economy ripe for crisis, which erupted full bore in the fall of 2008. What is particularly troubling to many is that activities leading to the crisis continue today — and continue to be subsidized — well after the lessons should have been learned.”

      “Complex capital requirements are very difficult to monitor and understand for banks, supervisors, and the market. – One problem is that the various capital requirements under Basel are essentially relative prices, which generally will be incorrect when they are administratively set.”

      And Hoenig’s opinion must surely be harder to ignore than those of a lowly financial consultant from a developing country like me who they feel they can ignore. And so it is much likelier now that the too much trusting Ministers of Finance will start asking the regulators the hard questions that should have been asked at least ten years ago.

    • Philip: It would be unfair to ignore your concern but after having reached this level known as the ‘fiscal cliff’ it warrants that regulatory institutions like the World Bank, IMF, and central banks should get out of their slumber.

      It will be much more disastrous if those responsible do not move. We cannot afford to allow the disease to kill the patient. These bankers/finance ministers/attorney generals should be shaken out of their lethargic attitude — they have become addicted to taking the things easy.

      These IMF annual meetings and publications will serve their purpose by highlighting the wrong decisions in a timely way. Quantitative Easing and bailouts can provide ‘surface treatment’ but cannot root out the disease. Strict financial discipline is needed and I think that the IMF’s surveillance program, although substantially late, is a step in the direction.

  2. And I wonder whether this year, about 5 years after the blow-up, they will finally begin to discuss how the current capital requirements for banks, based on ex-ante perceived risk, so fundamentally distort the economy.

    http://subprimeregulations.blogspot.com/2012/10/bank-regulator-how-dare-you-distort.html

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 805 other followers

%d bloggers like this: