iMFdirect—Our Top 10 Posts


As iMFdirect looks back at two years since our blog on global economics was launched in August 2009, we’ve compiled a list of  the posts that have drawn the most attention.

Collectively, the posts give a snapshot of some of the biggest challenges in the world economy—which because of this summer’s developments remain, in some ways, much the same today as two years ago. It’s worth noting that John Lipsky’s outlook for 2011 listed as the No. 1 downside risk to the global economy: “Renewed turbulence in sovereign debt markets could spill over to the real economy and across regions.”

From the start our aim has been to stimulate debate about global economic issues and to open up discussion, through the blog, to a broader audience. During the past two years we’ve had more than 200 posts from leading economists, including several Nobel Prize winners. Many have been reproduced by other blogs around the world and hundreds of people have provided comment and feedback, and participated in constructive debate.

Here are the iMFdirect posts that have drawn the highest number of views:

1. Ten Commandments for Fiscal Adjustment in Advanced Economies

2. Rewriting the Macroeconomists’ Playbook in the Wake of the Crisis

3. Fair and Substantial—Taxing the Financial Sector

4. 2010 Outlook: New Year, New Decade, New Challenges

5. The Future of Macroeconomic Policy: Nine Tentative Conclusions

6. Nanjing and the New International Monetary System

7. Global Safety Nets: Crisis Prevention in an Age of Uncertainty

8. 2011—A Pivotal Year for Global Cooperation

9. Warning! Inequality May Be Hazardous to Your Growth

10. Thinking Beyond the Crisis: Themes from the IMF’s 10th Annual Research Conference

Let us know what you think and subjects you would like to discuss. What would you like to see more of and what less of? We welcome your views and comments.

All Eyes on Paris and the G-20


By iMFdirect

Certainly the world did not end in 2008 with the collapse of Lehman and the crisis that followed. But, it didn’t mostly—perhaps only—because extraordinary international policy cooperation helped avert a far worse outcome.
Dominique Strauss-Kahn

… the G-20 has now to adapt to a new economic environment. It must prove that it is able to coordinate the economic policies of major economies on an ongoing basis.
French G-20 Presidency

G-20 Finance Ministers and Central Bank Governors gather in Paris for their first ministerial level meeting of France’s G-20 presidency at a critical juncture Continue reading

2011—A Pivotal Year for Global Cooperation


By John Lipsky

(Version in Español | 中文 | Français | 日本語 | Русский | عربي )

2011 represents a pivotal year for the global economic recovery and for international policy cooperation—as well as for the role of the Fund in addressing these two principal challenges.

With the crisis of 2008-09 receding, and following the unprecedented efforts expended in 2010 developing the outlines of a new, post-crisis world, 2011 will be the year in which post-crisis plans will be implemented, tested, and assessed. If they are deemed to be successful, it will not be an exaggeration to claim that a new model for global economic and financial governance will be under way. If unsuccessful, however, the sense of failure likely would undermine confidence while adding to the formidable list of challenges to be overcome. Continue reading

More to Do on Financial Sector Tax, Says IMF’s Lipsky


In an interview from Davos, Switzerland, the IMF’s First Deputy Managing Director John Lipsky said that although the mood among delegates is more upbeat than it was one year ago during the crisis, people still have concerns about the resilience of the economic recovery.

In its latest world economic outlook, released just ahead of the World Economic Forum meeting in Davos, the IMF is forecasting that world growth will bounce back from negative territory in 2009 to 3.9 percent this year and 4.3 percent in 2011.

Lipsky also said it was clear that decision makers feel under intense political pressure to act on financial sector regulation. A consensus on how to move ahead on a financial sector tax hasn’t emerged yet, but Lipsky said that a process initiated by the G-20 industrialized and emerging market countries will play a key role in making decisions about the issue.

Continue reading

Don’t Forget Financial Sector Reform


By John Lipsky

There is a broad consensus on at least one conclusion from the turmoil of the past few years: Fundamental changes are needed in the global financial sector.

Some of these changes seem relatively clear:

  • Risk management of many financial firms needs strengthening
  • Compensation schemes need to be re-evaluated
  • Capital standards need to be bolstered
  • Regulation needs fundamental reform
  • Supervision needs to be improved
  • And financial institutions’ balance sheets need to be freed of the burden of impaired assets.

Nonetheless, important tradeoffs will have to be addressed—and political hurdles surmounted—before significant progress can be achieved.

Continue reading

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