Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Lagarde’

DIE TÜCKEN STAATLICHER BILANZEN

Posted by hkarner - 24. Oktober 2018

FURCHE-Kolumne 252 Wilfried Stadler

Seit 2011 steht Christine Lagarde an der Spitze des Internationalen Währungsfonds (IWF). Unter ihrer souveränen Führung leistete diese nach dem Zweiten Weltkrieg gegründete, globale Zentralbank entscheidende Beiträge zur Überwindung der Eurokrise. Aus den Reihen der für den Währungsfonds tätigen Ökonomen gehen immer wieder Wirtschafts-Nobelpreisträger hervor, wie zuletzt vor wenigen Wochen der US-Amerikaner Paul Romer und vor ihm schon 2001 Joseph Stiglitz.

Vor kurzem traten nun die die IWF-Experten mit einem neuen Thema an die Öffentlichkeit, von dem sie vielleicht insgeheim hoffen, wieder eine Grundlage für spätere Auszeichnungen zu schaffen. Es geht um den ambitionierten Versuch, Staatshaushalte nicht nur nach der Höhe des Schuldenstandes zu bewerten und danach, ob diese Schulden aller Voraussicht nach auch bedient werden können. Das höchst ehrgeizige Ziel ist, darüber hinaus eine Art Vermögensbilanz des öffentlichen Sektors zu erarbeiten. Den Rest des Beitrags lesen »

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IWF-Chefin prophezeit Wetterumschwung in der Weltwirtschaft

Posted by hkarner - 2. Oktober 2018

Die Weltwirtschaft werde nicht mehr auf dem noch im Juli prognostizierten Niveau von 3,9 Prozent wachsen, sagt IWF-Chef Christine Lagarde.

IWF-Chef Christine Lagarde

Der Internationale Währungsfonds (IWF) sieht einen Wetterwechsel in der Weltwirtschaft bevorstehen. Viele Länder hätten Probleme, ihr Versprechen von größerem Wohlstand einzulösen, sagte IWF-Chefin Christine Lagarde am Montag in Washington.

Einige der Risiken, die der IWF in seinen zurückliegenden Wirtschaftsprognosen skizziert habe, seien im Begriff einzutreten. „Es schüttet noch nicht, aber es nieselt schon ein bisschen“, sagte Lagarde, die in einer früheren Rede die Politiker in aller Welt aufgefordert hatte, sie sollten „das Dach reparieren, solange die Sonne scheint.“

Trump-Politik nicht zielführend

Die Weltwirtschaft werde nicht mehr ganz auf dem noch im Juli prognostizierten Niveau von 3,9 Prozent wachsen, sagte Lagarde. Es bedürfe jetzt klarer politischer Entscheidungen. „Wir müssen steuern, nicht uns treiben lassen“, betonte Lagarde. Sie untermauerte ihre Position, dass die von US-Präsident Donald Trump eingeschlagene Abschottungspolitik nicht zielführend sei. Den Rest des Beitrags lesen »

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Ten Years After Lehman—Lessons Learned and Challenges Ahead

Posted by hkarner - 6. September 2018

By Christine Lagarde

September 5, 2018, IMF Blog

The global financial crisis remains one of the defining events of our time. It will forever mark the generation that lived through it. The fallout from the crisis—the heavy economic costs borne by ordinary people combined with the anger at seeing banks bailed out and bankers enjoying impunity, at a time when real wages continued to stagnate—is among the key factors in explaining the backlash against globalization, particularly in advanced economies, and the erosion of trust in government and other institutions.

In this sense, the crisis cast a long shadow, which shows no sign of going away any time soon. Yet the tenth anniversary of the collapse of Lehman Brothers—what I once referred to as a “holy cow” moment—gives us an opportunity to evaluate the response to the crisis over the past decade.

The collapse of Lehman Brothers provoked a broader run on the financial system, leading to systemic crisis. All told, twenty-four countries fell victim to banking crises, and economic activity has still not returned to trend in most of them. One study suggests that the average American will lose $70,000 in lifetime income because of the crisis. Governments continue to feel the pinch too. Public debt in advanced economies rose by more than 30 percentage points of GDP—partly due to economic weakness, partly due to efforts to stimulate the economy, and partly due to bailing out failing banks.

We are now facing new, post-crisis, fault lines. Den Rest des Beitrags lesen »

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Estimating Cyber Risk for the Financial Sector

Posted by hkarner - 23. Juni 2018

June 22, 2018

Average annual losses to financial institutions from cyber-attacks could reach a few hundred billion dollars a year 

Cyber risk has emerged as a significant threat to the financial system. An IMF staff modeling exercise estimates that average annual losses to financial institutions from cyber-attacks could reach a few hundred billion dollars a year, eroding bank profits and potentially threatening financial stability.

Recent cases show that the threat is real. Successful attacks have already resulted in data breaches in which thieves gained access to confidential information, and fraud, such as the theft of $500 million from the Coincheck cryptocurrency exchange. And there is the threat that a targeted institution could be left unable to operate.

Not surprisingly, surveys consistently show that risk managers and other executives at financial institutions worry most about cyber-attacks, as in the graphic below. Den Rest des Beitrags lesen »

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Creating a Better Global Trade System

Posted by hkarner - 30. Mai 2018

May 29, 2018

Trade in services has risen dramatically and the use of technology is changing how countries trade with each other 

Recent news on global trade has tended to focus on protectionist measures and diplomatic tensions. These challenges have raised concerns over growth and jobs across the world.

Yet what is often lost in the current discussions is that we are entering a new era of trade—an era in which data flows are becoming more important than physical trade.

The new era

Think about it: between 1986-2008, global trade in goods and services grew at more than twice the rate of the global economy. In recent years, however, growth in this more traditional type of trade has barely exceeded global GDP growth. Den Rest des Beitrags lesen »

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Shining a Bright Light into the Dark Corners of Weak Governance and Corruption

Posted by hkarner - 24. April 2018

By Christine Lagarde, IMF Blog

April 22, 2018

Anti-corruption strategies require broader regulatory and institutional reforms (Kritchanut/iStock).

The IMF Executive Board has just endorsed a new framework for stepping up engagement on governance and corruption in our member countries. Let me talk about why this is important and what it means for our work.

Costs of corruption

We all know that entrenched corruption is economically pernicious, undermining the ability of countries to deliver inclusive and sustainable economic growth. Den Rest des Beitrags lesen »

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IWF-Finanzministertreffen in Zeiten der Mega-Nervosität

Posted by hkarner - 14. April 2018

„Das System fester Regeln und einer gemeinsam getragen Verantwortung im Welthandel droht zerrissen zu werden“, warnt die Chefin des Internationalem Währungsfonds.

Selten fanden Tagungen von Internationalem Währungsfonds (IWF) und Weltbank in den vergangenen Jahren in einem derart angespannten Umfeld statt wie die Frühjahrstagung in der kommenden Woche in Washington. „Die Nervosität ist zum Greifen“, merkt ein langjähriger Teilnehmer an. Dabei scheint, wenn man allein die Wachstumszahlen der Weltwirtschaft betrachtet, alles im Lot. Das sagt auch IWF-Chefin Christine Lagarde. „Aber die Jubel-Stimmung von vor einem Jahr ist verflogen“, beschreibt ein Insider. Viel zu bedrohlich sei, was in der Welt geschehe. Die Liste ist lang: vom massiven US-Handelsstreit mit China und anderen Staaten über die Unsicherheiten durch einen völlig unberechenbaren US-Präsidenten, das drastisch verschlechterte Verhältnis des Westens zu Russland bis hin zu militärischen Konflikten, insbesondere dem in und um Syrien. Den Rest des Beitrags lesen »

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It’s Time to Let Women Thrive

Posted by hkarner - 25. Januar 2018

Erna Solberg

Erna Solberg is Prime Minister of Norway.

Christine Lagarde is Managing Director of the International Monetary Fund. She previously served as France’s finance minister from 2007-2011, and in 2009 was named by the Financial Times as the best finance minister in the eurozone.

At the start of 2018, the #MeToo movement has given global efforts to empower women new momentum, and provided an opportunity for governments to take concrete steps to boost female workforce participation. In fact, that, as much as anything else, may be what is needed to sustain today’s global economic recovery.

DAVOS – In public debates around the world, women’s empowerment is increasingly being recognized as a top priority. The question of how to provide more economic opportunities for women is firmly on the agenda at the World Economic Forum’s annual meeting in Davos this year. And longtime advocates for women are feeling energized, as countless others – men and women alike – have come to recognize the urgency of the task.

Affording women and girls the opportunity to succeed is not just the right thing to do; it can also transform societies and economies for the good of all. For example, bringing women’s labor force participation up to the same level as that of men would boost GDP by as much as 9% in Japan and 27% in India. Den Rest des Beitrags lesen »

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Fintech: Capturing the Benefits, Avoiding the Risks

Posted by hkarner - 21. Juni 2017

By Christine Lagarde, IMF Blog

June 20, 2017

A signboard at a store in Guangzhou, China, lists various forms of mobile payment (photo: Imagine China/Newscom)

When you send an email, it takes one click of the mouse to deliver a message next door or across the planet. Gone are the days of special airmail stationery and colorful stamps to send letters abroad.

International payments are different. Destination still matters. You might use cash to pay for a cup of tea at a local shop, but not to order tea leaves from distant Sri Lanka. Depending on the carrier, the tea leaves might arrive before the seller can access the payment.

All of this may soon change. In a few years, cross-border payments and transactions could become as simple as sending an email.

Financial technology, or Fintech, is already touching consumers and businesses everywhere, from a local merchant seeking a loan, to the family planning for retirement, to the foreign worker sending remittances home. Den Rest des Beitrags lesen »

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Maintaining the Positive Momentum of the Global Economy

Posted by hkarner - 15. März 2017

Posted on by iMFdirect

Lagarde.2015MDPORTRAIT4_114x128By Christine Lagarde

Versions in: عربي (Arabic), Français (French), and Deutsch (German)

Baden-Baden, the German spa town built on ancient thermal springs, is a fitting venue to discuss the health of the global economy during this week’s meeting of the Group of Twenty finance ministers and central bank governors.

Policymakers will likely share a sense of growing optimism, because the recent strengthening of activity suggests that the world economy may finally snap out of its multi-year convalescence. 

Economic prescriptions have played an important part in the recovery, and will continue to do so for some time. Maintaining the positive growth momentum continues to require supportive macroeconomic policies. And the participants at the meetings will need to take action, individually and collectively, to make growth more inclusive and resilient.

Have we reached a turning point? The short answer is yes—at least for now. Growth outturns in the second half of last year were generally solid. Manufacturing and confidence indicators are picking up, and there are signs that global trade volumes are rising along with them. Den Rest des Beitrags lesen »

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