Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘World Bank’

The World Bank Needs to Return to Its Mission

Posted by hkarner - 11. Februar 2018

Jeffrey D. Sachs, Professor of Sustainable Development and Professor of Health Policy and Management at Columbia University, is Director of Columbia’s Center for Sustainable Development and of the UN Sustainable Development Solutions Network. His books include The End of Poverty, Common Wealth, The Age of Sustainable Development, and, most recently, Building the New American Economy.

With a clear plan, the World Bank would be able to find partners to help it support progress toward achieving the Sustainable Development Goals, which has been disappointing so far. Instead, the Bank is adopting an approach that would leave poor countries mired in debt, by relying on Wall Street to finance their basic needs.
NEW YORK – The World Bank declares that its mission is to end extreme poverty within a generation and to boost shared prosperity. These goals are universally agreed as part of the Sustainable Development Goals. But the World Bank lacks an SDG strategy, and now it is turning to Wall Street to please its political masters in Washington. The Bank’s president, Jim Yong Kim, should find a better way forward, and he can do so by revisiting one of his own great successes. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »

Paul Romer’s Parting Words: Clarity Can Undermine Agreement at World Bank

Posted by hkarner - 29. Januar 2018

Date: 28-01-2018
Source: The Wall Street Journal

Mr. Romer resigned soon after expressing concerns about the “integrity” of the process behind the World Bank’s business competitiveness rankings

Paul Romer stepped down as chief economist at the World Bank Wednesday after creating an international stir by publicly discussing his concerns about the way the World Bank ranked countries in its signature competitiveness rankings. Shown, Mr. Romer in October 2016.

Paul Romer, who resigned Wednesday as the chief economist of the World Bank, said the institution faces “inevitable tension” between its diplomatic aims and its goal of supporting scientific research in its economics department.

“The World Bank must operate in the world of diplomacy,” Mr. Romer said in a statement posted on his blog Thursday, his first public remarks since his abrupt resignation. “This creates an inevitable tension between the domains of science and diplomacy.”

He did not directly address the reason for his resignation, which came in the aftermath of a series of clashes with other World Bank economists that boiled over into public view. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »

Kurzes Gastspiel: Chefökonom der Weltbank zieht sich zurück

Posted by hkarner - 25. Januar 2018

Nach vielen Auseinandersetzungen gab der Ökonom Paul Romer gestern seinen Rücktritt bekannt.

Das Gastspiel von Paul Romer als Chefökonom der Weltbank war nicht von langer Dauer. Nach nur 16 Monaten habe sich der 62-jährige entschieden, sich zurückzuziehen. Das gab Weltbankchef Jim Yong Kim am Mittwoch in einer Mitteilung an die Belegschaft bekannt.

Überraschend ist dieser Schritt nicht, nachdem es schon seit einigen Monaten Schwierigkeiten mit Romer gegeben hatte. Im Mai musste er die Aufsicht über die Development Economics Group abgeben. Wissenschaftler hatten sich nämlich über seinen eigenwilligen Führungsstil empört.
Die Kluft zu seinen Kollegen wurde immer größer, nachdem sich Romer regelmäßig über sie beschwerte. Sie würden nicht im Sinne der Weltbank, sondern im eigenen Interesse agieren, so sein Vorwurf. Das tat dem Arbeitsklima nicht gut. In den vergangenen Monaten arbeitet Romer abseits der Forschungsabteilung.

Sein Abgang scheint also für alle Beteiligten eine Erleichterung zu sein. Künftig will Paul Romer wieder als Professor an der Stern School of Business an der New Yorker Universität arbeiten.


Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »

Central Bankers Can’t Savor Their Stimulus Success

Posted by hkarner - 29. August 2017

Date: 28-08-2017
Source: The Wall Street Journal

Worry over issues in Washington draws focus from timing to withdraw measures put in place years ago

JACKSON HOLE, Wyo.—Central bankers have been looking forward for years to a moment when the world economy is growing steadily again, allowing them to unwind extraordinary monetary stimulus from global markets.

They are now in such a moment, but at the Federal Reserve’s annual retreat here over the weekend they found their attention turned to other challenges, including a possible leadership transition at the Fed next year and the risk of a government shutdown or debt-ceiling crisis in Washington next month. Den Rest des Beitrags lesen »


Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

Weltbankexperte warnt vor Finanzkrise durch Cyberangriff

Posted by hkarner - 5. September 2016

Eric Frey, 5. September 2016, 12:38 derstandard.at

Entscheidungsträger müssen beginnen, sich auf Katastrophenszenarien vorzubereiten, sagt Finanzexperte Aquiles Almansi

Alpbach – Der massive Cyberangriff auf die Zentralbank von Bangladesch über das internationale Swift-Netzwerk, der auf eine Milliarde Dollar angelegt war und am Ende 80 Millionen Dollar Schaden verursacht hat, hat zu Jahresanfang die Finanzwelt erschüttert. Aber schlimmer als die Aussicht auf massive Verluste für Notenbanken und Staaten ist das Risiko, dass eine solche Attacke eine wahre Finanzkrise auslösen kann, sagt Aquiles Almansi, Finanzsektorexperte der Weltbank, im STANDARD-Gespräch am Rande des Europäischen Forums Alpbach.

So könnten Hacker die Bankomaten eines Landes auf Tage lahmlegen, woraufhin Millionen Bürger versuchen würden, ihr Bargeld von ihren Konten abzuheben, weil sie dem Finanzsystem nicht mehr trauen. Auch Nachrichten von massiven Verlusten der Notenbank könnten eine solche Reaktion auslösen und die Volkswirtschaft ins Chaos stürzen. Den Rest des Beitrags lesen »


Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

An Inheritance of Incompetence

Posted by hkarner - 16. August 2016

By John Mauldin, August 13, 2016mauldin 

– Dean Acheson

“Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”

– John Maynard Keynes

I don’t often agree with Keynes, but he is the most quotable of all major economists. The above sentence was one of his best. He was right about defunct economists. Of course, he was talking about all those other defunct economists who no longer kept up with his new and improved way of thinking about all things economic. Now his quip comes back to haunt his legacy and his followers.

Theories and practices often outlive their usefulness in our fast-changing world. So do institutions, including those chartered at the 1944 Bretton Woods Conference. In today’s letter we are going to look closely at the International Monetary Fund and a scathing report from its own internal auditors. For those of us who have been following the IMF for decades, the report is not all that surprising.

My real purpose here is not to point the finger at the IMF but to point out where its problems are part and parcel of a greater problem in global institutions. During the next global recession we are going to see a continuation of the same approaches to crisis solving that we’ve seen in the past, based on the theories of defunct economists mixed with personal and institutional biases. Their prescription is a witches’ brew that we will be told is good for us but that will in fact ensure that those of us least able to cope will bear the brunt of its impact. Den Rest des Beitrags lesen »


Posted in Artikel | Verschlagwortet mit: , , , , , , , , | Leave a Comment »

The Best and Worst Countries to Run a Business, According to the World Bank

Posted by hkarner - 28. Oktober 2015

Date: 28-10-2015
Source: The Wall Street Journal

WB Doing Business Ranking ScoreRather than create more attractive business climates to spur souring growth prospects, many of the world’s largest economies may actually be making it more difficult to start and run a company.

Almost half of the Group of 20 largest economies have fallen in the World Bank’s annual “Doing Business” rankings, including emerging markets such as China, Turkey, South Africa and Brazil that most need economic overhauls to revive growth prospects.


The World Bank’s flagship report on the best and worst places to start and operate a business in 189 economies WB Doing Businee 2015 structurearound the globe underscores the inability of many governments to make needed policy changes.

Global growth is settling into a long period of anemic expansion as large emerging markets—the world’s most powerful engines since the global financial crisis—sputter and big advanced economies remain stuck in low gear. Those troubles are rippling out across the globe, jeopardizing prospects for rich and poor countries alike. G-20 nations have vowed to restructure their economies to make them more competitive and attractive to investment, but have so far failed to deliver on their promises. Den Rest des Beitrags lesen »


Posted in Artikel | Verschlagwortet mit: , , , , | Leave a Comment »

The Path to Carbon Pricing

Posted by hkarner - 21. Oktober 2015

Photo of Christine Lagarde

Christine Lagarde

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.

Photo of Jim Yong Kim

Jim Yong Kim

Jim Yong Kim is President of the World Bank Group.

OCT 19, 2015, Project Syndicate

WASHINGTON, DC – In just six weeks, world leaders will meet in Paris to negotiate a new global climate-change agreement. To date, 150 countries have submitted plans detailing how they will move their economies along a more resilient low-carbon trajectory. These plans represent the first generation of investments to be made in order to build a competitive future without the dangerous levels of carbon-dioxide emissions that are now driving global warming.

The transition to a cleaner future will require both government action and the right incentives for the private sector. At the center should be a strong public policy that puts a price on carbon pollution. Placing a higher price on carbon-based fuels, electricity, and industrial activities will create incentives for the use of cleaner fuels, save energy, and promote a shift to greener investments. Measures such as carbon taxes and fees, emissions-trading programs and other pricing mechanisms, and removal of inefficient subsidies can give businesses and households the certainty and predictability they need to make long-term investments in climate-smart development. Den Rest des Beitrags lesen »


Posted in Artikel | Verschlagwortet mit: , , , , , , | Leave a Comment »

Pro-Growth is Not Pro-Poor

Posted by hkarner - 10. Oktober 2015

Photo of Steven J. Klees

Steven J. Klees

Steven J. Klees, an economist, is Professor of International Education Policy at the University of Maryland and a co-editor of The World Bank and Education: Critiques and Alternatives.

OCT 9, 2015, Project Syndicate

COLLEGE PARK, MARYLAND – Zia Qureshi recently argued that economic growth is the way out of inequality – and, by extension, poverty. In Qureshi’s view, more direct redistributive policies are too “controversial and divisive.” In fact, there is ample reason to believe that the world will never grow its way out of inequality and poverty, and that redistribution is our only hope for greater social justice.

“Pro-growth is pro-poor” has been the informal slogan of the World Bank and the International Monetary Fund for decades, resulting in 35 years of neoliberal economic policies known as the “Washington Consensus.” These policies comprised the structural adjustment programs (SAPs) of the 1980s and 1990s, when developing countries were forced to cut social programs, privatize public services, deregulate industries, eliminate trade protection, and make their labor markets more “flexible” (a euphemism for making it easier to fire workers). These programs yielded modest growth at best; what they did succeed in boosting was poverty, inequality, and social protest. Den Rest des Beitrags lesen »


Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

A New Vision for the World Bank

Posted by hkarner - 6. Oktober 2015

Photo of Nancy Birdsall

Nancy Birdsall

Nancy Birdsall is the founding president of the Center for Global Development.

OCT 6, 2015, Project Syndicate

LIMA – Finance ministers, central bankers, and development economists are gathering in Lima, Peru, for the World Bank’s annual meetings, where the debate will focus on how the institution’s agenda fits our changing world. Holding the event in a developing country represents a welcome shift from the usual Washington, DC venue. Now, the Bank should make some other important shifts: It should reframe its mission and undertake new tasks, while its biggest shareholder, the United States, should rethink its role in the organization.

The World Bank’s current mission – to end extreme poverty within a generation and boost shared prosperity – is undoubtedly important. But, by reframing that mission to emphasize support for member governments’ pursuit of inclusive and sustainable growth, the Bank could do even more good.

Such an approach would reflect and reinforce the recently adopted Sustainable Development Goals (SDGs), which will guide global development efforts until 2030. And, far from excluding the current goal of ending poverty, it would embrace poverty reduction as an outcome of building stable, prosperous societies, in which citizens, through their taxes, are able and willing to fund capable and responsive states that honor agreed global standards and rules. Den Rest des Beitrags lesen »


Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »