Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘World Bank’

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 »


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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 »

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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 »

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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 »

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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 »

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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 »

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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 »

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Greece – the day after: Time for a fresh start?

Posted by hkarner - 28. Juni 2015

Thorsten Beck 28 June 2015, voxeu

Thorsten Beck

Professor of Banking and Finance, Cass Business School; Research Fellow, CEPR

While seen by some observers as end-point to a failed crisis resolution, I will argue that it should be the beginning of a new dialogue, building on the difficult lessons of the past years and using the new institutions and possibilities in place within the Eurozone. Whether Greece stays in the Eurozone or leaves it, is only one of several important decisions to be taken in Athens, though with support by Frankfurt, Brussels and Washington. Den Rest des Beitrags lesen »

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Weltbank: „Bitte anschnallen“

Posted by hkarner - 11. Juni 2015

11.06.2015 | 18:00 |  (Die Presse)

Die Ökonomen der Weltbank sorgen sich vor allem um die Schwellenländer. Für Europa sind die Experten optimistischer.

Washington. Die Weltbank blickt skeptischer auf die globale Konjunktur. Das Institut kappte seine Wachstumsprognose für die Weltwirtschaft für 2015 von drei Prozent auf 2,8 Prozent.

Skeptisch ist die Weltbank vor allem, was die Schwellenländer betrifft. Die niedrigen Preise für Rohstoffe, vor allem für Erdöl, hätten die Exportländer mehr belastet als erwartet. Wenn die USA die Zinsen erhöhten, steigere das zudem die Kreditkosten für diese Länder. Angesichts dieser Aussichten hält die Weltbank das Schild „Bitte anschnallen“ hoch. „Wir empfehlen den Ländern, vor allem den aufstrebenden Volkswirtschaften, die Sicherheitsgurte anzulegen“, sagte der Chefvolkswirt der Weltbank, Kaushik Basu.

Für Europa sind die Experten optimistischer. Die Wirtschaft in der Eurozone erhole sich schneller als erwartet, hieß es. Die Wirtschaft werde heuer um 1,5 Prozent (bisher 1,1) zulegen, für 2016 geht die Weltbank von einem Plus von 1,8 Prozent, für 2017 von 1,6 Prozent aus. Hilfreich wirkten der niedrige Euro für die Exportwirtschaft und der niedrige Ölpreis. Den Rest des Beitrags lesen »

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World Bank Launches ‘Green Growth Bond 05/2023’ For Retail Investors across Europe

Posted by stgara - 12. März 2015


Washington, DC, March 10, 2015 – The World Bank is pleased to announce the launch of the Green Growth Bond 05/2023, its second Green Bond for retail investors that is linked to the Ethical European Equity Index. This product will allow investors to benefit from the growth potential of an equity index while at the same time, support projects with a positive impact on climate change, financed by the World Bank.

Offered to the public across different countries in Europe, the Green Growth Bond 05/2023 has an 8-year maturity and the subscription period will run from March 10th to April 23rd 2015. All relevant information about the product is available at www.GreenGrowthBond.com. Den Rest des Beitrags lesen »

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