By Luma Ramos and Rebecca Ray The Intergovernmental Panel on Climate Change declared that the world stands at a ‘now or never’ moment. In this decade, nations must make the necessary investments to prevent global warming from surpassing 1.5 degrees Celsius. Without those investments, the world will suffer severe consequences, including devastating human, ecological and […]
A debt crisis is emerging in the Global South at the precise moment when substantial investment is needed to meet shared climate and development goals. Yet, the G20 Common Framework has been unable to engage all creditor classes or link debt relief to climate and development. How can emerging market and developing economies (EMDEs) find […]
Reform of the international financial system is in the air, with support from both developing countries, as well as the advanced economies that wrote the rules in the first place. Tasked by US Secretary of the Treasury Janet Yellen, the World Bank has begun advancing an ‘evolution roadmap’ that reconsiders the mission, operations and financing […]
As the international institution charged with maintaining global financial and monetary stability, the International Monetary Fund (IMF) has a vital role to play in ushering in a green transition that is as swift as it is just. What actions has the IMF taken since the release of its Climate Change Strategy in August 2021 to […]
In the eighth edition of Manias, Panics, and Crashes: A History of Financial Crises, Robert McCauley joins Robert Aliber to build on Charles P. Kindleberger’s renowned work. Since 1978, Manias, Panics and Crashes has tracked various financial crises through time, from ‘Tulipmania’ in the 17th century to the more recent global financial crisis. The book, a hallmark […]
Much has been written about the questionable legitimacy of extending credit to states where it is likely that the funds will benefit the corrupt leader, or where the terms of the debt are highly inequitable. Less literature focuses on a different moment in the debt cycle: the point of default and the loss of voice […]
By Leslie Elliott Armijo A global power rebalancing is in process, and Latin America now has the option of playing a larger role in global politics than ever before. In a new journal article in Global Perspectives, I argue that shifts in global power are increasing the value of independent regionalism, particularly within Latin America. […]
Does the existence of enduring multilateral cooperation within a geographic neighborhood—that is, regionalism—support or undercut global multilateralism? A new journal article from Leslie Elliott Armijo in Global Perspectives proposes a powerful mutuality of interests between global multilateralism and independent regionalism in the Global South, utilizing a case study of Latin America-focused policy entrepreneurship over several […]
By Perry Mehrling When Charles P. Kindleberger sat for his official photograph as President of the American Economic Association, he positioned himself so that just over his left shoulder you can see the book of Hyman Minsky, Can It Happen Again? Essays on Instability and Finance. In due course the picture appeared in the March […]
While a connection between economists Charles P. Kindleberger and Hyman Minsky is clear, the full extent of their intellectual relationship was unclear. By his own account, Kindleberger’s attention was only first brought to Minsky by Martin Meyer in 1976 as he was looking to build on his renowned book, World in Depression, 1929-1939. Kindleberger and […]