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Financial Crises
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Articles and Documents
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1978 2008
Statement on the G-20 Summit on the Financial Crisis (November 15, 2008)
Contrary to the Europeans, who call for more global regulation of cross-border financial flows, the US argues that the nation state should be the primary regulatory authority responding to the financial crisis. According to this article, the US defends the primacy of the nation state to avoid external financial regulation and to protect its own financial sector’s "competitiveness". (Casino crash)Financial Bailout: Government Criticized for Opting for IMF Loan (November 12, 2008)
While Western governments have played an active role in the financial crisis, paying billions in bailouts to banks and financial companies, the IMF still insists that poor countries cut back on government spending in return for loans. Civil society organizations recommend that governments in poor countries look for local alternatives to IMF loans so they can respond to the financial crisis by increasing spending on health, education and agriculture. (Dailytimes)Ditch the Smooth Transition. The People Voted for Change (November 14, 2008)
Sixty percent of the US population strongly favors stricter regulations on financial institutions while only twelve percent support aid to financial companies. President-elect Barak Obama has appointed individuals to the government that are unlikely to start regulating the market and he did himself support the use of taxpayers’ money to bail out Wall Street. Further, the Democrats are not demanding the Federal Reserve to reveal which corporations received almost US$ 2 trillion in emergency funds. Author Naomi Klein argues that if the Democrats applied new rules across the board, the market would stabilize and adjust. (Guardian)Banking on Change: Towards an Economic System that Works for People and the Planet (November 2008)
The G20, the world’s twenty leading countries, should not decide on global economic politics on behalf of the entire world population. Civil society organizations argue that all governments and civilians must collaborate to build a new set of principles that strengthen national and local economies. For instance, governments should renegotiate free trade agreements, control capital flows, call for debt cancellation and close tax havens. (Choike)The World Turned Upside Down: The Centre Won’t Hold Any More (November 6, 2008)
For two centuries, Western countries have dominated world trade and global politics. Now, the western neoliberal model is in crisis and emerging countries in East and South Asia, and Latin America challenge the world hegemony, making global governance more diversified. For example, after the collapse on Wall Street, the US asked China and Singapore for financial help. (Le Monde diplomatique)Towards a New Global Economic Compact (October 30, 2008)
After the Asian financial crisis at the end of the 1990s, many people called for reform of the global financial architecture. But the international financial institutions resisted comprehensive reform and they continued to exclude the poorer countries from decision making. The head of the UN High Level Task Force on the global financial crisis, Joseph Stiglitz, argues that the UN is the only institution that has broad legitimacy and that it should take a lead role in reforming and monitoring the global financial system. (World Economy & Development In Brief)UN Chief Calls for Protection of Migrants amid Financial Crisis (October 29, 2008)
Secretary General Ban Ki-moon urged countries to deal with the financial crisis by allowing foreign workers into their country. The ILO estimates that over 200 million people will lose their jobs in 2009. The crisis can deepen the inequalities between rich and poor in the world, and force millions of people to migrate in search of a better life. (Integrated Regional Information Networks)Statement on the Proposed “Global Summit” to Reform the International Financial System (October 29, 2008)
Over 550 organizations from 88 countries call the G20 summit on the financial crisis “a New Undemocratic Washington Consensus.” Although rich countries are responsible for the financial collapse, the crisis strongly affects the poorest countries. Therefore, all governments must be involved in developing global solutions for the benefit of the majority of the world’s people. (Eurostep)Return of the State (October 28, 2008)
To avoid future financial crises, national leaders should put into practice the ideas of the late economist John Maynard Keynes, regarding government intervention in the economy. Governments must regulate banks and financial speculation and pursue fiscal policies that strengthen the role of the nation-state in the global economy. (Frontline)A Crisis-Opportunity Moment (October 23, 2008)
On November 15, 2008, leaders of the world’s 20 largest industrial and emerging economies will meet to discuss responses to the financial crisis. This article urges the political elite not to focus solely on the financial markets, but also address problems of ordinary people. Governments should lessen the rising inequality of people living in cities, as the majority of the world population now live in urban areas. (openDemocracy)Reversal of Fortune (October 13, 2008)
Nobel laureate Joseph Stiglitz describes how neoliberal “fundamentalists” with their narrow focus on free market and deregulation of the economy caused the deep financial crisis. Stiglitz urges governments to refrain from using standard monetary policy, such as lowering and raising the interest rate. Instead, governments should invest in infrastructure, education and technology to create stable international growth. (Vanity Fair)The Crisis and the Environment (October 17, 2008)
The financial crisis affects the environment in different ways. Global Co2 emissions might decrease because falling incomes force people to use less energy. But on the other hand, due to the crisis, investors will refrain from putting their money into energy projects, thus decreasing greenhouse gas reductions. (Foreign Policy In Focus)A World in Flux: Crisis to Agency (October 16, 2008)
The financial crisis provides a rare opportunity for world leaders to reform the structures of global governance. This article suggests that a global summit should launch a reform of the financial system. Governments should in future regulate financial companies and control currency speculation through a tax on all currency transactions across borders. A new financial system must also reduce income inequalities. Today, 20 percent of the world’s population receives over 80 percent of the world’s income. (OpenDemocracy)The Question To Be Asked: "Where Will the Money Come From?" (October 13, 2008)
In India over 2,000 farmers committed suicide in the past 15 years, and more than 40 percent of Indian farmers cannot make a decent living from agriculture. The Indian government claims it cannot afford to support the farmers financially. But the government easily rolled out money to save the rich people in India from the negative effects of the global financial crisis. (Share the World’s Resources)Farmer in Chief (October 9, 2008)
This article urges the next President of the United States to reform the US food system in order to improve health care, energy independence and to alleviate climate change challenges. A new food system must improve infrastructure for a regional food economy and support diversified and ecological agriculture based on solar energy. Further, the next president should campaign to change the unhealthy and unsustainable fast food culture in the US. (New York Times)Seized: The 2008 Land Grab for Food and Financial Security (October 2008)
The global financial crisis is prompting investors to seek new sources of profit. Many are buying cheap agricultural land in developing countries to make a profit from the soaring food prices. But privatization of land threatens small-scale farming and food security in the world’s poor countries, as fertile land concentrates into the hands of a few private companies. (GRAIN)Making Financial Markets Work for Development (October 2008)
This working paper for the International Follow-Up Conference in Doha November 2008, proposes a new financial architecture including a special tax on capital assets and improved supervision of investors. The paper describes the current financial system as a “casino economy,” based on competition, speculation and pursuit of profit, which contributes to increasing food prices and makes the poor pay the costs of the global financial crisis. (Evangelischer Entwicklungsdienst)Global Financial Crisis: Does the World Need a New Banking 'Policeman’? (October 8, 2008)
This article argues that neither the World Bank, nor the International Monetary Fund nor the World Trade Organization have the power to solve the global financial crisis. In order to adapt to the economic situation of the 21st century, the Bretton Woods system, founded in 1944, needs to be reformed. A new way of economic governance must be based on regulation and restrained rules to manage the risks of banks and financial institutions. (Telegraph)Food and Markets: A Crisis of Faith (September 30, 2008)
This article argues that the financial crisis provides an opportunity for world leaders to review their political performance. They can continue to rely on a "self-regulating" market, which caused the crisis. Or they can put forward a new agenda for food security and redistribution of the world’s resources. (Share the World’s Resources)No “Bailout” for the World's Poorest (September 30, 2008)
During the High-Level Event on the Millennium Development Goals, Secretary General Ban Ki-moon urged participating countries to raise an additional US$72 billion to help reduce poverty. This article argues that governments spend “peanuts” on eradicating poverty compared to the US$700 billion proposal to bail out Wall Street. The World’s impoverished people do not receive a bailout, yet they pay the tax bill for the economic crisis. (Inter Press Service)Wall Street Meltdown Primer (September 26, 2008)
In this article,Walden Bello analyzes the history of finance-driven capitalism and argues that overproduction, greed and speculation are key factors behind financial crises. Neoliberal economic policy produces speculative bubbles with short-term profits for very few actors. The author warns that the collapse on Wall Street will spread and translate into an Asian recession. (Foreign Policy in Focus)Charity Coffers Face Credit Crunch (September 26, 2008)
NGOs worry that the Wall Street crisis will tempt governments to reduce international aid and make investors more cautious about supporting development projects. The economic crisis also affects individual donors, who have already lowered their donations to charity organizations. (Integrated Regional Information Networks)The Week that Changed Everything (September 22, 2008)
In this article, Ann Pettifor says that the global financial crisis has compelled even the more conservative voices in media to challenge the neoliberal economic model of deregulation and liberalization. Pettifor argues that John Maynard Keynes’ writings from 1936 can serve as a guideline to alleviate the crisis. The author argues that “Money-lenders, speculators, and orthodox neoliberal economists” must give way to pioneers promoting capital control and regulation of the global economy. (openDemocracy)The Fall of Wall Street Is to Market Fundamentalism What the Fall of the Berlin Wall Was to Communism (September 16, 2008)
The financial crisis on Wall Street – with major banks and financial institutions running to the government for help – marks an end to a market-oriented economic organization. Former World Bank Chief Economist Joseph Stiglitz proposes a new economic model with “speed bumps” to dampen expansions of assets, and a “financial product safety commission” to make credit safer. Stiglitz further urges world leaders to make the new economic model more comprehensible to the public than the collapsing system of economic liberalization.(Huffingtonpost)USA 2008: The Great Depression (April 1, 2008)
This Independent article notes that a record high number of US citizens – 28 million – rely on food stamps to feed themselves and their families. According to the author, this constitutes a “sure sign the world’s richest country faces economic crisis.” Though the global hike in food prices disproportionately affects poor countries, this article shows that rich countries, such as the US, are not immune.2008: The Demise of Neoliberal Globalization (February 4, 2008)
Immanuel Wallerstein argues that in the global economic system, two main ideologies have always been “cyclically in fashion”- neoliberalism and Keynesian thinking. He argues that neoliberalism and the unrestrained market system it advocates have led to global financial turmoil. Consequently, the public and economic policy makers are moving back towards Keynesian and more socialist thinking. Wallerstein asks whether this shift in ideology will be able to restore economic order despite the damage done by neoliberal policies. (Yale Global)Don't Cry for Me, America (January 18, 2008)
This article compares the US economic recession with the past decade’s financial crises in Latin America and Asia, arguing that they have similar causes, though the consequences in the US will be less severe. Investors, spotting an opportunity for significant returns, pumped vast amounts of money into the US financial market. These investments ended up financing a “housing-and-credit bubble.” Once it became clear that this bubble would burst, investors quickly began to withdraw their invested capital, causing an economic downturn. (New York Times)The Naked System (January 8, 2008)
This National Post article argues that several “paradoxes” in the global finance system caused the financial crises of 2008. One such paradox is the fact that there is no single, consistent policy on currency rates, and that nations vacillate between fixed and flexible currency systems. Another paradox discussed by the author is the existence of government controlled sovereign-wealth funds (SWF’s) in a world where the private sector is generally considered more productive.2007
Role Reversal at IMF as the Rich Come Under Fire (October 21, 2007)
During the 2007 meeting of the world’s finance officials at he IMF, Western countries faced criticism over the US subprime mortage crisis. In the past, rich governments and the IMF have lectured poor countries on their economic and monetary policies. The same poor countries are now requesting that the IMF require rich countries to regulate their spending and increase their transparency. In particular, the countries are targeting their criticism at the US, whose financial policies are threatening the stability of the international financial system. Despite the vulnerability of advanced economies, the US and the IMF defend their present practices. (International Herald Tribune)IMF Issues a Warning, But Are the US and China Listening? (October 13, 2007)
The IMF warns that possible unsustainable financial flows could cause a global financial crisis. The warnings are particularly directed towards the US and China and the Fund urges them to take care of their respective trade deficit and undervalued exchange rate. Over the last decade, world economic growth has been diverse and seemingly robust. But the Fund says that a slowdown in growth or a financial crisis could still occur unless the US and China stabilize their financial flows. (The Age)IMF's Role Questioned (August 27, 2007)
Founding governments set up the IMF at a time when the world economy depended on fixed exchange rates and the gold standard. But with floating exchange rates and greater macroeconomic stability the operation of the IMF is no longer justified. The IMF promotes a situation in which lenders are less careful with their money and default on their loans more often. The author argues that the IMF creates imbalances and instability in the global financial market and is therefore causing more harm than good. He concludes that the fund should be shut down. (Korea Times)Look Who Needs Austerity Now (July 16, 2007)
This Wall Street Journal piece states that the International Monetary Fund’s deficit of US$106 million could triple by 2010. The article argues that although the IMF promotes “global exchange stability,” its own functions are “financed and dependent on the existence of instability, economic crises and exchange turbulence.” During the 1990s the IMF lent to numerous countries but nowadays the demand for its services is not keeping up with its own expansion.IMF Adopts New Currency Rules (June 18, 2007)
The International Monetary Fund has adopted new rules for how countries should carry out their foreign currency policy. IMF Managing Director Rodrigo de Rato stated that “this measure will ensure that member states avoid exchange rate policies that result in external instability.” This development goes a long way towards satisfying US demands for the IMF to play a more aggressive role on exchange rates. The US has tried for many years to get China to allow its currency to rise in value against the dollar in order to reduce the US-China trade gap. (Associated Press)The Decline (& Fall?) of the IMF (March 2007)
Although the International Monetary Fund (IMF) once seemed “immune to criticism,” its culpability in the East Asian financial crisis of 1997 and the Argentine crisis of 2001 led to widespread protest. This timeline of the “rapid succession of blows” suffered by the IMF from June 2005 to March 2007 suggests that “recuperation of the institution’s reputation [is] permanently out of reach.” (Focus on Trade)2006
IMF Director Makes Uninspiring Choice for Deputy (May 19, 2006)
Rodrigo de Rato, managing director of the International Monetary Fund (IMF), nominated John Lipsky as first deputy managing director. IMF’s new #2 has a similar approach to IMF policies as his predecessor Anne Krueger, who continuously pushed poor countries to liberalize their capital markets. Lipsky, vice chairman of JP Morgan investment bank, also earned many critiques for blaming the Asian financial crisis of the 1990s on Asian countries instead of international investors. The Bretton Woods Project regrets that poor countries missed their chance to challenge the tradition that a US citizen holds IMF’s second highest rank.Fair Exchange Could Help Poor Countries Grow and Put a Damper on Bubble Money (February 27, 2006)
With rising support for airline ticket taxes and for the British proposal of an international finance facility (IFF), the Guardian draws attention to the most effective way to finance development in poor countries, a currency transaction tax (CTT). A very low tax on currency exchanges would not only raise tens of millions of dollars to fight extreme poverty and diseases, but also discourage financial speculation. Without a CTT, speculation will continue to harm economies and people by creating economic bubbles and financial crisis.2005
CTT: Ready for Implementation – Executive Summary (November 2005)
A currency transaction tax (CTT) in the European Union could raise up to 46 billion Euros annually for global development while also protecting EU markets from currency crises. WEED proposes a two-tier tax system, including a lower, continuous tax on all currencies traded within the EU and a higher tax applied only in times of currency crisis. The study shows that the EU could introduce a CTT without major technical or legal problems.Reforming the IMF: Back to the Drawing Board (November 2005)
This Third World Network paper prescribes changes in International Monetary Fund (IMF) policy and operational procedures. This lengthy report critiques the IMF for its deference to rich countries and its tendency to become involved in long-term development- properly the responsibility of other institutions. The IMF could serve poor countries by focusing on short-term issues such as countering fluctuations in the trade balance, policy surveillance, and management of unstable financial flows in emerging markets.More Taxes! (April 2005)
This book from ATTAC Finland discusses global taxes as a way of curbing tax evasion both at national and international levels. It focuses especially on the currency transaction tax (CTT, or Tobin tax), addressing its possible applications in global financial regulation and as a source of revenue for development.Can Debtors Be Choosers? (February 2005)
In the middle of its financial crisis, Argentina faced a difficult choice: it could default on its payments to the International Monetary Fund (IMF), or divert domestic income from its recovering economy for debt service. A decision to balance between these two options allowed the country to control its debt more effectively than most other governments facing the same situation. According to this Foreign Policy In Focus article, Argentina’s policies could serve as an example for other heavily indebted countries.2004
Argentina and the IFIs: Better Off Without Them? (October 20, 2004)
As Argentina approaches the 2005 reassessment of its agreement with the International Monetary Fund (IMF), the institution’s mismanagement of the country’s economic crisis becomes once again a hot topic. This article suggests that Argentina should break its destructive IMF-dependence and pursue an autonomous development path. (Interhemispheric Resource Center)The Esperanto of Money (August 12, 2004)
The idea of one single currency for the whole world is the newest trend amongst futuristic economists who claim that a globalized world requires a truly globalized currency in order to meet all the existing challenges that the market poses. This article examines the latest trends but also poses a series of questions about this development. (Christian Science Monitor)IMF Says Its Policies Crippled Argentina: Internal Audit Finds Warnings Were Ignored (July 30, 2004)
The IMF accepted partial responsibility for Argentina's economic crisis, admitting to overlooking vulnerabilities and ignoring warning signs which "brought Argentina to its knees." Though this admission is an amazing step forward, it means little without the second step of donating money and labor toward rectifying the situation. Washington Post)Belgium Clears Path to Developing World Prosperity (July 5, 2004)
Belgium passed legislation to enact a currency transaction tax. Revenues will fund the UN Millennium Pledge to halve world poverty by 2015. The policy will combine a tax on all currency trading, with an "anti-speculative mechanism" that would deter investment-caused currency crashes. (Guardian)Humble Argentine Pie for IMF (April 4, 2004)
The International Monetary Fund has acknowledged failure in dealing with Argentina’s 2001 economic crisis, which put millions of people out of work, forced half the population into poverty and caused rioting in the streets. (BBC)2003
Market-Based Policies under Threat in Latin America – IMF (November 13, 2003)
New IMF chief economist Raghuram Rajan follows the path of his predecessors, denying the IMF’s responsibility in causing the Latin American economic crises. Instead, he claims that the region’s governments generated the crises by implementing IMF policies inefficiently. The policies, says Rajan, consequently “have not performed as advertised.” (Reuters)Argentina’s IMF Agreement – The Dawn of a New Era? (October 10, 2003)
Although Argentina refused to agree to several IMF demands, the final agreement follows the same neo-liberal model as former accords. Instead of using its scarce resources to reactivate its internal market through income redistribution and more equitable economic development, Argentina must once again transfer its fiscal savings abroad as debt service. (Foreign Policy in Focus)UNCTAD Report Shows Global Slowdown Having Very Uneven Impact on Developing World (October 2, 2003)
UNCTAD’s Trade and Development Report of 2003 points out that today’s economic landscape resembles the conditions of the early 1980s, when many countries faced financial crises. Western governments should stop forcing poor countries to open their markets to foreign competition, and instead help them to adapt to a global climate of high economic volatility.Argentina and the IMF: Will They Benefit from Hindsight? (September 4, 2003)
This OpenDemocracy article looks back at the relationship between the IMF and Argentina. It urges the IMF to learn from history, and to adopt greater pragmatism to prepare itself for the next financial crisis.Currency of China is Emerging as Tough Business Issue in US (August 26, 2003)
The low price of the renminbi makes China's exports attractive on the world market, but has enraged manufacturers in other countries who believe that the Chinese government's intervention in currency markets amounts to unfair competition. (New York Times)Poisoned Chalice (August 19, 2003)
This Guardian article adds the Hungarian economic collapse between 1990 and 1996 to the list of crises caused by the IMF, stating that “wherever it is prescribed, a dose of IMF medicine only compounds economic crisis.”Governors Want Political Backing for One African Currency (August 19, 2003)
The leaders of Africa's central banks meet to discuss plans for a common currency, though they acknowledge a lack of political enthusiasm for the project. (Monitor)Turning Point for Globalization (August 7, 2003)
The US-led era of economic liberalization is waning, the author argues. Washington's dependence on foreign capital has eclipsed its ability to dictate the terms of the global economy, especially vis-à-vis the emergent Asian economies. (International Herald Tribune)IMF Report Cites Errors in Handling of 3 Crises (July 30, 2003)
A report by the IMF Independent Evaluation Office concluded that the IMF failed to recognize the gravity of the capital account crises in Indonesia, Korea, and Brazil. (Bloomberg News)We Didn't Start the Fire: Capitalism and its Critics, Then and Now (July 24, 2003)
Historian Jerry Muller’s book, “The Mind and the Market: Capitalism in Modern European Thought,” reminds us that the current debate over economic globalization is part of a larger dispute that goes back to the birth of capitalism in the 18th Century. (Foreign Affairs)The Homes of Argentines Are at Risk in IMF Talks (June 23, 2003)
Under pressure from the IMF, the Argentine Congress will suspend the legislation that protects families from mortgage foreclosures. (New York Times)IMF Blames US, Others for Economy Woes (April 10, 2003)
The IMF criticizes economic policy-makers in the developed world for severe structural problems that will worsen the present global recession. The IMF particularly censures the Bush administration’s huge tax cuts, which will lead to rising budget and trade deficits in the US. (Associated Press)War Spurs Fears of Another Recession (March 28, 2003)
The IMF and many economic analysts worry that the war on Iraq will have a negative effect on the global economy. Citing the dangers stemming from uncertainty and continued geopolitical instability, the IMF warns of a large-scale global economic recession. (Washington Post)Dealing with Debt: How to Reform the Global Financial System (Spring 2003)
"The International Monetary Fund (IMF), whose responsibility it is to ensure the stability of the global financial system, has failed miserably in its mission to stabilize international financial flows," thereby creating international financial crises. Joseph Stiglitz proposes progressive responses to these situations. These include a new, international council to monitor debt repayment and the utilization of an international currency to rebuild struggling economies. (Harvard International Review)Indonesia's Battle of Will with the IMF (February 25, 2003)
Indonesia decides not to extend its current IMF program, believing the Fund’s rigid fiscal austerity proposals greatly prolong its financial crisis and diminish prospects for its economic recovery. (NetWork Ideas)Non-Aligned Nations Must Lead Financial Reform – India (February 23, 2003)
Indian Prime Minister Atal Bihari Vajpayee has called for a Tobin tax to protect the world’s developing economies. Vajpayee pointed out that a tax on currency transactions would be easier to implement than the measures to monitor terrorist financial channels introduced in two Security Council resolutions after 9/11. (Inter Press Service)IMF's Argentinian Incontinence (February 10, 2003)
Duncan Green of Cafod attributes Argentina’s current economic crisis to a combination of overvalued currency, capital account liberalization and unregulated privatization, all of which were IMF prescriptions. According to Green, Argentina demonstrates the risks of blind adherence to IMF recipes. (Guardian)The Brazilian Swindle and The Larger International Monetary Problem (January 24, 2003)
This analytical paper reviews Brazil’s economic experience in the recent two decades to demonstrate the irrationality of an unregulated global financial system and the failure of IMF prescriptions. The author argues that global economic governance should be based on a Keynesian vision that prioritizes domestic economic expansion over merely paying off debt. (Jubilee Research)The Myth of the War Economy (January 22, 2003)
Nobel Laureate Joseph Stiglitz doubts the ability of a war against Iraq to help the global economy, arguing that it will only add volatility to global markets. He predicts possible scenarios for the future of the US economy and concludes that war will most likely damage the average US citizen’s standard of living. (Guardian)Understanding the Silence Amid Turmoil: The Tobin Tax and East Asia (January 16, 2003)
While the East Asian financial crisis spurred support for a Tobin tax in many “Western” states, the general attitude towards the tax in East Asia itself is only lukewarm. Young-Chul Kim of Keimyung University discusses the reasons behind this and seeks new methods to increase interest in the tax.IMF Cuts Disputed Clause from Debt Plan (January 8, 2003)
Bowing to the US Treasury and Wall Street, the IMF will remove a clause from its proposed bankruptcy mechanism that would have protected highly indebted countries from creditor lawsuits. Even with the concession, the US banking community remains opposed to the “basic notion” of bankruptcy protection for countries with unsustainable debt. (Washington Post)2002
Wall Street Ups Opposition to IMF Bankruptcy Plan (December 17, 2002)
A group of Wall Street financial market associations released a statement calling the IMF’s proposal to set up international bankruptcy courts to manage unsustainable debt in poor countries “fundamentally flawed.” Wall Street and the US Treasury are pressing for a more market-based approach. (Reuters)Capital Account Liberalization, Free Long-Term Capital Flows, Financial Crises and Economic Development (December 2002)
This research paper warns against short-term capital account liberalization in developing countries. It also argues that unregulated long-term foreign direct investment can harm these nations. (NetWork Ideas)Why the Tobin Tax Can Be Stabilizing (December 2002)
This paper argues that a Tobin type tax can have a stabilizing effect on financial markets, not because it reduces the excessive volume of currency transactions, but because it can slow down the speed of market traders’ reactions to price changes. (Levy Economics Institute)Activists View Argentina's World Bank Default as Positive (November 15, 2002)
Argentina’s default on its World Bank loan may in fact help the country as it slowly recovers from economic crisis by making more money available for social and health programs. Some analysts say that the default sends the World Bank and the IMF the message that their “savage” policy requirements are unacceptable. (Inter Press Service)African Monetary Fund: A Viable Option? (October 12, 2002)
Former chairman of the Nairobi Stock Exchange Jimnah Mbaru proposes that an African Monetary Fund would be better equipped than the IMF to take into account each country’s unique situation during financial crisis. (East African Standard)Turkey – Another Disaster in the Making? (October 3, 2002)
Jubilee Research warns that IMF programs in Turkey contain the same “fundamental flaws” that led countries like Argentina into financial crisis and extreme debt. However, Turkey’s strategic significance to the United States’ “war on terror” makes it unlikely that the IMF will take steps to diminish the “political leverage” of indebtedness.The IMF Is Not the Problem (October 2002)
IMF Research Director Kenneth Rogoff argues that the IMF actually reduces the need for economic austerity by providing low interest loans that give countries more flexibility during financial crisis. Although he admits the IMF needs many changes, Rogoff maintains that “saying that it causes austerity is like saying that doctors cause plagues.” (Project Syndicate)The Enron of the Developing World (September 25, 2002)
The demise of Enron demonstrated the failure of “marketization, deregulation and privatization, and the opportunities for market manipulation offered by inadequate regulation." The World Bank and the IMF have yet to learn that lesson. (Washington Post)World Agency Warns on Trade Imbalance (September 19, 2002)
The IMF’s World Economic Outlook warns that an unsustainable imbalance of trade deficits and surpluses between the United States and other developed countries may result in “painful” adjustments. (Los Angeles Times)Michel Camdessus Responds to Joseph Stiglitz (September 12, 2002)
Joseph Stiglitz accused IMF former managing director Michel Camdessus of saying that for a people to recover economically, “they must suffer.” Camdessus virulently denies the allegation, arguing that countries in financial crisis require strict adjustments to stabilize their economies, but “suffering” should not be a requirement. (Nouvel Observateur)FX Settlement Bank Launches, Aims to Curb Payment Shocks (September 9, 2002)
The establishment of the Continuous Linked Settlement (CLS) Bank makes global currency transaction taxes possible. The CLS Bank reduces exchange risk and the chance of gridlock, charging a fee for each transaction. (Reuters)Is the Apocalypse Drawing Nigh for the IMF? (September 4, 2002)
The financial crisis in East Asia, followed by late events in Latin America have undressed the emperor International Monetary Fund. Increased criticisms by both civil society and economists acknowledge the disastrous effects of neo-liberal policies in the developing world. (50 Years Is Enough/Attac)Deflation: The Global Economy's Downside (September 4, 2002)
The presumption that globalization creates stability and fosters growth is wrong. Globalization, in fact, leaves the world vulnerable to economic cycles in the United States. (Washington Post)Argentina Is Recovering (September 2002)
The currency devaluation that followed Argentina’s abandonment of a fixed exchange rate system is already fueling domestic production. Joseph Stiglitz argues that the next step to Argentina’s recovery should not be IMF loans but credit to develop domestic resources. (Project Syndicate)Trade Union Proposals for Reforming the International Financial System (September 2002)
This background paper from the International Confederation of Free Trade Unions (ICFTU) discusses the origins of the Bretton Woods system and its failures. The paper suggests several reforms such as a currency transaction tax, fair debt arbitration, and Chilean-style “speed bumps.”Accounting Tricks Around the Globe (September 2002)
Joseph Stiglitz accuses the IMF of distorting developing countries’ budget estimates with Enron-style accounting “shenanigans,” leading countries to pursue unnecessarily harsh austerity policies. (Project Syndicate)After the Fall: The Argentine Crisis and Repercussions (August 16, 2002)
The International Monetary Fund failed in preventing regional contagion from the Argentine crisis. As a former A-student, Argentina received economic prescriptions from the IMF with little economic sense. (Foreign Policy in Focus)Argentina Doesn't Need the IMF (May 27, 2002)
A Wall Street Journal commentator does not believe that IMF loans will help lift Argentina out of its financial crisis. Calling to mind numerous IMF mistakes before the crisis, he doubts “the ability of an IMF team to select the changes that make the most sense in the context of local conditions.”Argentina, Shortchanged (May 12, 2002)
Many economists reason that Argentina’s economic crisis resulted from its failure to implement IMF policies correctly and vigorously. Joseph Stiglitz disagrees, arguing that completely following the IMF plan would have worsened and accelerated the crisis. (Washington Post)Citigroup: Bankrupting Democracy (April 2002)
The General Agreement on Trade in Services (GATS) seeks to extend economic liberalization to areas deemed “essential to human and societal well-being.” The author fears this will result in the “increased monopolization of global financial markets, decreased consumer and social protections… and increased global economic instability” (Multinational Monitor)IMF Reform Plan Makes Comeback (April 9, 2002)
The US Treasury Department modifies its position on the IMF’s new bankruptcy proposals after the department’s dismissive remarks recently shocked many supporters of the plan. (Washington Post)Don't Let America Bankrupt International Bankruptcy Reform (April 2002)
Joseph Stiglitz compliments the IMF for finally realizing its “conflict of interest” in resolving debt restructuring disputes. He also supports the IMF’s plan to create an international arbiter to handle bankruptcy issues and discounts the US’s alternative, market-oriented plan. (Project Syndicate)IMF Repeating Asian Mistake in Argentina, Says Stiglitz (March 22, 2002)
Joseph Stiglitz discusses the IMF’s role in Argentina’s economic crisis. According to Stiglitz, the focus should be on increasing output in Argentina rather than trying so hard to attract foreign markets. (Reuters)Brazil Leader Lashes Out at IMF (March 11, 2002)
Brazilian President Fernando Henrique Cardoso recently laid harsh criticism on the IMF, demanding that it change its accounting rules so that developing nations can respond more effectively to financial crises. (Associated Press)Costing the Casino: The Real Impact of Currency Speculation in the 1990s (March 2002)
Helen Hayward demonstrates that the globalization of financial markets has led to a succession of financial and economic crises, with devestating consequences for the developing world. A two-tier Tobin tax could act to calm market volatility and prevent further crises.Cross-party Support for Tobin Tax (February 25, 2002)
UK MPs urge the government to pass a law implementing a Currency Transaction Tax to reduce speculation in currency markets and raise revenue to fight poverty. The move comes after a similar French law and only weeks before the UN Financing for Development summit. (Harry Barnes MP - News Release)EU Globalization Study (February 13, 2002)
In a comprehensive report, the EU Commission weighs the pros and cons of economic globalization. It makes recommendations for ensuring international financial stability as well as for financing development of poor countries. More specifically, the Commission looks at global taxes, programs to safeguard the poor, good governance, and development aid. (EU Commission)Sweden Supports Tightening Currency Transaction Regulation (February 11, 2002)
Swedish central banker speaks out in favor of financial regulation, considering the Tobin tax one policy option to avoid fixed exchange rate currency crises like those witnessed since the 1990s. (Reuters)Heavy Surf and Tsunamis (Jan/Feb 2002)
The immense volume of money circulating the globe “generates heavy surf for the major countries and tsunamis in lesser economies.” The New Internationalist argues that reform of the world financial structure would benefit both rich and poor nations, by injecting stability into the system.IMF: The Road That Should Be Taken (January/February 2002)
The IMF needs to refocus on its original intention of maintaining global financial stability rather than advocating deregulation and liberalization, which has made international markets more volatile. (Third World Network)IMF Weighs Up Bankruptcy System For Nations (January 23, 2002)
International Monetary Fund rushes ahead with the proposal to introduce an international bankruptcy procedure. According to the Fund’s deputy managing director Ms Kreuger, the procedure "might be formally agreed by the fund as early as April." (Australian Financial Review)Lessons From Argentina's Debacle (January 10, 2002)
Nobel Prize winner Joseph Stiglitz argues that the International Monetary Fund encourages failing policies, and that countries like Argentina ends up paying the price. This crisis can teach important lessons, such as the growing need for reform of the IMF and the global financial system. (Straits Times)The Global Financial System On the Brink, Again (January 9, 2002)
An "international workout mechanism" modeled on domestic bankruptcy courts would put far too much faith in the self-regulating capabilities of the global capital market and wrongly assume roughly equal power between debtor and creditor countries. Such a mechanism must be complemented with a range of measures: financial and currency transactions taxes, border taxes on short-term foreign borrowing, and more effective regulations for international banks to discourage short-term lending. (North-South Institute)Fixing Argentina: Whose Job Is It? (January 6, 2002)
Argentina’s current crisis shows how the US economic model consisting of market deregulation, privatization and trade liberalization does not work. “One system does not fit all.” (New York Times)Swedish Central Banker Supports IMF Bankruptcy Plan (January 3, 2002)
Deputy Governor of the Swedish Central Bank Lars Heikensten says that an international bankruptcy procedure should have been instituted long ago. The procedure could help nations renegotiate unsustainable debts and avoid chaos such as that in Argentina. (Reuters)Argentina's Crisis Is a US Failure (January 2, 2002)
US-promoted neoliberalism and the Argentinean crisis go hand in hand. However, officials from the International Monetary Fund, sometimes viewed as a branch of the US Treasury, now blame the crisis on unsound Argentinean economic policies. (New York Times)The Mirage of Progress (January 1, 2002)
Despite the claims of globalization proponents, the past 20 years have been “the most remarkable economic failure of the twentieth century, aside from the Great Depression.” The 1997 Asian financial crisis epitomizes how trade liberalization has been an “abject economic failure” for many countries. (The American Prospect)The Twin Debacles of Globalization (January 2002)
This critical article argues that Enron illustrates “the folly of deregulation cum corruption” and Argentina, the corporate globalist project of liberalization of trade and capital flows. The US Treasury Department and the International Monetary Fund encourages the latter. (Focus on the Global South)
2001
Argentina's Crisis, IMF's Fingerprints (December 25, 2001)
The International Monetary Fund blames the Argentine government for the economic crisis. However, this article argues that an Argentine recovery needs policies focused on national interests and a break with the IMF. (Washington Post)Argentina's Financial Quandary Is No Surprise (December 21, 2001)
The Argentinian political and economical crisis has been brewing for years but the seizure of pensions and the restrains on cash where the last straw. The Argentinian case gives fuel to the criticism of US and IMF-style capitalism with privatizations and open markets. (Washington Post)IMF Opposes Argentina Economy Bailout (December 6, 2001)
The International Monetary Fund turns down a desperate cry from Argentina for a $ 1.3 billion loan, at a time when the country must make a $900 million debt payment. The case of Argentina shows how the IMF imposes economic “remedies” while burden governments with spiraling external debts. (Associated Press)The World's Economies Slide Together Into Recession (November 25, 2001)
This article from the New York Times acknowledges that the trend toward an increasing economic integration does not necessarily foster sustained prosperity. Globalization triggers worldwide economic recession while not necessarily benefiting all states during times of economic growth.IMF "Rescue" Won't Help Latin America (September 7, 2001)
Mark Weisbrot argues that previous “bail-outs” by the IMF have resulted in the dramatic collapse of currencies and that the current intervention in Argentina will be no different. (Center for Economic Policy and Research)Southeast Asia Losing Ground in New Economy, Report Says (September 7, 2000)
A new ASEAN report shows that the former Tiger states are having trouble recovering from the financial crisis of 1997. To some economists, this performance is tied to recent liberalization: South-East Asian economies had it easier in their ‘state-controlled’ past, they say. (New York Times)Walker’s World – Economics Defining Politics (July 11, 2001)
Karl Marx’s central insight that economics defines politics is being vindicated around the world. With the current economic recession in a ‘trap’ of globalization, the world's economies are now so interlinked that when the United States and Japan both slow their economies simultaneously, the rest of the world soon follows. (Virtual New York)IMF Unhappy with Change to Argentine Peg (June 18, 2001)
Argentina’s decision to alter its currency peg to include the euro may appreciate the peso and result in economic prosperity by imposing multiple exchange rates. This new policy structured by unorthodox Economic Minister Domingo Cavallo however, has caused great dissatisfaction in the IMF and may prevent Argentina from receiving future funds. (Reuters)IMF Sets Up New Unit to Spot Crises Earlier (March 2, 2001)
Responding to its critics who accuse the IMF of being too slow in spotting problems and managing economic crises, the Fund said it would set up a new International Capital Markets department. (Reuters)The Turkey-Mexico Parallel (February 27, 2001)
Start looking for a Turkish Vicente Fox. The Globalist sees how the emerging markets of Mexico and Turkey resemble each other, finds a similar pattern leading both these markets into crisis, and recommends an IMF prone cowboy business man to settle things on both sides.
2000
Regulating International Financial Markets (December 14, 2000)
Christophe Aguiton argues that the Tobin tax must serve to change the international balance of power and improve the material situation of the poorest nations. (ATTAC)Play It Again Sam: The IMF and World Bank Are at It Again (December 11, 2000)
Turkey, presented not long ago as a model of liberalization and structural reform by the IMF, is now facing a serious financial crisis. This reveals the problems with the IMF and Bank's program philosophy, where nothing has changed but the "tactical adjustment of rhetoric". (Znet)Tobin Tax, Speculation and Poverty (December 2000)
This paper highlights the link between poverty and speculation and so maintains that the primary aim of the Tobin tax must be to collect funds for development. (ATTAC)Currency Transaction Tax: A Domestic Resource for Social and Sustainable Development (November 6, 2000)
A paper by Bart Bode supporting the Spahn proposal of a currency transaction tax. Such a tax would provide protection against major currency crises and generate constant revenue. (CISDE)Inside Corporate America (October 8, 2000)
The IMF’s policy recommendations for Ecuador seem less like a blueprint for poverty reduction but rather for a ‘financial coup d'etat’, says Gregory Palast in the Observer.IMF is Peddling Misery to the Poor (September 24, 2000)
Ever wonder what kind of policy the IMF would prescribe to the US, a country setting record after record in its economic performance? (Dawn)IMF? No thanks (September 8, 2000)
The South African Business Day lauds Malaysian Prime Minister Mahathir for having ditched the IMF’s recommendations during the Asian financial crisis. Instead, Malaysia imposed currency controls and weathered the storm.Ex-IMF Boss Says Financial Leaders Complacent (August 16, 2000)
Former IMF head Michel Camdessus said that the international response to the Asian financial crisis was an “outstanding success”, but that decision-makers were already becoming complacent due to the speedy economic recovery. (World Bank Development News)Emerging Markets Are Back. Thanks, IMF (August 14, 2000)
“Thank you, IMF”, says J. Bradford Delong in Fortune magazine, for doing things right during the financial crisis of 1997-8 and limiting the harmful effects of the market meltdown. However, critics remain unconvinced.Progress in Strengthening the Architecture of the International Financial System (July 31, 2000)
The IMF is suggesting a reform of the financial system in order to meet the challenges of a rapidly evolving global economy. Who will benefit from this reform? (International Monetary Fund)Enlist Currency Speculators in Poverty War (July 30, 2000)
Glyn Ford, Member of the European Parliament, makes the case for the Tobin tax. He takes a special look at the situation in East Asia and why the people there should have an interest in his proposal. (Japan Times)Destabilizing Speculation (June 2000)
Arguing his case within the framework of neoclassical economics, Thomas Palley shows why a currency exchange tax would be an act of good public policy. He takes on the most common criticisms and disarms them one by one. (AFL-CIO Policy Paper)Costing the Casino (June 2000)
Helen Hayward provides an exhaustive analysis of the Asian financial crisis of 1997/98. She concludes that excessive speculation brought about this situation and proposes a currency exchange tax to prevent similar disasters from happening. (War on Want)Soros: Euro May 'Disintegrate', Currency Markets Are Not Always Rational (May 8, 2000)
George Soros, who runs the US$12 billion Quantum Fund, was scathing in his criticism of those who believed that markets can solve all problems without intervention by governments. (BBC News Online)The American Ascendancy: Imposing a New World Order (May 8, 2000)
The Nation criticizes the viewpoint that free-market liberalism is a model for success and discusses how a breakdown of the world economy is "the biggest systemic threat to world order in our time".Sound the Alarm (April 17, 2000)
An interview with economist James Stiglitz uncovers further criticism of global financial architecture, particularly the IMF, and begs the question of its reform. (Barron's)Useful Diagnosis - Wrong Therapy (April 10, 2000)
A comment by WEED on the final reports of the Financial Stability Forum (FSF) dealing with, inter alia, hedge funds and offshore centers. WEED says that the FSF was far too cautious in its prescriptions, only echoing the liberal mainstream view about the global financial architecture.IMF Warns of Imbalance in World Economic Growth (April 6, 2000)
With the US economy expanding at an unsustainable rate, the need to address the widening imbalance in world economic growth has become more imminent. (Bloomberg News)What I Learned at the World Economic Crisis (April 6, 2000)
Former World Bank Chief Economist Joseph Stiglitz, explains concisely why protestors in Washington have legitimate reasons for accusing the IMF and others of irresponsible development policy. (New Republic)Bankers Want IMF to Push Reforms as World Recovers (April 5, 2000)
The Institute for International Finance, an influential bankers group, suggested that the world's recovery from the 1997-1999 financial slump provided an opportunity to reform world financial institutions before another crisis occurs. (Business Recorder)Asian Crisis Fund Back on Agenda (March 24, 2000)
An article from the BBC discussing Asian countries push for an Asian Fund.Asian Fund to Play Complementary Role to IMF (March 24, 2000)
The IMF tentatively endorsed the creation of an Asian Fund, which Asian countries hope would help cope with future regional crises, similar to the 1997 financial turmoil. (Agence France-Presse)A Handful of Sand in the Wheels of Financial Speculation (March 2000)
Alex C. Michalos reviews some of the financial crises of the 1990s and discusses the arguments for and against a currency transaction tax. (Mani Tese)Retarding Short-Term Capital Inflows Through Withholding Tax (March 2000)
Speculative capital flows are indeed very harmful to economic stability, says Howell Zee in this IMF Working Paper. While shying away from a Tobin tax, he proposes a Cross-Border Capital Tax that shares fundamentally the same objective – to put some sand in the wheels of the global financial markets.Taxing Financial Speculation: Shifting the Tax Burden From Wages to Wagers (February 2000)
In this paper, Dean Baker from the Centre of Economic and Policy Research likens currency speculation to gambling and proposes that it ought to be taxed accordingly. On a national level, this would generate resources for enormous tax cuts.Confessions of the Washington Ideologues (January 14, 2000)
IMF and World Bank officials forced to reconsider policy dogma such as resistance to capital controls.World Bank Dissident Invokes Asian Workers' Woes (January 10, 2000)
Outgoing World Bank Chief Economist, Joseph Stiglitz, charges that the IMF, the World Bank and the US Treasury helped investors at the expense of workers in the Asian economic crises. (Interpress Service)The Tobin Tax and the Regulation of Capital Movements (2000)
Suzanne de Brunhoff and Bruno Jetin sustain that “the Tobin tax is an attack on the current political consensus, with its neo-liberal characteristics”. (ATTAC)1999
After-Shock of Global Crisis Continues to Hit Developing Countries (December 7, 1999)
A World Bank report discusses how " the lingering effects of the global financial crisis continue to depress output across developing countries, and hamper efforts to reduce poverty worldwide."The Case for Moral Hazard and Wiser Creditors (September 28, 1999)
"The IMF may have learned that although stabilization is the first task of crisis management, crises will recur unless bank owners, not the local public or the international institutions, pay for their mistakes and greed." (International Herald Tribune)Repairing the Global Financial Architecture (September 1999)
"Painting over Cracks vs. Strengthening the Foundations." David Felix, Professor Emeritus at Washington University in St. Louis, discusses capital controls in this Foreign Policy in Focus special report from the Interhemispheric Resource Center and the Institute for Policy Studies.The Asian Crisis and the Search for a New Global Financial Architecture (August 1999)
Essay written by Charles Tanzer, Columbia University graduate student (SIPA), analyzes the Asian Financial Crisis in the context of "Market Discipline/Fundamentalism Meets Developmental/Crony Capitalism."Taxing the Global (July 1999)
Editorial by Charlotte Denny in The Guardian, using the financial crisis in Thailand as an example of how the Tobin Tax could be used to stabilize the global economy and create useful revenues."Free Market" Program Boosts World Poverty (June 8, 1999)
Analysis of two recent studies reveals that: "World poverty is on the increase as a result of the global financial crisis and the free market 'structural adjustment' measures dictated by the International Monetary Fund."G8 Industrial Powers to Approve Temporary Capital Controls (June 6, 1999)
Associated Press article on the agreement by the G-8 that developing countries need to adopt currency controls as an "exceptional measure" while continuing to support the principle of free capital movement.World Bank Estimates 200 Million 'Newly Poor' (June 4, 1999)
Associated Press article about a new World Bank working paper on poverty and financial crises entitled: "Macroeconomic Crises and Poverty: Transmission Mechanisms and Policy Responses." Includes link to the report.UN Calls for Reform of Global Financial System (June 3, 1999)
Reuters article on the global financial system with reference to the Asian Financial Crisis.The Crisis of Globalization (Summer 1999)
James K. Galbraith analyzes the failures of the neoliberal economic system and offers alternatives, including recommendation of a Tobin Tax. (Dissent)Globalization Agenda Threatens Market System (May 3, 1999)
An article published by the Third World Network which examines the volatility of the global economy claims that this may provide a challenge to the system itself.Would Taxation Stabilize World Financial Markets? (May 1999)
Cooperation for Development and Solidarity/Caritas Internationalis report on the implementation of a tax on international currency transactions to prevent social crises and finance global challenges.Taming Currency Speculators (May 1999)
Lorne Nystrom, a New Democratic Party Member of the Canadian Parliament who introduced the motion on the Tobin Tax that was eventually passed, explains why such a tax would be desirable.Make Global System Work for the Poor (April 23, 1999)
Nation/Worldsources article on the global development challenge caused by the global financial crisis, criticizing multilateral lending institutions and concluding with a call for the Tobin Tax.How the Global Economy Harms People and the Environment (April 16, 1999)
Face the Facts! Friends of the Earth-US's weekly fact sheet. Faxes are sent to members of US Congress and news media and are intended to spark a wider public dialogue about the global economy.Factors to Consider in Effecting Global Financial System Reforms (April 6, 1999)
Lecture by Dr. Jonathan Michie published on the Star web site addressing the need for a global response to currency speculation, including implementation of the Tobin Tax.World Bank Report, "Global Development Finance 1999" (April 1999)
Annual World Bank report on global debt reveals "the financial crisis in emerging markets is likely to be more extensive and longer-lasting than previously predicted."It's the Development Model, Stupid! (March 24, 1999)
Worldsources/World Times paper by Walden Bello suggesting that currency exchange fees be implemented to de-globalize national economies and regulated the current global economic disorder.Brazil's Bail-Out is a Time Bomb (March 18, 1999)
Devastating social and ecological consequences of austerity measures imposed after financial crisis.It's a Global Mess. What's a World to Do? (February 28, 1999)
Many designers for a "new global financial architecture".Markets Are Freer Than Politicians (February 21, 1999)
New York Times article looking at some of the political consequences of global economic crises and the role of the IMF.IMF and World Bank Come in for Criticism at G-15 Meeting (February 9, 1999)
Mexico proposing that the UN assist with global financial crisis.Globalization in Crisis: The End of a "Miracle" (February 1998)
Article by Walden Bello looks at the failings of economic globalization and examines what he calls the global financial crisis.People vs. Markets as Another Bailout Flounders (February 1999)
Additional article in Third World Resurgence feature "Brazil: The Real and Global Crisis." Articulates the view that the problem lies with the international financial system.Third World Network Feature "Brazil: The Real and Global Crisis" (February 1999)
Published in their journal Third World Resurgence, these series of articles provide an analysis of the background to the Brazil crisis and discuss its implications.People vs. Markets as Another Bailout Flounders (February 1999)
Additional article in Third World Resurgence feature "Brazil: The Real and Global Crisis". View gaining increasing acceptance is that the problem lies with the international financial system.G-7 Plan for Financial Reform: What It Means for the UN (January-February 1999)
Role of UN as forum for finance for development.UN Releases Proposals for Reform of Financial Oversight (January 29, 1999)
Suggestions include letting developing countries control money flows.Davos Forum Founder Attacks IMF for "Human Disaster" in Asia (January 27, 1999)
Claude Smadja is outraged with the IMF, but fails to mention that the theme of last year's high-powered jamboree in Switzerland was "managing global volatility". Once again the CEOs avoid taking any responsibility for the Asian depression---but they say the skiing was excellent...IMF Admits Errors in Asian Crisis, But Defends Its Tight-Money Policy (January 20, 1999)
The IMF claims it misgauged the severity of the crisis in Asia resulting in a vicious downward cycle.IMF Says It Misread Severity of Asian Crisis (January 19, 1999)
Acknowledgement that the crisis could have been adverted.Taxing Excessive Currency Speculation to Prevent Social Crisis and Finance Global Challenges (January 1999)
In this paper, Dr Danny Cassimon endorses a currency transaction tax, discussing the Tobin as well as the Spahn proposal. (CIDSE)Solution to the Global Financial Crisis: A Marsh for Creditors and Speculators (1999)
Paper by Michael Chossudovsky including analysis of how currency speculation creates financial crises. See the section titled "Freezing Speculative Transactions".1998
Decision by US and IMF Worsened Asia's Problems, the World Bank Finds (December 3, 1998)
The World Bank issued a report implying that the IMF and the US misjudged the Asian financial crisis.World Bank Turns Up Criticism Of the IMF (December 3, 1998)
The continuing controversy of the IMF's actions during the Asian financial crisis.Stop Demonizing Globalization, and Learn to Manage It (November 17, 1998)
Article from the International Herald Tribune that cautions against reacting with fear to recent economic crises and instead argues that globalization requires better managing institutions and personnel.Globalization of the World Economy: Financial Globalization (November 14, 1998)
James Tobin's speech on the global economy at the Autumn Meeting of the American Philosophical Society.Japan to Propose Global Body for Financial Supervision (November 1, 1998)
Japan will propose to the other (G7) economic powers the creation of an international financial supervisory body to stop speculators disrupting markets.Globalization and Internationalism (November 1998)
A Monthly Review article which looks at the relevance of Marx and Engels' Communist Manifesto today as several of their nightmarish prophecies seem to ring true.Rev Up Spending; IMF's About-Turn on Fiscal Stimulus Won't Work (October 29, 1998)
Can a fiscal stimulus handled properly help liquidity to flow back into Asia? This article from the Far Eastern Economic Review points to potential flaws in IMF plans for Asian economic policy.Heads Should Roll at IMF and World Bank (October 13, 1998)
A Singapore Business Times report critiques the IMF's and the World Bank's role in managing global capital markets.Is the IMF Really Behind the Worsened East Asian Crisis? (October 12, 1998)
A debate is going on in academic and policy circles globally on the role and effects of the International Monetary Fund's contractionary policies that have deepened the crisis in many East Asian countries.IMF, World Bank Officials Differ On Response To Crisis (October 2, 1998)
The IMF and the World Bank are split on the appropriate economic policy a country should follow to mitigate the effects of a global financial crisis.The Gathering World Slump and the Battle Over Capital Controls (September/October 1998)
Essay from the New Left Review on the failure of neoliberal orthodoxy to deal with the Asian slump, and the need for "prudential capital regulations".Canadian Finance Minister to Call for New Rules to Check Global Money Flight (September 29, 1998)
The Vanouver Sun reports Finance Minister Paul Martin urges the closer supervision of international banks to bring more stability to developing economies.IMF Resists 'Blackmail' by Russia and US (September 25, 1998)
An IMF official reports on converging issues regarding plans to render financial aid to Latin America to stall the spread of global financial crisis; and of pressure from Russia to receive further aid.Perspective on the Economic Crisis (September 24, 1998)
Secretary-General Kofi Annan on the global economic crisis and its consequences.Financial Crises Could Stall Capitalism's Global March (September 4, 1998)
Article about the question if the financial crises will affect the capitalist system.In Defense of Capital Controls (Fall 1998)
An excerpt from a new book by Kavaljit Singh, discussing global capital controls in the face of international financial breakdown.Breaking the Taboo on Capital Controls (August 30, 1998)
Another article from Martin Khor on limiting capital flows to control the Asian financial crisis.Krugman Calls on Asian Countries to Impose Foreign Exchange Controls (August 30, 1998)
Martin Khor on a new proposal for Asian countries to escape the economic crisis.IMF, Pressing Russia on Earlier Loan Pact, Takes Time to Rule on New Cash (August 28, 1998)
The behavior of the IMF during the Russian Financial Crisis.IMF Formulas Come With a High Cost - Asia's Persistent Woes Cast Doubt on Usefulness of Bailouts (July 27, 1998)
IMF loans are doubted to have any positive effects in the financial crisis.What Sank Asia? Money Sloshing Around The World (July 21, 1998)
Robert Kuttner on the negative effects of free commerce in money.Blame for Asian Flu Shifts Westward: Economists Warn Deregulation Now Out of Hand (July 13, 1998)
Article by Thomas Walkom on the possible causes of the Asian financial crisis.IMF: Still Bungling in Asia (July 9, 1998)
Assessment by David Felix of the actions taken by the IMF in the Asian crisis published in the The Journal of Commerce.One Year Later, Asian Economic Crisis Is Worsening (July 6, 1998)
This is a rare, honest and harsh look in the New York Times at the utter confusion of the IMF and its partners in dealing with the ongoing Asian economic crisis.The IMF: One Size Does Not Fit All (July 3, 1998)
A leak in the global economy has turned into a flood. Larry Elliott and Alex Brummer audit the plumbers in The Guardian.Asia: IMF Should Rethink Policy (June 29, 1998)
Martin Khor is presenting new measures to help Asian countries.The Tobin Tax: Regulatory Tool for the World's Capital Markets? (Summer 1998)
Two Bread for All Workshop papers from experts on the Tobin Tax, one from a proponent of the Tobin Tax, the other from an opposing point of view, including analysis of the tax's implementation and revenue allocation.US and IMF Putting More Squeeze on the South? (April 14, 1998)
An article by Martin Kohr from the Third World Network Features looking at a possible ammendment to the IMF articles that would increase IMF controls over foreign exchange transactions in developing countries.IMF and US Response to the Asian Financial Crisis (April 1998)
An article by Tom Shurrock from Foreign Policy In Focus addressing US foreign policy concerning the IMF and the Asian financial crisis.IMF Bailouts and Global Financial Flows (April 1998)
Foreign Policy article by David Felix on the role of the IMF in preventing currency crises in debtor countries, calling for the G-7 to tax foreign exchange transactions with a Tobin Tax.Refocusing the IMF (March/April, 1998)
An article by Martin Feldstein, professor of economics at Harvard from Foreign Affairs (March/April 1998), criticizing the IMF's draconian restructuring demands for struggling Asian economies.At the IMF, a Struggle Shrouded in Secrecy Curing Sick Economies Exacts a High Price (March 30, 1998)
An article by Paul Blustein from the Washington Post looking at the IMF and its actions to counteract the financial crisis in Asia.The IMF must go, critics say, but who will cope with crises? (February 12, 1998)
An article on the criticism the IMF has received from the right and left published in The New York Times.Global Financial Flows and Their Impact on the Developing Countries (January 14, 1998)
Fifty-second Session Agenda Item 95 (a), Resolution Adopted by the General Assembly.Financial Warfare (1998)
An article from the Multinational Monitor that discusses the present global financial crisis and examines the competitive nature of capitalism today.1997
Why We Need Sand in the Market's Gears (December 21, 1997)
Washington Post editorial by Tobin discussing the Asian financial crisis and the Tobin Tax.Disarming the Markets (December 1997)
This Le Monde Diplomatique editorial launched the idea to set up a new worldwide non-governmental organization –ATTAC – to exert pressure on governments to introduce a Tobin tax.1996
The Tobin Tax and Exchange Rate Stability (June 1996)
Paul Bernd Spahn, a German economist, discusses the effects of a currency exchange tax. He favors a two-tiered tax, the major part of which would be triggered only during times of high exchange rate fluctuation. Although written in 1996, his proposal still carries a certain weight with campaigners for global taxes. (World Bank Finance & Development)1978
A Proposal for Monetary Reform (July/October 1978)
One of James Tobin’s original proposals for a currency exchange tax! Since then, of course, the debate has evolved somewhat; furthermore, Tobin’s paper has to be seen against its historical background. Nevertheless, there is a reason why we call it a “Tobin tax” and this paper shows it clearly. (Eastern Economic Journal)
