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Programs : Task Forces
Financial Markets Reform
  Overview  
Among the most important issues for countries to achieve sustainable, long-term growth are the development of a strong financial sector and the extension of credit to small and medium sized enterprises (SMEs). This task force will work towards a new paradigm in the regulation of financial markets; one that both serves prudential purposes while also providing incentives for banks to extend credit to companies that need it the most, when they most need it.
  What's New  
Toward a World Reserve System
Event: Nov 06, 2009
Academics dialogued with policymakers and representatives from the United Nations, Bretton Woods Institutions and civil society organizations to discuss the prospects for replacing the US dollar as the reserve currency in order to create a more stable and just global reserve system.
Introducing Counter-Cyclicality into Prudential Regulation: Its role in Basel II
Event: Oct 23, 2009
Hosted by the Czech National Bank and sponsored by GTZ of Germany, IPD brought together academics, policymakers and industry professional to discuss counter-cyclical regulation in the context of the global financial crisis.
Financial crisis testing EU foundations, says Stiglitz
Article Link: Euobserver
News Coverage of Brussels meeting in Europe
PES president repeats call for tougher regulation of financial sector
Article Link
News Coverage of Brussels Conference in Europe
Stiglitz Says Banks Should Be Banned From CDS Trading
Article Link
News Coverage of Brussels Conference in Europe
Trading Big banks should be banned from credit trading, says Stiglitz
Article Link
News Coverage of Brussels meeting in Europe
Conference Background Papers: Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System
Publication: UN Stiglitz Commission, 2009
Conference Background Papers: Addressing financial system procyclicality: a possible framework - Note for the FSF Working Group on Market and Institutional Resilience
Publication: Bank for International Settlements
Stiglitz Says U.S. Facing a "Very Slow" Recovery From Recession
Article Link: News
The U.S. needs to invest more on infrastructure and technology, Stiglitz says. He warns of more forecloses in the mortgage market and the lack of aggregate demand that persists.

Click here to learn more.
Working Papers: Policy Brief: Reforming governance of international financial regulation: have the G-20 done enough?
Publication: Stephany Griffith-Jones and Kevin Young
In the wake of the 2007-2008 financial crisis - the worst crisis in a generation - the effectiveness of international regulation has been called into question. Click above to read this policy brief, created with support from the Hewlett Foundation.
Working Papers: Policy Brief: Proposal for Regulatory Reform
Publication: by Stephany Griffith-Jones
As Presented to the UN Commission of Experts of Global Financial Reform
"Rigid" application of inflation targeting a "costly mistake," Stiglitz avers
Article Link: News
Containing inflation needs to be balanced with other concerns like sustaining growth and maintaining financial stability. Central banks should not have acted as if low consumer-price inflation was necessary for economic stability.

Click here to learn more and see a video clip.
Obama's Ersatz Capitalism
Article Link: Joseph E. Stiglitz
The Obama administration's $500 billion or more proposal to deal with America's ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win - and taxpayers lose.
A Bank Bailout That Works
Opinion: Joseph E. Stiglitz
Joseph Stiglitz on bank nationalization
Policy Responses to Unfettered Finance
Event: Feb 12, 2009 - Feb 13, 2009
Organized by the North-South Institute and hosted by the Initiative for Policy Dialogue, this workshop discussed policy responses to the current global financial crisis. Please find details of the research agenda in progress here.
Working Papers: Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
Publication: Joseph Stiglitz and Marcus Miller
Working Papers: Ownership Changes and Access to External Financing
Publication: Anzhela Knyazeva, Diana Knyazeva, and Joseph Stiglitz
Do not squander Americas stimulus on tax cuts
News: Joseph E. Stiglitz
As news of the US economy worsens, worries about whether a stimulus could restart the economy are growing. What is clear is that tax cuts will not help much.
Global Financial Crisis Meeting
Event: Nov 13, 2008
This conference brought together very high-level regulators, leading academics, senior parliamentarians, the UN, civil society and the private sector to address today's most critical questions on the global crisis, its management, and its implications for financial regulation. Click above for the conference statement and other meeting details.
Working Papers: Key Principles for Financial Reforms that G-20 Leaders Should Implement
Publication: by Stephany Griffith-Jones, Jose Antonio Ocampo, Sarah Burke-Rude
: Colombian newspaper El Pais interviews Jose Antonio Ocampo
Publication
Professor Jose Antonio OCampo gave several interviews in Spanish during his trip to Colombia about the current financial crisis, and this interview is deemed to be the best.
Working Papers: Credit Default Swaps: The Key to Financial Market Reform
Publication: Perry G. Mehrling
Working Papers: Agenda and Criteria for Financial Regulatory Reform
Publication: Jane D'Arista and Stephany Griffith-Jones
Professor Perry G. Mehrling on the financial crisis
Article Link
Perry Merhling is a professor of economics at Barnard College, Columbia University and a member of the Task Force on Financial Markets Reform. He recently wrote a letter to the Financial Times, posted on their blog and wrote an article to the RGE Monitor urging that instead of determining the price on the ABX insurance policies using the old pricing system, that they simply be set.
Financial Markets Reform Task Force Meeting 2008
Event: July 2008: Jul 01, 2008 - Jul 02, 2008
Ten years ago, there was a global financial crisis, and promises of reform in the global financial architecture. Little of substance was done, and the world now once again faces global financial turbulence. This time, however, the problems are at the center, not the periphery. The widespread turbulence of developed country financial markets provides the impetus for this summer's Financial Markets Task Force Meeting held at the University of Manchester's Brooks World Poverty Institute.
Conference Background Papers: New Investors in Developing Countries: Opportunities, Risks and Policy Responses, the Case of Hedge Funds
Publication: Stephany Griffith-Jones , Anush Kapadia
New bank rules must break the cycle
Article Link: Stephany Griffith-Jones
Read the letter here here
Financial Times publishes Letter by IPD Executive Director Stephany Griffith-Jones, discussing the current financial crisis
Article Link: Stephany Griffith-Jones
Read the letter here
Working Papers: Sovereign Wealth Funds: A Developing Country Perspective
Publication: Stephany Griffith-Jones and Jose Antonio Ocampo
Working Papers: Government Failure vs. Market Failure: Principles of Regulation
Publication: Joseph Stiglitz
Discussion on the Subprime Crisis, Financial Regulation, and Hedge Funds
Event: Feb 06, 2008 - Feb 06, 2008
Former Prime Minister of Denmark, and current Member of European Parliament and President of the Party of European Socialists (PES), Poul Rasmussen, joined IPD with a delegation of economists and political strategists to discuss the current subprime crisis, financial regulation, and hedge funds, in preparation for writing a report on the issue for the European Parliament.
The worst market crisis in 60 years
News: George Soros
Read George Soros' article in the Financial Times here.
Financial Markets Reform Task Force Meeting 2006
Event: Jul 25, 2006 - Jul 27, 2006
At this meeting, the task force laid out a policy-oriented research agenda and determined which issues within financial markets reform it will address in its future work.
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