Capital Flows/Financial Crises : Center for Global Development : Research Topics

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src="/web/20120107170459im_/http://www.cgdev.org/layout/breadcrumb-arrow.png" alt=""/> <a href="/web/20120107170459/http://www.cgdev.org/section/topics"> Research Topics</a> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/breadcrumb-arrow.png" alt=""/> Capital Flows/Financial Crises <div class="clear"></div> </div> <h1 class="title"> Capital Flows/Financial Crises </h1>  <script type="text/javascript"> function toggleOverview() { var thetxt = jQuery(".toggle").html(); if ("Read More" == thetxt) { thetxt = "Read Less"; pageTracker._trackEvent('topic_page', 'read more click'); } else { thetxt = "Read More"; } jQuery(".content-trimmed").toggle(); jQuery(".content-full").toggle(); jQuery(".toggle").html(thetxt); } </script> <table style="width:100%" cellpadding="0" cellspacing="0"> <tr> <td id="section-content" valign="top">  <div id="featured"> <img class="img-left-big" src="/web/20120107170459im_/http://www.cgdev.org/files/2659_image2_capital_flows.JPG" alt=""/> <div class="content-trimmed"><style type="text/css">body.section a.more-link{ display: none; }</style> <p>Access to foreign capital is key for private sector and government investment and thus for economic growth in developing countries lacking strong domestic financial systems. But openness brings risks, as the financial crises of the past decade have shown. CGD Senior Fellow <a href="/web/20120107170459/http://www.cgdev.org/content/experts/detail/2718/">Liliana Rojas-Suarez </a>examines the impacts of financial regulations on capital account volatility, as well as mechanisms to further domestic financial deepening in emerging markets to prevent instability and enable growth. The Center’s research also deals with approaches to crisis resolution and the potential of foreign direct investment to promote growth.</div> <div class="content-full" style="display:none"><style type="text/css">body.section a.more-link{ display: none; }</style> <p>Access to foreign capital is key for private sector and government investment and thus for economic growth in developing countries lacking strong domestic financial systems. But openness brings risks, as the financial crises of the past decade have shown. CGD Senior Fellow <a href="/web/20120107170459/http://www.cgdev.org/content/experts/detail/2718/">Liliana Rojas-Suarez </a>examines the impacts of financial regulations on capital account volatility, as well as mechanisms to further domestic financial deepening in emerging markets to prevent instability and enable growth. The Center’s research also deals with approaches to crisis resolution and the potential of foreign direct investment to promote growth.</div> <div class="clear"></div> </div> <div class="clear"></div> <div id="tabbed-navigation"> <div class="tabs"> <span class="tab newest active" rel="newest" onmousedown="pageTracker._trackEvent('topic_page', 'tab click', 'newest');">Newest</span> <span class="tab popular" rel="popular" onmousedown="pageTracker._trackEvent('topic_page', 'tab click', 'popular');">Popular</span> <span class="tab" rel="publications" onmousedown="pageTracker._trackEvent('topic_page', 'tab click', 'publications');">Publications</span> <span class="tab" rel="experts" onmousedown="pageTracker._trackEvent('topic_page', 'tab click', 'experts');">Experts</span> <span class="tab" rel="research" onmousedown="pageTracker._trackEvent('topic_page', 'tab click', 'initiatives');">Initiatives</span>  <span class="tab" rel="multimedia" onmousedown="pageTracker._trackEvent('topic_page', 'tab click', 'multimedia');">Multimedia</span> <div class="clear"></div> </div> <div class="tab-box newest active"> <ul> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425792_image_zipped_file.png&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1425792">Data Set for Working Paper 274: "Economic Shocks and Conflict: The (Absence of?) Evidence from Commodity Prices"</a> <span class="item-date"> - Dec 7, 2011</span> </div> <div class="item-description"><p>This set includes data and Stata files to replicate the results in CGD Working Paper 274, "Economic Shocks and Conflict: The (Absence of?) Evidence from Commodity Prices"</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425439_image_Moss_Praise_of_Debt.gif&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1425439">In Praise of Debt: Why Greece’s Mistakes Shouldn’t Hurt Emerging Borrowers</a> <span class="item-date"> - Sep 13, 2011</span> </div> <div class="item-description"><p>Debt can bring about disaster, as in Greece or with your deadbeat son; but it can also be a the engine of growth and prosperity.</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425360_image_Liliana_CNN_8.8.11.JPG&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1425360">Impacto de decradación (CNN en Espanol)</a> <span class="item-date"> - Aug 9, 2011</span> </div> <div class="item-description"><p>Senior fellow Liliana Rojas- Suarez discusses the U.S. credit rating downgrade and its effects. She emphasizes that the fundamental problems behind the 2008 financial crisis – namely the deeply troubled mortgage markets - have not been solved, and that this downgrade, together with the ongoing...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425333_image_Liliana_CNN_7.28.11.JPG&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1425333">El Efecto en la Region: Liliana Rojas-Suarez (Interview)</a> <span class="item-date"> - Jul 28, 2011</span> </div> <div class="item-description"><p>CGD Senior fellow Liliana Rojas-Suarez discusses what implications might befell Latin American economies if the U.S. does not raise its debt ceiling.</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425245_image_CGD_CLAAF_1014_1_.jpg&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1425245"><a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/global_prosperity_wonkcast/2011/06/20/avoiding-a-credit-bubble-in-latin-america-unconventional-measures-for-extraordinary-times-wonkcast/">Avoiding a Credit Bubble in Latin America (Wonkcast)</a> <span class="item-date"> - Jun 20, 2011</span> </div> <div class="item-description"><p>For now, the future for Latin America looks bright. Confidence is high throughout the region after a strong rebound from the global financial crisis. But large and possibly volatile inflows of capital could lead to a credit bubble if regulators don’t take steps now to slow the large flood of hot...</p></div> </div> <div class="clear"></div> </li> <li> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424892">The New Approach to Financial Regulation: Is It Relevant for Developing Countries? (With Applications to Latin America) (Presentation)</a> <span class="item-date"> - Mar 8, 2011</span> </div> <div class="item-description"><p>These slides are from a presentation by Liliana Rojas-Suarez on the macroprudential approach to financial regulation. Key components of this approach include the recent Basel III Accord, which, among other measures, will impose higher capital requirements and entail a tighter focus on high quality...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1424890_image_liliana170.jpg&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1424890"><a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/global_prosperity_wonkcast/2011/03/07/macroprudential-regulation-and-developing-countries-liliana-rojas-suarez/">Macroprudential Regulation and Developing Countries: Liliana Rojas-Suarez</a></a> <span class="item-date"> - Mar 7, 2011</span> </div> <div class="item-description"><p>Regulators at the Bank for International Settlements in Basel, Switzerland, are hard at work designing regulatory standards to avoid future financial meltdowns like the global financial crisis of 2008. Joining them for two months is Liliana Rojas Suarez, a CGD senior fellow and the founding...</p></div> </div> <div class="clear"></div> </li> <li> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424882">The Post-Washington Consensus: Development after the Crisis - Working Paper 244</a> <span class="item-date"> - Mar 3, 2011</span> </div> <div class="item-description"><p>The last time a global depression originated in the United States, the impact was devastating not only for the world economy but for world politics as well. The Great Depression set the stage for a shift away from strict monetarism and laissez-faire policies toward Keynesian demand management. More...</p></div> </div> <div class="clear"></div> </li> <li> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1424756">Liliana Rojas-Suarez on the European Crisis (CNN en Espanol)</a> <span class="item-date"> - Jan 20, 2011</span> </div> <div class="item-description"><p>Senior Fellow Liliana Rojas-Suarez made comments on the sovereign debt auctions held recently by several European governments. She thinks the so-called success of these auctions is relative for two reasons. First, it is important to remember that before this auction took place, the European Central...</p></div> </div> <div class="clear"></div> </li> <li> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424748">Advanced Economies Pose Three Financial Risks to Developing Countries in 2011</a> <span class="item-date"> - Jan 18, 2011</span> </div> <div class="item-description"><p>Debt crises in Europe, sluggish growth in the United States, and an overvalued Chinese currency could all spell trouble for developing countries. CGD senior fellow Liliana Rojas-Suarez unpacks three big financial-sector risks for 2011.</p></div> </div> <div class="clear"></div> </li> <ul> </div> <div class="tab-box popular"> <ul> <li> <div style="float:left"> </div> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424882">The Post-Washington Consensus: Development after the Crisis - Working Paper 244</a> <span class="item-date"> - Mar 3, 2011</span> </div> <div class="item-description"><p>The last time a global depression originated in the United States, the impact was devastating not only for the world economy but for world politics as well. The Great Depression set the stage for a shift away from strict monetarism and laissez-faire policies toward Keynesian demand management. More...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425792_image_zipped_file.png&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1425792">Data Set for Working Paper 274: "Economic Shocks and Conflict: The (Absence of?) Evidence from Commodity Prices"</a> <span class="item-date"> - Dec 7, 2011</span> </div> <div class="item-description"><p>This set includes data and Stata files to replicate the results in CGD Working Paper 274, "Economic Shocks and Conflict: The (Absence of?) Evidence from Commodity Prices"</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2808_image_bettglobshad.jpg&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2808">A Better Globalization: Legitimacy, Governance, and Reform</a> <span class="item-date"> - Mar 1, 2005</span> </div> <div class="item-description"><p>A Better Globalization: Legitimacy, Governance, and Reform by Kemal Dervis is a reformist manifesto that argues that gradual institutional change can produce beneficial results if it is driven by an ambitious long-term vision and by a determination to continually widen the limits of the possible.</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> </div> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424748/text/javascript">Advanced Economies Pose Three Financial Risks to Developing Countries in 2011</a> <span class="item-date"> - Jan 18, 2011</span> </div> <div class="item-description"><p>Debt crises in Europe, sluggish growth in the United States, and an overvalued Chinese currency could all spell trouble for developing countries. CGD senior fellow Liliana Rojas-Suarez unpacks three big financial-sector risks for 2011.</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425439_image_Moss_Praise_of_Debt.gif&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1425439">In Praise of Debt: Why Greece’s Mistakes Shouldn’t Hurt Emerging Borrowers</a> <span class="item-date"> - Sep 13, 2011</span> </div> <div class="item-description"><p>Debt can bring about disaster, as in Greece or with your deadbeat son; but it can also be a the engine of growth and prosperity.</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1422882.gif&w=60&h=60&zc=1" alt=""/> </div> <div style="margin-left:70px"> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1422882">Policy Principles for Expanding Financial Access</a> <span class="item-date"> - Sep 30, 2009</span> </div> <div class="item-description"><p>The CGD Task Force on Access to Financial Services proposes 10 principles for financial-sector policymakers—including national authorities, donors, private-sector participants, international financial institutions, and others—on the facilitation, regulation, and direct provision of...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> </div> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/3223">Resolving Nigeria's Debt Through a Discounted Buyback</a> <span class="item-date"> - Apr 1, 2005</span> </div> <div class="item-description"><p>Nigeria has $33 billion in external debt. The government has been trying unsuccessfully for years to cut a deal with creditors to reduce its external obligations but to date has only managed to gain non-concessional restructuring. The major creditors also have good reasons for wanting to seek a...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> </div> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2858">From Promise to Performance: How Rich Countries Can Help Poor Countries Help Themselves</a> <span class="item-date"> - Apr 1, 2003</span> </div> <div class="item-description"><p>At the United Nations Millennium Summit in 2000 the nations of the world committed to join forces to meet a set of measurable targets for reducing world poverty, disease, illiteracy and other indicators of human misery—all by the year 2015. These targets, later named the Millennium Development...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> </div> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1423709">The International Financial Crisis: Eight Lessons for and from Latin America - Working Paper 202</a> <span class="item-date"> - Jan 27, 2010</span> </div> <div class="item-description"><p>This paper presents lessons derived from the 2008–09 financial crisis for Latin America and developing countries in other regions that might seek economic growth in the context of greater integration to the international capital markets.</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left"> </div> <div style=""> <div class="item-title"> <a href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424892">The New Approach to Financial Regulation: Is It Relevant for Developing Countries? (With Applications to Latin America) (Presentation)</a> <span class="item-date"> - Mar 8, 2011</span> </div> <div class="item-description"><p>These slides are from a presentation by Liliana Rojas-Suarez on the macroprudential approach to financial regulation. Key components of this approach include the recent Basel III Accord, which, among other measures, will impose higher capital requirements and entail a tighter focus on high quality...</p></div> </div> <div class="clear"></div> </li> </ul> </div> <div class="tab-box experts"> <ul><ul> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/483_file_birdsall170.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/483/">Nancy Birdsall</a>, President <div><p>An internationally recognized expert on the impact of rich-country policies on poor people in developing countries, Nancy Birdsall is the author, co-author, or editor of more than a dozen books and over 100 articles in scholarly journals and monographs, published in English and Spanish. She is the...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2570_file_mc_photo_aug_2010_170.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2570/">Michael Clemens</a>, Senior Fellow <div><p>Michael Clemens is a senior fellow at the Center for Global Development where he leads the Migration and Development initiative. He also serves as CGD’s Research Manager, directing the Center’s engagement with the academic research community through peer-review for Center publications, research...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2693_file_cline_170.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2693/">William R. Cline</a>, Senior Fellow <div><p>William R. Cline is a senior fellow jointly at the Peter G. Peterson Institute for International Economics and the Center for Global Development. His research focuses on finance, capital flows, trade and development; currently he is investigating the differential impact of global warming on...</p></div> </div> <div class="clear"></div> </li> <li> <div style=""> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2702/">Ricardo Hausmann</a>, Non-Resident Fellow <div><p>Ricardo Hausmann is Professor of the Practice of Economic Development at Harvard University's Kennedy School of Government. Previously, he served as the first Chief Economist of the Inter-American Development Bank (1994-2000), where he created the Research Department.</p></div> </div> <div class="clear"></div> </li> <li> <div style=""> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2704/">Ethan Kapstein</a>, Visiting Fellow <div><p>Ethan Kapstein is a visiting fellow at CGD and Paul Dubrule Professor of Sustainable Development at INSEAD. Prior to this, Kapstein was Stassen Professor of International Peace at the Humphrey Institute of Public Affairs and Dept. of Political Science at the University of Minnesota (1996-2003). He...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2706_file_kremer_170.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2706/">Michael Kremer</a>, Non-Resident Fellow <div><p>Michael Kremer is the Gates Professor of Developing Societies in the department of economics at Harvard University, senior fellow at the Brookings Institution, and non-resident fellow at the Center for Global Development. Kremer’s recent research examines education and health in developing...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2707_file_lancaster_170.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2707/">Carol J. Lancaster</a>, Non-Resident Fellow <div><p>Carol Lancaster is the dean of the Edmund A. Walsh School of Foreign Service at Georgetown University. Before joining the Georgetown faculty in 1996, Professor Lancaster served three years as Deputy Administrator of the U.S. Agency for International Development.</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2713_file_moss_web_170.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2713/">Todd Moss</a>, Vice President for Programs and Senior Fellow <div><p>Todd Moss works on U.S.-Africa relations and financial issues facing sub-Saharan Africa, including policies that affect private capital flows, natural resource management, debt, and aid. Todd oversees the Center’s fundraising efforts and relations with external partners.</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2680_file_SteveRadelettb.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2680/">Steve Radelet</a>, Former Senior Fellow <div><p>Steve Radelet works on issues related to foreign aid, developing country debt, economic growth, and trade between rich and poor countries. He also leads CGD's Modernizing U.S. Foreign Assistance and MCA Monitor initiatives. </p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2718_file_lrs.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2718/">Liliana Rojas-Suarez</a>, Senior Fellow <div><p>Liliana Rojas-Suarez is an expert on Latin America, financial services, and the effects of global financial regulation. She leads CGD’s extensive package of analysis on the development impact of the U.S. financial crisis and has been the chair of the Latin American Shadow Financial Regulatory...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1420956_file_simon_170.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/1420956/">John Simon</a>, Former Visiting Fellow <div><p>John Simon served on the U.S. National Security Council as special assistant to President George W. Bush and senior director for relief, stabilization, and development. This week, on the Global Prosperity Wonkcast, he expands on his recent article, "Six Important Lessons for Disaster Relief," and...</p></div> </div> <div class="clear"></div> </li> </ul></ul> </div> <div class="tab-box publications"> <ul> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425792_image_zipped_file.png&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1425792/">Data Set for Working Paper 274: "Economic Shocks and Conflict: The (Absence of?) Evidence from Commodity Prices"</a> <span class="item-date"> - Dec 7, 2011</span> <div class="item-description"> <p> This set includes data and Stata files to replicate the results in CGD Working Paper 274, "Economic Shocks and Conflict: The (Absence of?) Evidence from Commodity Prices" </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425439_image_Moss_Praise_of_Debt.gif&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1425439/">In Praise of Debt: Why Greece’s Mistakes Shouldn’t Hurt Emerging Borrowers</a> <span class="item-date"> - Sep 13, 2011</span> <div class="item-description"> <p> Debt can bring about disaster, as in Greece or with your deadbeat son; but it can also be a the engine of growth and prosperity. </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424892/">The New Approach to Financial Regulation: Is It Relevant for Developing Countries? (With Applications to Latin America) (Presentation)</a> <span class="item-date"> - Mar 8, 2011</span> <div class="item-description"> <p> These slides are from a presentation by Liliana Rojas-Suarez on the macroprudential approach to financial regulation. Key components of this approach include the recent Basel III Accord, which, among other measures, will impose higher capital requirements and entail a tighter focus on high quality... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424882/">The Post-Washington Consensus: Development after the Crisis - Working Paper 244</a> <span class="item-date"> - Mar 3, 2011</span> <div class="item-description"> <p> The last time a global depression originated in the United States, the impact was devastating not only for the world economy but for world politics as well. The Great Depression set the stage for a shift away from strict monetarism and laissez-faire policies toward Keynesian demand management. More... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424748/">Advanced Economies Pose Three Financial Risks to Developing Countries in 2011</a> <span class="item-date"> - Jan 18, 2011</span> <div class="item-description"> <p> Debt crises in Europe, sluggish growth in the United States, and an overvalued Chinese currency could all spell trouble for developing countries. CGD senior fellow Liliana Rojas-Suarez unpacks three big financial-sector risks for 2011. </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1424492_image_Rogoff_Sabot.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424492/">Austerity and the IMF</a> <span class="item-date"> - Oct 7, 2010</span> <div class="item-description"> <p> Kenneth Rogoff delivers the Fifth Annual Richard H. Sabot Lecture on April 12, 2010. </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1424232_image_billions_more_for.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424232/">Billions More for International Institutions? The ABCs of the General Capital Increases (GCI)</a> <span class="item-date"> - Jun 21, 2010</span> <div class="item-description"> <p> After dramatically increasing their lending during the global financial crises, the international financial institutions are requesting an unusual General Capital Increase. Senior fellow Todd Moss and co-authors explain what this means—and why it’s important. </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1424196_image_IDA_letter.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1424196/">Proposal for an IDA Blended Financing Facility (Policy Memo)</a> <span class="item-date"> - Jun 8, 2010</span> <div class="item-description"> <p> Against the backdrop of the fast approaching Millennium Development Goals deadline, World Bank shareholders have an opportunity to dramatically increase resources available for the poorest, most vulnerable countries. By better leveraging the IBRD’s balance sheet for creditworthy blend and... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1423751/">Financial Integration and Foreign Banks in Latin America: Do They Amplify External Financial Shocks? - Working Paper 203</a> <span class="item-date"> - Feb 8, 2010</span> <div class="item-description"> <p> This paper explores the impact of international financial integration on credit markets in Latin America. The overall effect is positive, but the foreign banks do tend to amplify the impact of foreign shocks on credit and interest rates. Important policy recommendations include ring-fencing... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1423709/">The International Financial Crisis: Eight Lessons for and from Latin America - Working Paper 202</a> <span class="item-date"> - Jan 27, 2010</span> <div class="item-description"> <p> This paper presents lessons derived from the 2008–09 financial crisis for Latin America and developing countries in other regions that might seek economic growth in the context of greater integration to the international capital markets. </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1423582/">Precautionary Resources and Long-Term Development Finance: The Financial Role of the Bretton Woods Institutions after the Crisis</a> <span class="item-date"> - Jan 14, 2010</span> <div class="item-description"> <p> Kemal Derviş delivers the Fourth Annual Richard H. Sabot Lecture on June 11, 2009. </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1422882.gif&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/1422882/">Policy Principles for Expanding Financial Access</a> <span class="item-date"> - Sep 30, 2009</span> <div class="item-description"> <p> The CGD Task Force on Access to Financial Services proposes 10 principles for financial-sector policymakers—including national authorities, donors, private-sector participants, international financial institutions, and others—on the facilitation, regulation, and direct provision of... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/360104/">Multilateralism Beyond Doha - Working Paper 153</a> <span class="item-date"> - Oct 9, 2008</span> <div class="item-description"> <p> The World Trade Organization’s collapsed Doha Round focused on issues of limited significance while the burning issues of the day were not even on the agenda. In this new working paper, CGD senior fellow Arvind Subramanian and co-author Aaditya Mattoo argue for a wider agenda for multilateral... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/16239/">Integration in the Americas: One Idea for Plan B (Essay)</a> <span class="item-date"> - Jun 16, 2008</span> <div class="item-description"> <p> In this CGD Essay, visiting fellow Nancy Lee provides the full details and policy recommendations for a strategy of regional investment integration in the Americas. The essay, excerpted from her chapter in the forthcoming White House and the World: A Global Development Agenda for the Next U.S.... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/16178/">Integration in the Americas: One Idea for Plan B (Note)</a> <span class="item-date"> - Jun 3, 2008</span> <div class="item-description"> <p> Unlike East Asia and Europe, Latin America lacks a shared integration strategy and continues to struggle with a burdensome investment climate. In this new CGD Note, visiting fellow Nancy Lee suggests a fresh approach to regional integration in the form of a proposed regional investment agreement.... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/15501/">Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization - Working Paper 142</a> <span class="item-date"> - Feb 28, 2008</span> <div class="item-description"> <p> Two aspects of global imbalances -- undervalued exchange rates and sovereign wealth funds -- require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. In this working... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/13932/">The Provision of Banking Services in Latin America: Obstacles and Recommendations - Working Paper 124</a> <span class="item-date"> - Jun 25, 2007</span> <div class="item-description"> <p> Access to financial services -- ranging from credit to the use of electronic means of payment -- is crucial for growth and poverty reduction. This new working paper by CGD senior fellow Liliana Rojas-Suarez tells why access to financial services is low in Latin America and suggests innovative... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/13202/">Pathways Out of Poverty During an Economic Crisis: An Empirical Assessment of Rural Indonesia - Working Paper 115</a> <span class="item-date"> - Mar 14, 2007</span> <div class="item-description"> <p> How do people escape poverty? In this working paper, CGD senior fellow Peter Timmer and his co-authors describe pathways out of poverty in Indonesia from 1993 to 2000, a period of economic and political turmoil. They find that most rural poor people who escaped poverty did so without moving to... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/6804/">The U.S. External Deficit and the Developing Countries--Working Paper 86</a> <span class="item-date"> - Mar 20, 2006</span> <div class="item-description"> <p> With foreign investment in the U.S. increasingly in the spotlight, this working paper by William Cline explores the U.S. external deficit and the fact that the U.S. relies on foreign lending to finance its trade deficit. Cline emphasizes the dangers of a hard landing for the U.S., and why this... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/6284/">Stormy Days on an Open Field: Asymmetries in the Global Economy<br> - Working Paper 81</a> <span class="item-date"> - Feb 16, 2006</span> <div class="item-description"> <p> Does openness in trade and the free flow of capital promote growth for the poor? In this new working paper, CGD president Nancy Birdsall describes asymmetries in globalization and their implications for poverty reduction. She argues that poor countries lack effective social contracts, progressive... </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/4091_image_debtor.gif&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/4091/">The United States as a Debtor Nation</a> <span class="item-date"> - Sep 19, 2005</span> <div class="item-description"> <p> How is America's debt of 22% of GDP and its $670 billion trade deficit sustainable? What are the challenges to the rest of the world as the US’ fiscal accounts and exchange rates adjust to correct this imbalance? In this important new book, CGD/IIE Senior Fellow William R. Cline argues that... </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/3409_image_sabot.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/3409/">The Dollar and Development - Working Paper 64</a> <span class="item-date"> - Aug 10, 2005</span> <div class="item-description"> <p> In this posthumously published working paper, Dick Sabot argues that the U.S. external deficit is putting at risk the welfare of poor people in developing countries. This accessible paper draws on a forthcoming book, The U.S. as a Debtor Nation, by William Cline, and has been updated to include... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2728/">Ten Myths of the International Finance Facility -<br> Working Paper 60</a> <span class="item-date"> - May 24, 2005</span> <div class="item-description"> <p> The British proposal to create an International Finance Facility in order to 'frontload' $50 billion in aid per year until 2015 has generated a lot of attention and will likely be a major topic at the G8 meeting this July. But the IFF has also been shrouded in confusion and misconceptions. This... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2729/">Financial Regulations in Developing Countries: Can they Effectively Limit the Impact of Capital Account Volatility? - Working Paper 59</a> <span class="item-date"> - May 20, 2005</span> <div class="item-description"> <p> After more than a decade of financial sector liberalization, both of domestic markets and of international financial transactions (capital account liberalization), policymakers in many developing countries remain concerned about the effects that large and highly volatile capital flows have on their... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/3223/">Resolving Nigeria's Debt Through a Discounted Buyback</a> <span class="item-date"> - Apr 1, 2005</span> <div class="item-description"> <p> Nigeria has $33 billion in external debt. The government has been trying unsuccessfully for years to cut a deal with creditors to reduce its external obligations but to date has only managed to gain non-concessional restructuring. The major creditors also have good reasons for wanting to seek a... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/3097/">Gold for Debt: What's New and What Next?</a> <span class="item-date"> - Apr 1, 2005</span> <div class="item-description"> <p> This new CGD Note by Center for Global Development President Nancy Birdsall and Institute for International Economics Senior Fellow John Williamson argues that sale of a portion of IMF gold makes sense as a way to create a more transparent institution and use a global resource for debt relief for... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/3230/">Overcoming Stagnation in Aid-Dependent Countries - Brief</a> <span class="item-date"> - Mar 23, 2005</span> <div class="item-description"> <p> Traditional economic theory predicts that capital mobility and international trade will push the world's national economies to one income level. As poorer nations race ahead, richer ones should slow down. Eventually, theory says, national economies would reach equilibrium. The reality of the last... </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2808_image_bettglobshad.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2808/">A Better Globalization: Legitimacy, Governance, and Reform</a> <span class="item-date"> - Mar 1, 2005</span> <div class="item-description"> <p> A Better Globalization: Legitimacy, Governance, and Reform by Kemal Dervis is a reformist manifesto that argues that gradual institutional change can produce beneficial results if it is driven by an ambitious long-term vision and by a determination to continually widen the limits of the possible. </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2732/">Business Environment and Comparative Advantage in Africa: Evidence from the Investment Climate Data - Working Paper 56</a> <span class="item-date"> - Feb 18, 2005</span> <div class="item-description"> <p> This paper ties together the macroeconomic and microeconomic evidence on the competitiveness of African manufacturing sectors. The conceptual framework is based on the newer theories that see the evolution of comparative advantage as influenced by the business climate—a key public good—and by... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2834/">A Better Globalization: Legitimacy, Governance, and Reform (Brief)</a> <span class="item-date"> - Feb 1, 2005</span> <div class="item-description"> <p> This brief summarizes five key recommendations from the CGD book A Better Globalization: Legitimacy, Governance, and Reform by Kemal Dervis. It presses for reform on a broad front with a renewed, more legitimate, and more effective United Nations as the overarching framework for global governance... </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2876_image_cover_Financing_Development.gif&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2876/">Financing Development: The Power of Regionalism</a> <span class="item-date"> - Oct 1, 2004</span> <div class="item-description"> <p> The historic 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, overlooked a crucial question: regionalism. Financing Development: The Power of Regionalism is designed to correct this omission. </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2748/">Is Africa’s Skepticism of Foreign Capital Justified? Evidence from East African Firm Survey Data - Working Paper 41</a> <span class="item-date"> - Jun 10, 2004</span> <div class="item-description"> <p> The world has increasingly recognized that private capital has a vital role to play in economic development. African countries have moved to liberalize the investment environment, yet have not received much FDI. At least part of this poor performance is because of lingering skepticism toward... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2855/">Privatization in Latin America: The rapid rise, recent fall, and continuing puzzle of a contentious economic policy</a> <span class="item-date"> - Jan 1, 2004</span> <div class="item-description"> <p> This policy brief is a preview to the analysis and recommendations on privatization in the second edition of Washington Contentious: Economic Policies for Social Equity in Latin America, to be published in 2004 by the Center for Global Development and Inter-American Dialogue. </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2761/">Economic Policy and Wage Differentials in Latin America - Working Paper 29</a> <span class="item-date"> - Jul 29, 2003</span> <div class="item-description"> <p> This paper applies a new approach to the estimation of the impact of policy, both the levels and the changes, on wage differentials using a new high-quality data set on wage differentials by schooling level for 18 Latin American countries for the period 1977–1998. The results indicate that... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2858/">From Promise to Performance: How Rich Countries Can Help Poor Countries Help Themselves</a> <span class="item-date"> - Apr 1, 2003</span> <div class="item-description"> <p> At the United Nations Millennium Summit in 2000 the nations of the world committed to join forces to meet a set of measurable targets for reducing world poverty, disease, illiteracy and other indicators of human misery—all by the year 2015. These targets, later named the Millennium Development... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2770/">World Bank Capital Neither Complements Nor Substitutes for Private Capital - Working Paper 20</a> <span class="item-date"> - Dec 20, 2002</span> <div class="item-description"> <p> What should the World Bank optimally do with the US$10 to $20 billion it can loan each year? Has it, in fact, done what is optimal? This study suggests a simple framework within which to measure the World Bank against an optimal international public financier for development. It goes on to argue... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2771/">Do Rich Countries Invest Less in Poor Countries than the Poor Countries Themselves? - Working Paper 19</a> <span class="item-date"> - Dec 19, 2002</span> <div class="item-description"> <p> Global private capital flows have barely touched the poorest nations; the rich invest mostly with the rich. It is possible that failures in the global capital market prevent capital from exploiting high returns in poor countries; it is also possible that fundamental returns to investment are lower... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2773/">Policy Selectivity Foregone: Debt and Donor Behavior in Africa - Working Paper 17</a> <span class="item-date"> - Oct 30, 2002</span> <div class="item-description"> <p> We assess the dynamic behind the high net resource transfers of donors and creditors, IDA, bilaterals, IBRD, IMF and other multilateral creditors to the countries of sub-Saharan Africa in the 1980s and 1990s. Analyzing a panel of 37 recipient countries over the years 1978-98, we find that net... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2779/">What did Structural Adjustment Adjust? The Association of Policies and Growth with Repeated IMF and World Bank Adjustment Loans - Working Paper 11</a> <span class="item-date"> - Oct 1, 2002</span> <div class="item-description"> <p> One feature of adjustment loans that has been often overlooked in their evaluation is their frequent repetition to the same country, with such extremes as the 30 IMF and World Bank adjustment loans to Argentina over 1980-99 or the 26 adjustment loans to Cote d'Ivoire and Ghana. Repetition changes... </p> </div> </div> <div class="clear"></div> </li> <li> <div style=""> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2862/">Delivering on Debt Relief</a> <span class="item-date"> - Apr 1, 2002</span> <div class="item-description"> <p> Over the last several years, the United States and other major donor countries have supported a historic initiative to write down the official debts of a group of heavily indebted poor countries, or HIPCs. Donor countries had two primary goals in supporting debt relief: to reduce countries' debt... </p> </div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2923_image_washcont.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a style="font-weight: bold;" href="/web/20120107170459/http://www.cgdev.org/content/publications/detail/2923/">Washington Contentious: Economic Policies for Social Equity in Latin America</a> <span class="item-date"> - Jan 1, 2001</span> <div class="item-description"> <p> At the end of the 1990s the future of Latin America seemed grim in the face of four devastating problems—slow and unsteady economic growth, persistent poverty, social injustice, and personal insecurity. For 10 years Latin America had pursued—with considerable vigor—the 10 economic policies... </p> </div> </div> <div class="clear"></div> </li> </ul> </div> <div class="tab-box research"> There are no initiatives related to this topic. </div> <div class="tab-box opinions"> There are no opinions related to this topic. </div> <div class="tab-box multimedia"> <ul> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425360_image_Liliana_CNN_8.8.11.JPG&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1425360/">Impacto de decradación (CNN en Espanol)</a> <span class="item-date">- Aug 9, 2011</span> <div class="item-description"><p>Senior fellow Liliana Rojas- Suarez discusses the U.S. credit rating downgrade and its effects. She emphasizes that the fundamental problems behind the 2008 financial crisis – namely the deeply troubled mortgage markets - have not been solved, and that this downgrade, together with the ongoing...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425333_image_Liliana_CNN_7.28.11.JPG&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1425333/">El Efecto en la Region: Liliana Rojas-Suarez (Interview)</a> <span class="item-date">- Jul 28, 2011</span> <div class="item-description"><p>CGD Senior fellow Liliana Rojas-Suarez discusses what implications might befell Latin American economies if the U.S. does not raise its debt ceiling.</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1425245_image_CGD_CLAAF_1014_1_.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1425245/"><a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/global_prosperity_wonkcast/2011/06/20/avoiding-a-credit-bubble-in-latin-america-unconventional-measures-for-extraordinary-times-wonkcast/">Avoiding a Credit Bubble in Latin America (Wonkcast)</a> <span class="item-date">- Jun 20, 2011</span> <div class="item-description"><p>For now, the future for Latin America looks bright. Confidence is high throughout the region after a strong rebound from the global financial crisis. But large and possibly volatile inflows of capital could lead to a credit bubble if regulators don’t take steps now to slow the large flood of hot...</p></div> </div> <div class="clear"></div> </li> <li> <div style="float:left; width:60px"> <img src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/1424890_image_liliana170.jpg&w=50&h=50" alt=""/> </div> <div style="margin-left:70px"> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1424890/"><a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/global_prosperity_wonkcast/2011/03/07/macroprudential-regulation-and-developing-countries-liliana-rojas-suarez/">Macroprudential Regulation and Developing Countries: Liliana Rojas-Suarez</a></a> <span class="item-date">- Mar 7, 2011</span> <div class="item-description"><p>Regulators at the Bank for International Settlements in Basel, Switzerland, are hard at work designing regulatory standards to avoid future financial meltdowns like the global financial crisis of 2008. Joining them for two months is Liliana Rojas Suarez, a CGD senior fellow and the founding...</p></div> </div> <div class="clear"></div> </li> <li> <div style=""> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1424756/">Liliana Rojas-Suarez on the European Crisis (CNN en Espanol)</a> <span class="item-date">- Jan 20, 2011</span> <div class="item-description"><p>Senior Fellow Liliana Rojas-Suarez made comments on the sovereign debt auctions held recently by several European governments. She thinks the so-called success of these auctions is relative for two reasons. First, it is important to remember that before this auction took place, the European Central...</p></div> </div> <div class="clear"></div> </li> <li> <div style=""> <a href="/web/20120107170459/http://www.cgdev.org/content/multimedia/detail/1424225/"><a href="https://web.archive.org/web/20120107170459/http://www.cgdev.org/content/calendar/detail/1424194/">Does the European Crisis Matter for Latin America? What Is the Appropriate Policy Response? (Event video and audio)</a></a> <span class="item-date">- Jun 17, 2010</span> <div class="item-description"><p>Latin America may be quite vulnerable to events in Europe. Beyond the risk that a deep crisis in Europe may result in double dip recession in advanced economies with deleterious global implications, Latin America's trade and financial channels with Europe are large and growing. On the other hand,...</p></div> </div> <div class="clear"></div> </li> </ul> </div> <div class="clear"></div> </div>  </td> <td style="width:20px"></td> <td id="section-sidebar" valign="top">  <h3> <div style="float:right"> <a href="https://web.archive.org/web/20120107170459/http://feeds.feedburner.com/cgdev/globaldevelopment/category/capitol-flowsfinancial-crisis"><img src="/web/20120107170459im_/http://www.cgdev.org/layout/icon-rss-tiny.png" alt="RSS"/></a> </div> Recent Blog Posts <div class="clear"></div> </h3> <div class="recent-blog-posts"><ul> <li> <a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/globaldevelopment/2011/08/the-lingering-effects-of-the-u-s-debt-showdown-qa-with-liliana-rojas-suarez.php">The Lingering Effects of the U.S. Debt Showdown: Q&A; with Liliana Rojas-Suarez</a> <span class="blog-date">- Aug 2</span> </li> <li> <a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/globaldevelopment/2011/01/restoring-us-financial-markets-in-a-credible-way-comments-on-feldstein-and-yellen.php">Restoring U.S. Financial Markets in a Credible Way: Comments on Feldstein and Yellen</a> <span class="blog-date">- Jan 27</span> </li> <li> <a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/globaldevelopment/2011/01/the-currency-war-risks-for-latin-america-and-the-role-of-central-banks.php">The Currency War: Risks for Latin America and the Role of Central Banks</a> <span class="blog-date">- Jan 7</span> </li> <li> <a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/globaldevelopment/2010/10/currency-wars-are-a-development-problem-and-the-g-20-has-a-major-role-to-play-in-the-solution.php">Currency Wars Are a Development Problem and the G-20 Has a Major Role to Play in the Solution</a> <span class="blog-date">- Oct 25</span> </li> <li> <a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/globaldevelopment/2009/12/intellectual-property-rights-at-copenhagen-and-beyond.php">Intellectual Property Rights at Copenhagen and Beyond</a> <span class="blog-date">- Dec 18</span> </li> </ul></div> <div style="float:right"><a href="https://web.archive.org/web/20120107170459/http://blogs.cgdev.org/globaldevelopment/category/capitol-flowsfinancial-crisis" class="more-link">More</a></div> <div class="clear"></div> <h3>Experts</h3> <div class="listitem"> <img style="float:left; padding-right:10px" src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2570_file_mc_photo_aug_2010_170.jpg&w=50&h=50&zc=1" alt="No photo available"/> <div style="padding-right:10px"> <div><a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2570">Michael Clemens</a></div> <div>Senior Fellow</div> <div class="clear"></div> </div> </div> <div class="clear"></div> <div class="listitem"> <img style="float:left; padding-right:10px" src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2713_file_moss_web_170.jpg&w=50&h=50&zc=1" alt="No photo available"/> <div style="padding-right:10px"> <div><a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2713">Todd Moss</a></div> <div>Vice President for Programs and Senior Fellow</div> <div class="clear"></div> </div> </div> <div class="clear"></div> <div class="listitem"> <img style="float:left; padding-right:10px" src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2718_file_lrs.jpg&w=50&h=50&zc=1" alt="No photo available"/> <div style="padding-right:10px"> <div><a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2718">Liliana Rojas-Suarez</a></div> <div>Senior Fellow</div> <div class="clear"></div> </div> </div> <div class="clear"></div> <div class="listitem"> <img style="float:left; padding-right:10px" src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2693_file_cline_170.jpg&w=50&h=50&zc=1" alt="No photo available"/> <div style="padding-right:10px"> <div><a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2693">William R. Cline</a></div> <div>Senior Fellow</div> <div class="clear"></div> </div> </div> <div class="clear"></div> <div class="listitem"> <img style="float:left; padding-right:10px" src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/483_file_birdsall170.jpg&w=50&h=50&zc=1" alt="No photo available"/> <div style="padding-right:10px"> <div><a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/483">Nancy Birdsall</a></div> <div>President</div> <div class="clear"></div> </div> </div> <div class="clear"></div> <div class="listitem"> <img style="float:left; padding-right:10px" src="/web/20120107170459im_/http://www.cgdev.org/layout/timthumb.php?src=/files/2707_file_lancaster_170.jpg&w=50&h=50&zc=1" alt="No photo available"/> <div style="padding-right:10px"> <div><a href="/web/20120107170459/http://www.cgdev.org/content/expert/detail/2707">Carol J. 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Capital Flows/Financial Crises : Center for Global Development : Research Topics