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May 2012

Of One Mind? Closer Coordination of Monetary Policy and Financial Regulation

The Central Bank in Dublin: A responsible conversation needs to be reignited between prudential regulators and monetary policy authorities. (Credit: Infomatique, Flickr Creative Commons)

Recent debate over the optimal form of regulatory architecture for increasingly integrated and interconnected financial systems has largely focused on redefining the balance between regulators and the universe of financial institutions they regulate. This piece identifies a less “fashionable” – though no less significant – contributor to the global financial crisis, that is, the dysfunctional relationship which often existed between financial regulators and monetary policy authorities. The fact that this dysfunction has not been discussed in depth suggests that its negative consequences are no less likely to re-emerge in the future.

Collaborative consumption – a trend for the young, the hip, the urban

Sintana Vergara's picture

Moving from California to Washington DC, I did not expect to find revolution; but I have. Fellow city-dwellers are overthrowing old models of consumption (through which their cities became extractors and importers of natural resources and exporters of waste products) by simply changing their habits. One by one, urban citizens are choosing collaborative consumption instead, to save money, resources, and time.

Though sharing is not new – in fact, historically, people lived and consumed resources in groups – it is an innovation in the modern city. A diverse set of sharing mechanisms has sprouted – for-profit, non-profit, informal, and formal – many of which use the web to match supply and demand.

Instead of purchasing cars, consumers are using car-sharing companies (like Zipcar), which allow them to rent vehicles by the hour, or stopping by to get a ride from the Casual Carpool in San Francisco or the Slug Line in Washington DC, two informal, citizen-organized carpool sites that match car-free commuters with drivers looking to enter High Occupancy Vehicle (HOV) lanes and save on toll fares.

Jobs, Jobs, Jobs: Introducing the WDR 2013

Justin Yifu Lin's picture

Given worldwide concern over jobs, it makes sense that the 2013 World Development Report (WDR) is on jobs. According the ILO, though growth has resumed in some regions, the global employment situation is bleak and shows no sign of recovery in the near term. 
 
The WDR, which is being launched this autumn, will posit that jobs are more than what people earn or what they do at work -- they are also part of who they are.  With that in mind, the report will use a jobs lens to look at multiple outcomes associated with jobs – how they contribute to living standards, productivity and social cohesion.

Interview: A “Bright Horizon” for Girls’ Education

The Bank’s education team recently hosted a one-day colloquium, “Getting to Equal in Education,” to address how girls worldwide can achieve the full benefits of a quality education and as a result lead healthy, productive lives that benefit their families, their communities, and their nations.

Three Harmless Words

Anne-Katrin Arnold's picture

"Freedom of Information. Three harmless words. I look at those words as I write them, and feel like shaking my head till it drops off my shoulders. You idiot. You naive, foolish, irresponsible nincompoop. There is really no description of stupidity, no matter how vivid, that is adequate. I quake at the imbecility of it. Once I appreciated the full enormity of the blunder, I used to say - more than a little unfairly - to any civil servant who would listen: Where was Sir Humphrey when I needed him? We had legislated in the first throes of power. How could you, knowing what you know have allowed us to do such a thing so utterly undermining of sensible government?"

Migration, Remittances, and Economic Growth: The Case of the Gambia

C. Omar Kebbeh's picture

In a surprising move, the Government of the Gambia through its Ministry of Foreign Affairs, International Cooperation and Gambians Abroad, in January 2012 convened the first “Consultative Meeting between the Government of the Republic of The Gambia and Gambians in the Diaspora”. According to a press release from the Office of the Gambian President, the main objective of the Consultative Meeting is to harness the potentials and talents of Gambians in the Diaspora, including those serving in International Organizations and others engaged in private ventures, which can be beneficial to the country. The release further indicated, “the meeting will facilitate the evaluation of the extent to which latent potential residing in Diaspora nationals, could be utilized to the fullest in support of Vision 2020 goals and objectives”.

Weekly Wire: The Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.


Different Take on Africa
Good Governance vs. collective action

"It’s time for donors to get out of their addiction to Good Governance! No country has ever implemented the current donor-promoted Good Governance agenda before embarking on social and economic development. This was true for rich countries before they became rich, and it is true for the rapidly ‘catching up’ countries of Asia today. Countries in sub-Saharan Africa are no exception. They are therefore not helped to get out of poverty by donor insistence on prior achievement of Good Governance, meaning adoption of the institutional ‘best practices’ that emerged in much richer countries only at a later stage in their development. This is a main message of the Joint Statement of five research programmes, which has just been published. You may also like to see the PowerPoint presentation of the Joint Statement." READ MORE

To boost trade between Ghana and Nigeria: implement existing commitments

Mombert Hoppe's picture

Most people seem to think that intra-African trade could be substantially larger than it currently is. This would explain the recent statement of the heads of the African Union to “boost” intra-African trade substantially and to create an Africa-wide Free Trade Area by 2017.

Early Childhood Interventions Conference

Owen Ozier's picture

Why aren't all early childhood interventions most effective at the same age?  Should we be checking that our randomizations are balanced according to genes that influence behavior?  Should we be gathering biological outcomes, in addition to economic ones, even when the intervention does not involve biology?

Early childhood interventions - usually working through either health or education – can have very long-lasting effects, some of which are even transmitted to the next generation.  Two weekends ago, the Chicago Initiative for Economic Development and Early Childhood (CEDEC) held a conference to survey what is known in this area and provide a forum for sharing findings from recent projects.

In today's post, I highlight a few bits of the presentations that taught me something I didn't know, gave me a reference I wanted to hold on to, or put old findings in a new perspective.

Why are Increasing Numbers of CSOs Coming to the Spring Meetings?

John Garrison's picture

A record number of CSOs participated in the recently concluded Spring Meetings in Washington.  Over 550 civil society representatives (see list) – 200 more than in 2011 – attended the Civil Society Program which spanned five days from April 17 to 21.  Of these, the Bank and Fund sponsored 29 CSOs / Youth Leaders and Academics (see list) from developing countries in order to ensure that voices and perspectives from southern civil society and young people were adequately represented at the Spring Meetings. These sponsored participants participated actively in a week-long schedule of events, including numerous bilateral meetings with Bank and Fund senior managers.  


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