The global financial crisis made us rethink financial sector regulation and supervision. As part of this process there has been a renewed interest in the institutional structure of financial services supervision. This includes reflections on the differences in these structures across countries, their development over time and their relative performance in the run-up and during the crisis. Several important questions have arisen: (i) why supervisory structures for the financial sector differ so much across countries, especially in the extent to which they integrate the microprudential supervision of financial subsectors (banking, insurance, capital markets), (ii) why some countries have chosen to institutionally integrate microprudential and macroprudential supervisions while other keep those separated, (iii) why business conduct supervision has been introduced in some countries and not others, and how does it interact with institutions that support prudential supervision? From a development perspective, one may also want to ask the questions of: (i) what models have the emerging market economies and developing countries chosen to follow and why, and (ii) is there a prevailing trend toward certain benchmark models that countries have followed according to their financial system typology?
Imagine what the world’s leading ocean scientists, policy experts, private sector actors, and activists could accomplish if they united as a single force for ocean health.
We’re about to find out.
New developments and curiosities from a changing global media landscape: People, Spaces, Deliberation brings trends and events to your attention that illustrate that tomorrow's media environment will look very different from today's, and will have little resemblance to yesterday's.
The Global Monitoring Report 2012 reports on the remarkable growth in Official Development Assistance (ODA) over the decade through 2010, despite the global financial crisis centered in high-income donor countries. Net ODA reported to the Development Assistance Committee (DAC) of the Organization for Economic Co-operation and Development (OECD) rose from 0.22 percent as a weighted average of donors’ gross national incomes (GNI) in 2000 to 0.32 percent in 2010 and reached a record high of $127.3 billion in 2010 (at 2009 prices)—very close to the target of $130 billion set at the G-8 Gleneagles Summit in 2005. There is some evidence that international coordination, notably the commitments made at Gleneagles, contributed to the rise in aid disbursements.
Our latest regional outlook shows a two-track path for growth in MENA. In 2012 oil exporters are likely to fare much better than oil importers in the Middle East and North Africa (MENA). Growth of MENA’s oil exporting countries will be strong and rise from the average of 3.4 percent in 2011 to 5.4 percent in 2012. The new Regional Economic Update presents the outlook for MENA in the context of rapidly-evolving global and domestic environments, recognizing the linkages that matter for shaping country-specific outlooks and the multiple risks that could alter them.
For post-conflict and fragile states, there is an acute need for generating and sustaining gainful and productive employment to help economies rebuild. Paul Collier a Professor of Economics at Oxford University, specializes in governance in low-income countries including the economics of civil war. We asked his thoughts on job creation in post-conflict and fragile states, which sectors hold the most promise, and where the bottlenecks lie.
India is swimming in grain these days, thanks to the Green Revolution, bumper crops and food security policies that encourage farmers to grow more. But unfortunately, India’s ability to store and manage its surplus grain hasn’t kept pace with production. The Wall Street Journal reports that state-run warehouses have a capacity of 63 million metric tons, while grain stocks are expected to be 75 million. To make things worse, many existing storage facilities are low-quality structures that aren’t up to the job. This means millions of tons of grain could be lost through exposure, deterioration and pests—bad news in a country of 1.2 billion with widespread hunger and an estimated poverty rate of 32 percent.
Today marks an important date: The Global Knowledge Partnership on Migration and Development (KP) begins its inception phase today. With seed funding from the Swiss Agency for Development and Cooperation (SDC), the KP will be a global public good, multidisciplinary, a process of synthesizing existing knowledge and creating knowledge where necessary, all with the purpose of creating a menu of policy options for policy makers (see consultation draft). The policy recommendations will be designed with careful analysis of facts and evidence. Methodologies will be closely scrutinized by peer reviewers. A 9 month inception phase will end in January 2013, and the KP will enter implementation phase in February 2013. By then, a secretariat would have been established, an Advisory Board formed, and at least 5 thematic working groups would have been identified.