The global economic crisis : systemic failures and multilateral remedies : report by the UNCTAD Secretariat Task Force on Systemic Issues and Economic Cooperation.
United Nations Conference on Trade and Development.
Geneva : United Nations,
2009.
This report investigates three specific areas in which the global economy experienced systemic failure. These are interrelated issues of importance to developed and developing countries alike. The report proposes measures to address the systemic failures they have entailed: (a) how the ideology of financial deregulation within and across nations allowed the build-up of pressures whose unwinding has damaged the credibility and functioning of the market-based models that have underpinned financial development throughout the world; (b) how the growing role of large-scale financial investors on commodities futures markets has affected commodity price volatility and fed speculative bubbles; and (c) the role of widespread currency speculation in exacerbating global imbalances and fuelling the current crisis in the absence of a cooperative international system to manage exchange rate fluctuations to the benefit of all nations.
Includes bibliographical references (p. 61-64)
1. A crisis foretold -- 2. Financial regulation: fighting todays crisis today -- 3. Managing the financialization of commodity futures trading -- 4. Exchange rate regimes and monetary cooperation -- 5. Towards a coherent effort to overcome the systemic crisis -- References.
This report investigates three specific areas in which the global economy experienced systemic failure. These are interrelated issues of importance to developed and developing countries alike. The report proposes measures to address the systemic failures they have entailed: (a) how the ideology of financial deregulation within and across nations allowed the build-up of pressures whose unwinding has damaged the credibility and functioning of the market-based models that have underpinned financial development throughout the world; (b) how the growing role of large-scale financial investors on commodities futures markets has affected commodity price volatility and fed speculative bubbles; and (c) the role of widespread currency speculation in exacerbating global imbalances and fuelling the current crisis in the absence of a cooperative international system to manage exchange rate fluctuations to the benefit of all nations.
Financial crises.
Financial services industry
Commodity futures.
Speculation.
Foreign exchange administration.
Capital movements.
International finance.