Finance & Development
F&D Volume 38, Number 2 Jun/Aug 2001
BIS Quarterly Review
BIS Quarterly Review Volume 38, Number 2 Jun/Aug 2001
International capital flows, exchange rates, transition economies, and others.
Globalization's Democratic Deficit: How to Make International Institutions More Accountable
Joseph S. Nye (Foreign Affairs) Jul/Aug 2001
From Seattle to Quebec City, antiglobalization protesters have complained that international institutions are illegitimate because they are undemocratic. To fight this perception, global organizations need to increase transparency, improve accountability, and think harder about norms for global governance.
Sacking Economic Officials Trips Alarm Bells
William Pesek Jr. (Bloomberg) Aug 1, 2001
From Seoul to Chicago, a small army of analysts is scouring the globe for the location of the next international financial crisis. These intrepid researchers might consider a far less scientific approach: Monitoring which countries fire top economic policy makers.
Whither the Dollar? Too Strong for Its Own Good?
IHT Aug 1, 2001
Is it time to rethink the strong dollar policy? The Bush administration says no. But a growing number of economists say it is time to consider whether the dollar has risen to a level that could do more harm than good.
Blessed Are the Weak
Paul Krugman (NYT) Aug 1, 2001
The great dollar decline is coming, and we should welcome its arrival.
Red Alert
Economist Aug 1, 2001
Organisations around the world have scrambled to protect their computers against a malicious program called Code Red, but so far the alert has turned out to be more hype than horror. One day, however, Internet saboteurs may succeed in causing mayhem.
Tackling trade
Economist Aug 1, 2001
The director-general of the World Trade Organisation has given warning that urgent progress is needed if a new round of world trade talks is to be launched at a meeting of national trade ministers in Doha in November. It will be an uphill struggle to avoid another failure like that seen last time, at Seattle in 1999.
The elusive upturn
Economist Aug 1, 2001
America’s economic recovery has yet to get under way, judging by figures released on August 1st by the National Association of Purchasing Management. They show that manufacturing activity declined again in July, marking the worst year for the sector since the recession a decade ago.
Opinion: When biotech food hits the WTO
CheckBiotech Aug 1, 2001
The latest crisis to hit European agriculture is that, according to the French oilseed producers federation, even more animals in the European Union are being fed on genetically engineered soy.
Waking Up to Reality in Global Coffee Trade
IHT Aug 2, 2001
Behind every cup of coffee, there is a farmer like Santiago de la Rosa laboring to produce it.
Banking on Basel
Sherman, P.D. (AWSJ) Aug 2, 2001
Contrary to what many think, the international best practices of the New Basel Capital Accord are workable for many Asian banks.
European Central Bank Keeps Its Benchmark Interest Rate Unchanged at 4.5%
Bloomberg Aug 2, 2001
The European Central Bank kept its benchmark interest rate at 4.5 percent, even as the economy weakens and inflation slows. The Bank of England reduced its benchmark rate to 5 percent.
IMF May Raise, Speed Argentina Loans to Allay Fear of $130 Billion Default
Bloomberg Aug 2, 2001
The International Monetary Fund's board is considering ways to boost support for Argentina, including the possible acceleration or expansion of loans to the cash-strapped country, two participants in a board meeting said.
ING's Condon Says Asian Currencies' Gains Sustainable: Comment
Bloomberg Aug 2, 2001
Tim Condon, chief economist at ING Barings in Hong Kong, comments on the outlook for Asian currencies and the U.S. economy.
Living in leaner times
Economist Aug 2, 2001
Greed is no longer good - or, more to the point, viable. How to reduce investment bankers' expectations of plenty in a pinched age.
Donald T Brash: Faster growth? If we want it
BIS Review Aug 2, 2001
Address by Dr Donald T Brash, Governor of the Reserve Bank of New Zealand, to the "Catching the Knowledge Wave" conference, Auckland, 2 August 2001.
Etching the Notes of a New European Identity
IHT Aug 3, 2001
More than any event in Europe's postwar history, the introduction of the euro will help stitch together the 12-nation euro zone and, supporters hope, inspire a sense of identity that relies less on flag and nation-state.
Critics Wary of G-8 Ideas for the Poor
IHT Aug 3, 2001
There has been little progress in the fight against world poverty in the last decade. Yet when the Group of Eight leaders met in Genoa two weeks ago, officials warned that protesters would only obstruct progress for the poor.
Mainland growth seen bringing 'short-term pain, long-term gain'
SCMP Aug 3, 2001
China's rise as an economic power will be a long-term plus, but in the near term, it will bring pain to much of Asia, according to Singapore's Deputy Prime Minister Lee Hsien Loong.
IBM Unveils Grid Computing Concept For Future IT
Computerworld Aug 3, 2001
IBM today announced plans to develop grid computing as a way to link its global data centers together to better serve customers in the future.
The Lexus and the Shamrock
Thomas L. Friedman (NYT) Aug 3, 2001
Ireland has been the biggest beneficiary of globalization and the one that is most ambivalent about those benefits.
Replace Asean
Bork, E. (AWSJ) Aug 3, 2001
Asia needs a regional institution capable of advancing and protecting the interests of its democracies.
Keeping Singapore Prosperous
Daniel Lian (AWSJ) Aug 3, 2001
A continued emphasis on high savings, rather than consumption, will leave the city-state vulnerable to global economic downturns.
Even the Best Are Helpless
FEER Aug 3, 2001
Singapore is feeling the sting of the global slowdown, and there's little it can do while external demand holds the key to its economy. The government has a bumpy road ahead.
A pill that changed the world
Economist Aug 3, 2001
The first low-cost, generic version of Prozac, an anti-depressant and one of the most successful drugs in the world, has gone on sale despite the determined legal battle of its patent owner, Eli Lilly, to prevent this. The company's setback is further evidence that drug-industry profits are coming under pressure, which may reduce their ability to produce new drugs in the future.
It's India's economic muscle that China fears
AT Aug 3, 2001
India's nuclear blasts of 1998 were aimed at sending a message to the world - and China in particular - that it was a country to be reckoned with. But Delhi has it wrong. What Beijing really fears is a resurgent India as an economic powerhouse.
Beijing and Delhi the wise choice
AT Aug 3, 2001
The Asian Wise Persons Group - formed by a regional think tank - met in Thailand this week to discuss the future of Asia's economies. Their prediction: China and India may become economic engines for the region rather than the rivals that many expect them to be.
Search for truth could lay spectre of GM to rest
CheckBiotech Aug 3, 2001
Genetic modification is a controversial subject exciting strong emotions. That was no doubt one of the reasons for recent criticism of the Agriculture and Environment Biotechnology Commission (AEBC), and the suggestion it had failed to gauge the public mood on GM crops. It is not as simple as that.
I.M.F. Ready for Brazil and Argentina Rescues
NYT Aug 4, 2001
The International Monetary Fund said today that it was prepared to lend $15 billion to Brazil and speed financial aid for Argentina as concerns rose that the two nations' financial problems had worsened and begun to spread through Latin America.
Feeling OPEC's Pain
Paul Krugman (NYT) Aug 5, 2001
There's no people like oil people.
Biotech Panderers
CheckBiotech Aug 5, 2001
The world's population will grow by at least 2 billion over the next two decades, requiring a big increase in farm output. But each year around 1 percent of the world's irrigated farm land is rendered infertile by build-ups of salt, making the task of keeping up with population growth all the more daunting.
Egypt Devalues the Pound in Bid for Growth
IHT Aug 6, 2001
Egypt on Sunday devalued its currency, the pound, cutting it by 6.4 percent against the dollar to bolster economic growth. .The devaluation, the second in six months, fueled the pound's steepest decline in at least eight years. The Central Bank of Egypt lowered its central rate for the pound to 4.15 to the dollar from 3.90 pounds on Saturday, the bank said on its Web site.
Acquittal frees Thaksin to fight economic battle
SCMP Aug 6, 2001
Prime Minister Thaksin Shinawatra has another tough fight on his hands after winning his court battle against graft charges that threatened to force him from office - fixing the flagging Thai economy.
Brazilians Uneasy Despite Help by I.M.F.
NYT Aug 6, 2001
Analysts don't think loans offered by the I.M.F. on Friday will be able to establish a foolproof fire wall from the troubles in Argentina.
Free Trade and Mexican Trucking
NYT Aug 6, 2001
The Bush administration is rightly concerned about the nation's failure to comply with a provision of the North American Free Trade Agreement granting trucks from Mexico and the United States the right to deliver goods in each other's markets.
Satellites at war
Economist Aug 6, 2001
Rupert Murdoch has suddenly got a rival in his bid for America's biggest satellite-television operator, DirecTV. EchoStar believes its $30 billion offer should be allowed because satellites are a vital competitor to cable television.
Cavallo Outwits Buenos Aires
David DeRosa (Bloomberg) Aug 6, 2001
Wall posters are going up in Buenos Aires proudly announcing, "The Patacon Is Arriving - It is a Strong Peso!" The patacon is the new currency of the province of Buenos Aires. Yes, that's right, Buenos Aires on Friday started issuing a currency of its own, in direct competition to the national currency, the peso.
U.S. Contagion Heads East to Asia
William Pesek Jr. (Bloomberg) Aug 6, 2001
"An oasis of prosperity." That's how Alan Greenspan described the U.S. two years ago as a financial contagion oozed around the globe, infecting one country after another. The U.S. boom kept the world economy afloat.
Global Recession? All Eyes Are on the U.S. Economy
Art Pine (Bloomberg) Aug 6, 2001
Earlier this year, economists were stunned at how swiftly the U.S. economic slowdown spread around the globe. Now the worry is that unless America recovers soon, the world economy may slip into recession.
Chinese Foreign-Currency Stocks End Torrid Run
IHT Aug 7, 2001
Chinese stocks denominated in foreign currency, whose world-beating rally briefly captured headlines this year, are in the midst of a retreat nearly as swift as their celebrated ascent, both the work of government actions. The falling share prices have spread to the larger stock market, raising concerns that a market crash could slow the growth of China's most competitive companies, which are dependent on the markets for capital, and crimp the recently revived consumer spending that is helping to support China's economic growth.
Microsoft's Gamble
IHT Aug 7, 2001
The vigor with which Microsoft has insisted that the recent antitrust ruling by a federal appeals court has no implications for its new operating system, Windows XP, has a familiar and worrisome ring.
Moody's gloomy on lenders
SCMP Aug 7, 2001
Moody's Investor Service has downgraded a financial rating for the Bank of Tokyo-Mitsubishi (BTM), while maintaining that of Daiwa Bank despite the mid-size lender's major restructuring.
HAMS to the Rescue?
AWSJ Aug 7, 2001
Here comes a new idea for improving corporate governance.
Webmergers: Dot bomb may have peaked
Nua Aug 7, 2001
Figures from Webmergers for Internet company closures in July are the lowest since September 2000.
Gartner Group: Wireless world still some years away
Nua Aug 7, 2001
Gartner believes that by 2007, 60 percent of people aged 15 to 50 in the EU and US will carry or wear a wireless communications device for at least six hours a day.
The US productivity puzzle
Economist Aug 7, 2001
Despite a better-than-expected second-quarter figure, America's glittering productivity record has lost some of its sparkle. New figures also show significant downward revisions to US productivity growth since 1996. But the miracle hasn't vanished altogether.
Making new technologies work for human development: Are we claiming GM crops can feed the world?
Sakiko Fukuda-Parr (UNDP) Aug 7, 2001
UNDP's Human Development Report 2001, 'Making New Technologies Work for Human Development', launched 10 July, has generated strong reactions from a number of organisations over the analysis of the potential risks and benefits of genetically modified (GM) crops in developing countries. This open letter is intended as a reply and further clarification of our position to all of those who are concerned by our views.
Executive summary of the organic farming, food quality and human health report
CheckBiotech Aug 7, 2001
This is a summary of a Soil Association report that is sure to stir controversy. The Soil Association is a strong proponent of organic farming. The author of the report, Shane Heaton, is a nutritionist who studied at the Institute for Optimum Nutrition. Please bear in mind the interpretive nature of the findings.
Productivity 'Miracle' in U.S. Remains Intact
IHT Aug 8, 2001
The productivity of American workers grew at a strong rate in the second quarter as the effect of job cuts sharply reduced the number of hours worked, the government reported Tuesday.
First Human Cloning Will Be Tried Soon
IHT Aug 8, 2001
Scientists at an international conference here announced Tuesday that they will soon pioneer efforts to clone humans, unleashing a furor in the scientific community over the morality of creating duplicates of living people.
AIB Govett's Tan on Taiwan Stocks, Currency Outlook: Comment
Bloomberg Aug 8, 2001
Tan Choon Hoe, who helps manage $1 billion in Asian investments, excluding Japan, at AIB Govett (Asia) Ltd., comments on the outlook for Taiwan's stock market and currency.
Benefiting from GE crops
CheckBiotech Aug 8, 2001
GE technology has shown promise of reducing the agricultural production costs by minimising the use of chemical pesticides, simplifying agronomic practices, improving productivity or by enhancing the value of crops. GE technology is gaining gradual acceptance wherever it has been introduced after adequate safety evaluation. Many people who do not have exposure to this technology have expressed fears about the use of transgenic plants produced by this technology. In order to dispel such fears, governments from different countries are conducting case-by-case evaluation of safety of transgenic plants before being released into the new open environment. In India, no transgenic plant has yet been commercially released, but testing for safety is in progress.
Singapore Thinks Big: Genomics and Beyond
HMS Beagle Aug 8, 2001
Singapore is poised to become the biomedical and biotechnical hub of Asia, luring scientists from halfway round the world.
International Lending
Thomas C. Dawson (IMF) Aug 8, 2001
A Letter to the Editor.
The microchip glut
Economist Aug 8, 2001
This week there has been yet more gloom for struggling manufacturers of microchips, and worse is probably on the way. Not only does a recovery in demand seem a long way off, but much of the industry's massive overcapacity is caused by government-backed national 'champions' in Asia, which show little sign of cutting back output.
Japan bank lending falls despite increase in money supply
SCMP Aug 9, 2001
Growth in money supply accelerated from year-earlier levels in July for a third month while bank lending and wholesale prices fell, showing the central bank's free-money policy is not translating into economic growth.
Keep On Truckin'
Jason Riley (WSJ) Aug 9, 2001
The Teamsters' dishonest war on Nafta.
Down on the Farm
WSJ Aug 9, 2001
We need to grow trade, not agriculture subsidies.
Zeroing In on Zeroing
Edwin Vermulst (WSJE) Aug 9, 2001
The WTO is ruffling the superpowers' feathers over antidumping rules.
Stampede to Cloning
NYT Aug 9, 2001
With all the hoopla over advances in genetics and reproductive technologies in recent months, it was only a matter of time until some headline- seeking scientist would try to create a human baby through controversial cloning procedures. Even so, the assertions this week by three separate scientists that they would soon try to clone a human embryo and implant it in a woman are appalling.
The US productivity puzzle
Economist Aug 9, 2001
Despite a better-than-expected second-quarter figure, America's glittering productivity record has lost some of its sparkle after new figures also show significant downward revisions to US productivity growth since 1996. But the miracle hasn't vanished altogether.
A spanner in the productivity miracle
Economist Aug 9, 2001
Statistical revisions show how America's recent productivity boom is less remarkable than was once thought.
Averse to reality
Economist Aug 9, 2001
It seems economists need a new theory of risk.
The euro area's economies
Economist Aug 9, 2001
They are wilting fast. When will they revive?
Japan, Debt Junkie, Craves One Last Hit
William Pesek Jr. (Bloomberg) Aug 9, 2001
Someone has to say it: Japan has a drug problem.
Confronting Asia's structural weaknesses
FT Aug 9, 2001
Asia's governments are having to confront basic structural weaknesses.
ECB Paves Way for Lower Rates
IHT Aug 10, 2001
The European Central Bank, softening its rhetoric, opened the door Thursday to an eventual interest rate reduction, warning that it saw 'increased uncertainty' for growth prospects in the single currency bloc.
There'll Never Be Another You
Ronald Bailey (WSJ) Aug 10, 2001
Cloning won't create an exact copy.
Will China Become the Dominant Asian Market?
Electronic News Aug 10, 2001
Most experts in distribution agree China will be the fastest growing market over the next five years. Some believe it will come to overshadow Japan as it grows. One distribution chief executive even stated that China will eventually come to dominate the world in electronics manufacturing. There are a number of reasons China is expected to grow at a fast pace over the next few years.
Poor Countries Don't Want More Debt Relief
Thomas C. Dawson (IMF) Aug 10, 2001
A Letter to the Editor.
A test of nerve
Economist Aug 10, 2001
A team of Argentinian officials is now in Washington seeking further help from the IMF. Falling tax revenues and a decline in domestic bank deposits have increased concern that a financial crisis may be imminent, and could spread to other emerging market countries.
Dollar Bears - Be Careful What You Wish For
Caroline Baum (Bloomberg) Aug 10, 2001
General Motors is grousing about the strong dollar cutting into exports. Manufacturing and agricultural trade groups are bemoaning the strong dollar at a time when domestic demand is so weak. Some economists are even starting to advocate a depreciation of the dollar to cure the gaping U.S. current account deficit and offset the weakness in capital spending.
Stem Cell Science and the Preservation of Life
George W. Bush (NYT) Aug 12, 2001
Some of the hardest ethical decisions pit good against good. In the case of stem cells, the promise of miracle cures is set against the protection of developing life. The conflict has left Americans divided, even in their own minds.
Peso rebound expected in crackdown on illegal forex
SCMP Aug 13, 2001
The Philippine peso will continue to strengthen against the US dollar amid a crackdown on commercial banks deemed violating foreign exchange rules.
South Asia chases a free trade mirage
SCMP Aug 13, 2001
When South Asian leaders met at a luxury Maldivian resort four years ago they vowed to make their impoverished region a new economic powerhouse in the world, but today they are still struggling to arrange a summit.
IMF and World Bank to Shorten Talks
IHT Aug 13, 2001
The World Bank and the International Monetary Fund have decided to drastically shorten their autumn meetings because of concern about violent protests, as Washington officials plan to ask the federal government Monday to underwrite a massive expansion of the city's security effort during the sessions.
Splitting the Embryo
WSJ Aug 13, 2001
Without careful leadership, stem-cells could be as divisive as abortion.
How Priceline Became A Real Business
Clay Shirky (WSJ) Aug 13, 2001
Even Internet companies have to stay focused.
Europe's Power Play
David B. Rivkin Jr. and Lee A. Casey (WSJE) Aug 13, 2001
Under the new religion of multilateralism, nations can't act in their own interest.
Cut the Bank of Japan Some Slack
Bijan Aghevli and Masaaki Kanno (AWSJ) Aug 13, 2001
We're all better off if a weaker yen helps bolster Japan's economy.
China's Capitalists Join the Party
Charles Wolf, Jr. (NYT) Aug 13, 2001
The defining event in China in the first year of the 21st century is the decision of the Chinese leadership to admit capitalists as members of the Communist Party.
Arab Advisors Group: Arab world lags in mobile adoption
Nua Aug 13, 2001
A new report from Arab Advisors Group has found that mobile phone penetration in ten key Arab markets is just 7.4 percent.
Dataquest: Asia to become largest Net market
Nua Aug 13, 2001
New research from Dataquest predicts that Asia-Pacific will have more Internet users by 2003 than either the United States or Western Europe.
Missing From Argentina Debate -- How to Spur Growth
Art Pine (Bloomberg) Aug 13, 2001
Argentina's latest effort to win fresh international loans to help stave off default is posing a test for the more stringent U.S. policy on bailing out financially troubled emerging-market countries.
Rebounding Euro at 3-Month High
IHT Aug 14, 2001
The euro climbed Monday to its highest level in more than three months against the dollar amid concern that the U.S. economic slowdown could be deeper and longer than expected.
Tinkering With Currencies Doesn't Solve Economic Problems
George Melloan (WSJ) Aug 14, 2001
Weakening the dollar might look good on paper, but it would be a disaster.
Delusions of Prosperity
Paul Krugman (NYT) Aug 14, 2001
This slowdown is different: We are not in the midst of a financial panic, and recovery isn't simply a matter of restoring confidence.
In an Empty Cup, a Threat to Peace
Paul Simon (NYT) Aug 14, 2001
The world needs to plan now for sharing a depleted water supply.
Norman, Strong, and Greenspan
Sean Corrigan (Mises Daily) Aug 14, 2001
Confronted with a slumping economy that threatens to get worse, Alan Greenspan, like his predecessors in the 1920s, is making all the wrong choices and failing to learn from history.
Turkey is Recovering
Michael Deppler (IMF) Aug 14, 2001
A Commentary.
The gathering gloom
Economist Aug 14, 2001
There have been further signs of economic slowdown this week. The Bank of Japan has reacted by easing monetary policy, in a desperate bid to stave off recession. The German economy is also now in serious trouble, while the prospects for America look uncertain at best.
Bush's ethical dilemma
Economist Aug 14, 2001
President Bush has confirmed that he will veto legislation which aims to provide federal funding for embryonic stem-cell research which goes beyond the limits he set last week. But the debate is not over.
Dollar Falls for Second Day; IMF Points to `Depreciation Risk'
Bloomberg Aug 14, 2001
The dollar fell for a second day against the yen after the International Monetary Fund said the U.S. currency is ``at risk of a sharp depreciation,'' as the nation relies too much on investment from overseas.
Euro Notes: Bonanza for the Underworld?
IHT Aug 15, 2001
The 2-pound package contained a top-secret weapon in the European Central Bank's strategy to combat counterfeiting of euro banknotes, which are set to go into circulation in January 2002. On arrival at Munich, the masterplate had disappeared.
Japan's Central Bank to Open the Cash Tap
IHT Aug 15, 2001
The Bank of Japan promised Tuesday to pump additional credit into Japan's ailing economy, following calls from politicians, economists and international agencies to do more to pull the country out of a decadelong economic slump.
Theory vs. Reality
Charles W. Kadlec (WSJ) Aug 15, 2001
Stable currencies must be restored.
Adios, Peso?
Robert J. Barro (WSJ) Aug 15, 2001
Argentina would be wise to fully dollarize.
Canberra uneasy as Beijing woos South Pacific
AT Aug 15, 2001
China is rapidly expanding links with South Pacific nations following Taiwan's previous attempts to buy influence in the region. Rather than Taiwan, however, it is Australia that stands to lose influence in the region.
India's IT hopes: From megadreams to deliverance
AT Aug 15, 2001
The success story of India's information technology industry is well documented, with projections of revenues of US$8.5 billion in the coming year. Not so well publicized though, are the many problems which must be tackled now if India wants to become a real world IT power.
Vietnam stakes its high-tech claim
AT Aug 15, 2001
Forget about India, Singapore and China, the hottest destination in Asia for international information technology companies is Vietnam. High-tech companies that have set up in Vietnam speak glowingly of an exceptional work force, sound infrastructure and low costs - but they do warn, be prepared for a long-term investment.
China's WTO entry promises short-term pain
AT Aug 15, 2001
"While the long-term benefits to China are clear, the short-term benefits are likely to appear nebulous at best," says one of the region's top analysts on China's pending accession to the World Trade Organization. To prove his point, he claims more than US$2 billion in capital outflow by May of this year, as financial markets make a more realistic assessment of China's perceived benefits from WTO membership.
The international financial system: a new partnership
BIS Review Aug 15, 2001
Speech by Mr Mervyn King, Deputy Governor of the Bank of England, at the 20th Anniversary of the Indian Council for Research on International Economic Relations, New Delhi, 9 August 2001.
Hit by Investor Fears, Dollar Drops Against Euro
IHT Aug 16, 2001
The dollar fell sharply Wednesday, hurt by international investors' angst about pouring money into a U.S. economy that could be falling into recession.
Exporting Workers: Filipinos Count the Cost of an Exodus
IHT Aug 16, 2001
Perhaps more than anywhere else, overseas work has become a way of life here, transforming a country made up of more than 7,000 islands into a nation of migrants. But after a quarter century of exporting talent, the Philippines is also counting the scars: separated families, children "orphaned" by parents working overseas and the much-discussed "brain drain" - the well-educated Filipinos who never return.
Pacific Asset's Soon on Asian Currencies, U.S. Dollar: Comment
Bloomberg Aug 16, 2001
Desmond Soon, Asian fixed income and foreign exchange manager at Pacific Asset Management (S) Ltd., which invests S$100 million ($57 million) in Asia and the Pacific region, comments on the outlook for Asian currencies and the U.S. dollar.
Puzzles about European unemployment
Economist Aug 16, 2001
High average unemployment in Europe, but diverging rates amongst economies. How come?
Trade deal nears with Singapore
Japan Today Aug 16, 02001
Singapore will remove all tariffs on Japanese imports while Tokyo will maintain those limited to agricultural and fishery imports in a proposed bilateral trade deal, Kyodo news agency said on Wednesday.
Biotechnology Issues for Developing Countries: Technology Exchange
CheckBiotech Aug 16, 2001
Given that populations are growing, per capita consumption needs to increase to feed the 830 million underfed people in the world, and our natural resource base is already seriously damaged, the only option would appear to be very rapid technological change. Is this really the only option? And if so, where are these technology gains going to come from?
Japan's Latest Economic Woe? A Rising Yen
William Pesek Jr. (Bloomberg) Aug 17, 2001
Steven Tuifel can't help but wince as he looks at the measly pile of yen he's just been handed in return for $300.
Economy Stagnates in Germany as Exports Sag
IHT Aug 17, 2001
Germany's economy stopped growing in the second quarter as the global slowdown stalled the country's export engine, the Bundesbank reported Thursday.
U.S. Foes of World Court Play Tough
IHT Aug 17, 2001
House Republican leaders have told the White House that they intend to hold up payment of money the United States owes the United Nations unless the Bush administration agrees to legislation designed to undercut the International Criminal Court, according to administration officials.
Investors Have Grown Leery of Emerging Markets
IHT Aug 17, 2001
Philip Ehrmann of Gartmore Investment Management PLC in London is still a believer in emerging markets. As head of the company's Pacific and emerging markets unit and a manager of about $1 billion, he has been trying to persuade investors to move back into these volatile markets. Not many people are taking his advice.
The IMF Gets It Wrong Again
David Malpass (WSJ) Aug 17, 2001
The International Monetary Fund comments on U.S. politics.
Let Private Money Spark A Recovery in Argentina
George Selgin (WSJ) Aug 17, 2001
Banks should be allowed to issue their own dollar-denominated paper notes.
Genetically modified crops -- what do scientists say?
CheckBiotech Aug 17, 2001
In covering the issue of genetically modified crops, the national media have generally reported the views of anti-biotech interest group representatives, biotechnology company spokespersons and of federal regulatory agency officials. Often not reported in news stories in the national debate on this science question are the views of individual plant biologists. However, plant scientists with in-depth knowledge of modern transformation technologies offer views on this subject which merit public dissemination.
When All Roads Lead to Wall Street
Charles R. Morris (NYT) Aug 17, 2001
Are New Yorkers doomed to repeat the cycle of stock-market-driven boom and bust forever?
Internet Border Patrol?
Adam Young (Mises Daily) Aug 17, 2001
In response to the Code Red computer worm, CNET News Executive Editor David Coursey, in his column entitled Cure for Code Red: An Internet border patrol? advocates some measures that, while they may be intended to prevent future outbreaks, would instead ensure a further diminution of our freedoms.
Currency Scorecard: Australian Dollar Gains Most on Week
Bloomberg Aug 17, 2001
The Australian dollar was the best-performing major currency against the U.S. dollar this week. The following table shows the best- and worst-performing major currencies against the dollar for the week.
Investors Signal Dollar's Slide May End Soon: Outlook
Bloomberg Aug 17, 2001
Tupperware Corp. and Gillette Co. say they'll benefit if the dollar extends its six- week slide against the euro, as their overseas earnings translate into more of the U.S. currency. They may be disappointed.
Euro to Hold Gains, 8 of 10 Biggest Forex Banks Say
Bloomberg Aug 17, 2001
Eight of the top 10 banks in the $1.1 trillion-a-day currency market, including Citibank, Deutsche Bank AG, and J.P. Morgan Chase & Co., see the euro holding or extending gains after a six-week rally.
Bet your bottom dollar
Asiaweek Aug 17, 2001
The U.S. currency seems to have reached its peak against the euro and the yen. But the greenback's not done yet.
An Open Letter by Mats Karlsson
Mats Karlsson & Thomas C. Dawson (IMF) Aug 17, 2001
Open Letter.
Asian capital: Hiding and fleeing
AT Aug 17, 2001
Forget the classical definition of a liquidity trap, that is not what East Asia is experiencing. In fact, money in the region is not trapped, worse than that, it appears un-trappable and is seeking safer havens. It's time, therefore, to stop gabbing about traps and face the fact that economies need to be reformed.
Goh seen pushing broader, faster reform
SCMP Aug 18, 2001
Speculation is rising in Singapore that Prime Minister Goh Chok Tong will unveil a fresh vision of the city-state's economic future in a key address set for tomorrow that calls for broader and faster reform.
No plan to devalue yuan
SCMP Aug 18, 2001
There will be no yuan depreciation before at least 2003, a senior government official says.
Thaksin brushes off IMF rate call
SCMP Aug 18, 2001
Prime Minister Thaksin Shinawatra has rebuffed an International Monetary Fund suggestion that Thailand should consider cutting interest rates, saying they were already low enough despite the need to boost the faltering economy.
China's New Charm for Hong Kong
NYT Aug 19, 2001
People from Hong Kong are moving to China's mainland to enjoy suburban pleasures and low prices, a trend that has grown since cross-border trade began a decade ago.
Japan's Kuroda May Intervene to Weaken the Yen
David DeRosa (Bloomberg) Aug 19, 2001
Japan can't seem to catch a break. To the horror of Japanese policy makers, the yen began to strengthen, not weaken, last week. It had to be the last thing they thought could happen.
Dollar Seen Falling on Signs Fed to Cut Rate, More Easing Ahead
Bloomberg Aug 19, 2001
The dollar, little changed, may fall on concern the Federal Reserve will lower rates a seventh time and suggest it'll make an eighth reduction as well, signs the U.S. slowdown won't end soon.
Economic Whiplash: Slump Has No Borders
IHT Aug 20, 2001
The world economy, which grew at a raging pace just last year, has slowed to a crawl as the United States, Europe, Japan and some major developing countries undergo a rare simultaneous slump.
Argentina Deal Elusive
IHT Aug 20, 2001
Argentina and the International Monetary Fund have "practically" worked out an arrangement for the IMF to supply critically needed funds, an Economics Ministry spokesman here said Sunday, but the "political will is still missing".
Goh tackles China challenge
SCMP Aug 20, 2001
Singapore Prime Minister Goh Chok Tong has mapped out a new economic strategy for the country in a bid to respond to rapid globalisation and China's growing economic clout.
World's Economy Slows to a Walk in Rare Lockstep
NYT Aug 20, 2001
The latest economic statistics defy expectations that growth in other countries would help compensate for the slowdown in the United States.
Bushwhacked in Timber Country
David N. Laband and Daowei Zhang (Mises Daily) Aug 20, 2001
President Bush didn't sound like ultra-protectionists Pat Buchanan and Ross Perot during last year's election campaigns, but he certainly acting like these gentlemen now that he is president.
It's not a pretty picture in Taiwan
AT Aug 20, 2001
A whole raft of gloomy economic figures and sentiment underscores that these are not the best of times in Taiwan. In a nutshell, economic growth has dived to a historic low and few foresee a turnaround any time soon.
China remains steely-eyed
AT Aug 20, 2001
Latest figures show that the sales rate of steel products in China has reached its highest levels in recent years, and that the country's steel market has assumed a generally upward trend. However, increased imports and decreased exports have put pressure on the market, due to fierce competition and trade protectionism triggered by oversupply on the international steel products market.
The Industry Standard: Net population growth slows in US
Nua Aug 20, 2001
The growth of the US Internet population is slowing, reports The Industry Standard.
Argentina on tenterhooks
Economist Aug 20, 2001
Hopes of an early deal between Argentina and the IMF are fading. Talks on a new IMF package of support for the country's beleaguered economy are now well into their second week.
Is Asia Destined to Catch Japan's Disease?
William Pesek Jr. (Bloomberg) Aug 20, 2001
Japan is the global economy's equivalent of a terminal patient. Once a strong and vibrant force, it's now bedridden and struggling to survive. So far, conventional cures and even extraordinary measures have failed to stabilize Japan's economy, which continues to flatline.
Is the U.S. Dollar Really on the Skids at Last?
Art Pine (Bloomberg) Aug 20, 2001
For months, economists have been predicting that the high-flying dollar would stage a decline. Yet, the U.S. currency kept rising, defying the forecasts. Seemingly the dollar couldn't be stopped.
Hysteria About Cloning
Tibor R. Machan (Laissez Faire City Times) Aug 20, 2001
Singapore Unveils New Economic Plan
IHT Aug 21, 2001
Singapore is facing a serious economic threat from China, and will pursue a new strategy to make the country more globally competitive and less dependent on foreign investment for its prosperity, Prime Minister Goh Chok Tong said.
IMF officials optimistic on Indonesia talks
SCMP Aug 21, 2001
Top International Monetary Fund officials yesterday opened talks with Indonesia's new government, awash with optimism that at last a vital US$5 billion loan programme would be revived to help mend the country's shattered economy.
Toward an Atlantic Free-Trade Area
Malcolm Rifkind (WSJE) Aug 21, 2001
Britain need not choose between the EU and Nafta. It should have them both.
America's Interest in an International Court
Bill Richardson (NYT) Aug 21, 2001
The United States must help shape forums for global justice.
Greenspan goes for broke
Economist Aug 21, 2001
The American Federal Reserve has announced a cut in interest rates of one-quarter of a percentage point: the seventh cut this year. The move underlines the continuing concerns about the outlook for the American economy.
America’s taxing trade troubles
Economist Aug 21, 2001
The World Trade Organisation has formally ruled in favour of the European Union and against America in a dispute whose implications dwarf previous transatlantic trade tiffs. But both sides will hope that the row over tax breaks for American exporters does not derail November’s global trade talks.
Speaking of corruption...
AT Aug 21, 2001
What has bothered us about the finger-pointing since the Asian economic crisis hit has been the holier-than-thou attitude of a range of - mostly Western - experts and their sycophants who had earlier trumpeted the "economic miracle" born of "Asian values". The combination of venom and glee to which Asia has been treated since 1997 represents a disgusting bit of hypocrisy.
CBA's Magnus Says U.S. Dollar, Dow Index to Recover: Comment
Bloomberg Aug 22, 2001
Kurt Magnus, head of global investor sales at Commonwealth Bank of Australia, comments on the Federal Reserve's decision to lower its overnight bank lending rate to a seven-year low of 3.5 percent, as expected. He also comments on the prospects for U.S. stocks, the U.S. dollar and the Australian dollar.
Fed Pares Key Rate to 7-Year Low
IHT Aug 22, 2001
The Federal Reserve on Tuesday cut its key interest rate target by a quarter of a percentage point, its seventh rate reduction this year, in a continuing effort to rejuvenate the flagging U.S. economy and stave off recession.
Euro Bill Hits a High Note With Folks in Small French Town
IHT Aug 22, 2001
While much of Europe remains cool to the euro, the locals have warmly embraced it in one spot in sunny southern France.
Singapore nervously eyes emergence of Chinese dragon
AT Aug 22, 2001
Singapore's export-oriented economy has raised the country's living standards from Third World to First World within just a generation. The cornerstone of its success has been its export of electronic components. But a government survey warns that if crouching tiger Taiwan more tightly links its economy with China it will turn the mainland into a dragon whose breath will fan the flames of Singapore's faltering economy.
Delhi shrugs off US trade warning
AT Aug 22, 2001
The United States has warned India that it will be isolated if it opposes a fresh round of trade talks at the upcoming World Trade Organization meeting in Doha. Not so, says Delhi, claiming widespread support among developing countries to first settle outstanding issues from the Uruguay Round of 1994. (Aug 22)
The Greatest Technological Leap in The History of Mankind
CheckBiotech Aug 22, 2001
With the rapid acceptance of transgenic products, we are preparing to take "The greatest technological leap in the history of mankind". Klaus Ammann, Director of the Bern University Botanical Garden in Switzerland, is an expert in the growth and impact of bio-technology today. He is an independent researcher working at a public institution, a European university. Ammann lived through the birth of bio-technology, as well as the controversy surrounding its introduction.
Researchers make key genome public on the Internet
CheckBiotech Aug 22, 2001
Researchers at the University of Washington School of Medicine, DuPont and the University of Campinas in Brazil, with partial funding from the National Science Foundation, have sequenced the genome of an important organism, Agrobacterium, and made it freely available on the Internet.
Single Stock Futures Contracts Closer to Reality
David DeRosa (Bloomberg) Aug 22, 2001
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission smoked the peace pipe yesterday over the thorny issue of allowing the introduction of trading in single stock futures contracts.
Biotechnology: Medicine Man Returns
FEER Aug 23, 2001
Malaysian-born biochemist entrepreneur Kim Tan is shifting his focus back to Asia from England, and this means expensive treatments for cancer and other illnesses will be within reach. And a $50 million venture-capital fund will give Asia's biotech industry a kick-start. (Plus: A modest millionaire; Malaysia's biotech dreams; and an interview with M.S. Swaminathan, one of the world's leading agricultural researchers.)
SIA faces long haul over global ambitions
SCMP Aug 23, 2001
Deep pockets are not enough to buy into entrenched national interests in the airline industry.
From No Aid to a Bailout for Argentina
NYT Aug 23, 2001
The Bush administration's decision to back the bailout shows that it cannot simply walk away from the interventionist financial diplomacy of the Clinton administration.
We'll Run This Planet As We Please
P.J. O'Rouke (WSJ) Aug 23, 2001
Only an idiot would insist on multilateralism.
A global game of dominoes
Economist Aug 23, 2001
The world economy is probably already in recession. How bad might it get?
Japanese banks and interest-rate swaps
Economist Aug 23, 2001
Japan's banks have alarming quantities of derivatives squirrelled away
Fiscal policy in the euro area
Economist Aug 23, 2001
A remark by Germany's finance minister has renewed chatter about the euro-area's stability and growth pact.
Wall Street and the dotcom bubble
Economist Aug 23, 2001
Attempts to blame Wall Street, continued.
1492 and all that
Economist Aug 23, 2001
Did Europe's “age of discovery” give birth to an age of globalisation?
Still huff, puff and pay?
Economist Aug 23, 2001
The International Monetary Fund says it is ready to provide Argentina with a further $8 billion-worth of loans. But does the deal, which comes after ten days of negotiations, do more than buy the beleaguered Argentine government a little more time?
Feeble Germany
Economist Aug 23, 2001
The German economy failed to grow at all in the second quarter of the year, according to official figures. The sharp deterioration in Germany’s economic prospects has been a setback for the government, and it could yet put strain on the European Union’s stability pact.
This China Syndrome Won't Cause Asian Meltdown
William Pesek Jr. (Bloomberg) Aug 23, 2001
Hiroshi Tanaka is the most relaxed person riding a Tokyo-bound commuter train. The 48-year old isn't carrying a briefcase or wearing the dreary grey-suit that is the uniform of the Japanese salary man. Tanaka is out of work.
Behind the Bush Shift on IMF
IHT Aug 24, 2001
Despite negotiations that covered 12 days and several midnight bargaining sessions, many of the people involved in emergency talks to bail out Argentina went to lunch on Tuesday believing that the United States would say no to new aid.
Argentines Face Renewed Sacrifice
IHT Aug 24, 2001
The government has told a weary Argentine population that deeper cuts in government spending and more economic sacrifice are in the offing, despite an $8 billion emergency rescue agreement it signed with the International Monetary Fund.
The threat to Japan's economy is Japan, not China
AT Aug 24, 2001
A view being colorfully bandied about with regard to the Japanese and Chinese economies is that the giant sumo wrestler is being swallowed by the even larger dragon. Not so. China can complement Japanese industries and that it can also put pressure on Japan to reform its economy, which is where the real problem lies.
The IMF vs Thailand
AT Aug 24, 2001
In its latest assessment of Thailand's economic progress, the International Monetary Fund has, albeit politely, criticized the policies of the new government of Thaksin Shinawatra. Conveniently, it does not mention the problems he inherited when he took over in January, and the wealth of ideas aimed at genuinely restructuring the economy.
Global agriculture club ice cold and mean
AT Aug 24, 2001
Massive distortions exist in world agricultural trade, with high-barrier markets and low prices resulting from subsidized production in the world's leading economies. Any future liberalization of agricultural markets in Europe, the United States and Japan is idle fantasy, and their failure to open their doors to farm imports reveals their hypocritical double standard of practicing protectionism at home and preaching free trade for others.
Argentina's IMF Package Sounds Like Russia 1998
David DeRosa (Bloomberg) Aug 24, 2001
There has been scant detail disclosed about the $8 billion in new loans the International Monetary Fund has agreed to give Argentina.
Commerce Official: Foreign Competition Threatens IT Industry
Computerworld Aug 25, 2001
A Bush administration official speaking at the Aspen Summit today said that the greatest threat facing the tech industry comes from foreign competitors who are learning from their counterparts in the U.S.
Fox Trying to Give Mexico Bigger Role on World Stage
NYT Aug 25, 2001
President Vicente Fox is bent on raising Mexico's political profile, not just in the United States but everywhere.
Argentina's Stopgap Cash Gets Some Funny Looks
NYT Aug 26, 2001
Argentina may have secured an $8 billion credit line from the I.M.F. this week, but the country's finances continue to be chaotic.
Russia Turns Kyoto Protocol Into Debt Relief Plan
David DeRosa (Bloomberg) Aug 26, 2001
Well it didn't take long for someone to hear the debt relief dinner gong ringing -- now Russia, following Argentina's lead, is demanding debt relief.
Argentines Are Wary of Makeshift Money
IHT Aug 27, 2001
It looks like money, fits into a wallet like money, and the local government certainly hopes it will be accepted as money. But Angel Diaz, a policeman, had doubts after being paid last week not with pesos, but with a new emergency currency printed by the provincial government called the patacon.
World Bank Threatens Georgia's Aid
IHT Aug 27, 2001
In an unusually blunt approach, the World Bank has warned Georgia that it will lose all financial assistance if it does not negotiate higher tariffs on a proposed gas pipeline from the Caspian through Georgia to Turkey.
Taipei Moves to Expand Trade Link With China
IHT Aug 27, 2001
Breaking with a decades-old policy of restricting trade with China, President Chen Shui-bian of Taiwan on Sunday endorsed the proposals of a high-profile economic council to aggressively expand commercial ties with the mainland despite lingering military and political tensions.
Taiwan maps rebound
SCMP Aug 27, 2001
Economists and business leaders consider yesterday's successful conclusion of a key advisory conference convened by President Chen Shui-bian will help upgrade Taiwan's struggling economy and expand trade and investment links with the mainland.
World Bank unit backs firms with Go-West dreams
SCMP Aug 27, 2001
Small and medium-sized enterprises (SME) in Hong Kong feeling daunted by the prospect of investing in China's underdeveloped western region will get an influential ally next month.
Bush Isn't Trying to Roll Back Sanctions
Art Pine (Bloomberg) Aug 27, 2001
When George W. Bush became president, expectations were that one of his first moves would be to end many of the economic sanctions the U.S. has imposed on countries with which it has disagreed.
Yen Falls as Japan's Shiokawa Says Govt Aiming for Weaker Yen
Bloomberg Aug 27, 2001
The yen had its biggest decline against the dollar in a week after Finance Minister Masajuro Shiokawa said the government was "aiming for a weaker yen," signaling the government may be preparing to sell the currency.
IMF's Fischer Says World Economy is Teetering on the Edge of Recession
Bloomberg Aug 27, 2001
The world economy is skirting the edge of a recession, harmed by Japan's predicted contraction and the rapid slowing of the U.S. economy, the International Monetary Fund's No. 2 official said.
Nomads in the desert
Kathy Foley (Nua) Aug 27, 2001
Should reports from major research firms always be taken as the gospel truth?
IT World: Global IT services market is fragmented
Nua Aug 27, 2001
A new study from Dataquest shows that the global IT services market remains wide open, as the 10 largest vendors have less than 20 percent of the market.
Towards a Strategic Vision of Life Sciences and Biotechnology
CheckBiotech Aug 27, 2001
Life sciences and biotechnology are of strategic importance in Europe's quest to become a leading knowledge-based economy. Europe cannot afford to miss the opportunity that these new sciences and technologies offer.
What Only the Embryo Knows
Stephen Jay Gould (NYT) Aug 27, 2001
We must experiment with embryonic stem cells in order to understand their broad potentiality.
Turkey Is Getting Heat for Firm's Foreign Debt
IHT Aug 28, 2001
Turkey's efforts to restore foreign confidence in its economy are being threatened by a dispute over a huge debt owed to Motorola Inc. by a Turkish company.
IMF to Unlock Indonesia Loans
IHT Aug 28, 2001
The International Monetary Fund agreed Monday to unlock loans to Indonesia after a nine-month delay, offering a major boost to President Megawati Sukarnoputri as she tries to turn around the country's troubled economy.
Feeble Germany
Economist Aug 28, 2001
The European Central Bank will again be under pressure to cut interest rates when it meets later this week. The sharp deterioration in Germany’s economic prospects, in particular, coupled with signs of weakening inflationary pressures, may make it easier for the bank to cut.
Food Sensitivity Roundtable
CheckBiotech Aug 28, 2001
U.S. Needs Better Way to Prevent GM Food Allergies, by Mark Silbergeld, Co-Director of the Consumer Union's Washington, D.C. Office and Biotech Foods No More Risky Than Conventional Foods by Val Giddings, Vice President, Food and Agriculture for the Biotechnology Industry Organization.
Global GM market starts to wilt
CheckBiotech Aug 28, 2001
Static profits, tighter laws and consumer health doubts slow growth of disputed technology - except in US.
New Documents from the International Food Policy Research Institute
CheckBiotech Aug 28, 2001
1. 2020 Vision book on ending hunger and poverty; 2. Empowering women to achieve food security; 3. Feeding the World in the New Millennium; 4. Making food safe; 5. Book on land tenure in Asia and Africa.
Japan Unemployment Climbs to 5%
IHT Aug 29, 2001
As Japan's unemployment rate climbed to a 45-year high Tuesday, cabinet members in Prime Minister Junichiro Koizumi's party called for a supplementary budget with extra government spending to keep the jobless ranks from growing further.
Japan row extension looms
SCMP Aug 29, 2001
Japan may extend its import curbs on three farm products that come mostly from the mainland, signalling that a showdown over a trade dispute might be imminent.
Cautious Megawati wants to end debtor-nation status
SCMP Aug 29, 2001
President Megawati Sukarnoputri yesterday said that the resumption of a US$5 billion loan programme from the International Monetary Fund did not mean Indonesians could party.
Strait talking
Economist Aug 29, 2001
Taiwan’s proposed easing of restrictions on trade and investment with mainland China makes obvious economic sense. But the political fears that have always thwarted liberalisation in the past have not evaporated.
The IMF's Good Citizenship
Thomas C. Dawson
Letter to the Editor.
Philippines' Arroyo Takes on Currency Traders
David DeRosa (Bloomberg) Aug 29, 2001
The surest sign that a country is in financial trouble is when its officials start to rant and rave about the foreign-exchange market, blaming traders for economic failure.
Bitter Coffee: How the Poor are Paying for the Slump in Coffee Prices
Oxfam Aug 29, 2001
Today, world prices for coffee have fallen to their lowest-ever level in real terms. This Oxfam International Background Briefing analyses the impact on smallholder coffee farmers whose livelihoods have been devastated by a collapse in international prices. Failure to reverse current trends will have devastating consequences across the developing world.
U.S. Growth Rate Slowest in 8 Years
IHT Aug 30, 2001
The U.S. economy grew in the second quarter of the year at the slowest pace in more than eight years, the Commerce Department said Wednesday in a scheduled revision of its own estimates.
Will the Spin Put Spend in the Euro?
IHT Aug 30, 2001
An unprecedented advertising blitz, being unveiled in Frankfurt on Thursday, is aimed at weaning the entire euro bloc's 300 million citizens from their beloved national monies.
Much Exaggeration of the Economic Challenge From China
Philip Bowring (IHT) Aug 30, 2001
Half the world seems in thrall to China's economic achievements. Taiwan is moving to liberalize cross-straits trade and investment. Singapore recently announced a new economic strategy, with Prime Minister Goh Chok Tong proclaiming that "our biggest challenge is ... to secure a niche for ourselves as China swamps the world with her high-quality but cheaper products." The journal of Anglo-American glib solutions, The Economist, advises the likes of South Korea to concentrate on product design and leave manufacturing of everything from steel to chips to a more competitive China.
Protecting the Peso
FEER Aug 30, 2001
The Philippines' central bank walks a tightrope between reducing money supply to shore up the peso and choking off growth.
The Future of Asian Technology
Matei Mihalca (AWSJ) Aug 30, 2001
Innovation and open standards are enabling Asia to play an increasingly greater role in the global technology marketplace.
Euro Deposes the Mark, Grieving Many Germans
NYT Aug 30, 2001
Karl Eickmeyer stood inside Valhalla, a giant marble temple here dedicated to heroes of German history, and reflected sourly about the next thing to become history: the German mark.
Measuring hedge funds
Economist Aug 30, 2001
Hedge-fund managers don’t like indices, which are proliferating.
Listed hedge funds
Economist Aug 30, 2001
Investors and regulators may clamour for more transparency from hedge funds. But that is not, it seems, what the market is hearing.
Monetary policy in the euro area
Economist Aug 30, 2001
Europe’s central bank has cut interest rates, at last.
The latest bubble?
Economist Aug 30, 2001
Even if it proves not to be a bubble, the craze for hedge funds is destined to leave many investors disappointed.
Too little, too late?
Economist Aug 30, 2001
The European Central Bank did what the markets, and nearly everyone else, hoped and expected it would do, and announced a cut in interest rates on August 30th. But has it come too late?
Does Japan Want a Fixed Currency?
William Pesek Jr. (BLoomberg) Aug 30, 2001
Rarely does a day go by without Japan complaining about the yen's value. Most of the time, the gripe is that it's too strong and hampering Japan's efforts to export its way out of recession.
Pacific Asset's Goh on Asia Currencies, Dollar Outlook: Comment
Bloomberg Aug 30, 2001
Stuart Goh, who helps manage S$100 million ($58 million) in Asia and the Pacific region at Pacific Asset Management Ltd., comments on the outlook for Asian currencies and the U.S. economy.
Internet stocks and the failure of youth culture
AT Aug 30, 2001
The collapse of the Internet bubble has broader cultural and political significance: It informs us that the slimy tide of popular culture which spews out of American commercial media and washes over the world will not erode the bedrock of the old cultures that preceded it.
South Korea's hope of recovery dashed
AT Aug 30, 2001
If South Koreans think the financial crisis that hit the country in 1997 was bad, then they had better tighten their belts in preparation of things to come. A expert has warned that the protracted US economic slowdown means that the current domestic situation may be even worse.
FTA with S'pore crucial for a larger US role in Asia
Edward Gresser (ST) Aug 31, 2001
American trade policymakers are unusually busy this autumn. As the Bush administration seeks to open a new round of multilateral trade negotiations and win 'trade-promotion authority', the US Congress will be considering as many as six separate trade Bills.
Fix the financial road before others crash
Andres Velasco (ST) Aug 31, 2001
Argentina, now undergoing a huge financial crisis, faces two choices.
ECB Cuts Rates Modestly
IHT Aug 31, 2001
In a nod of recognition that Europe's economy has slowed more quickly than expected, the European Central Bank delivered a long-awaited quarter-point reduction in interest rates on Thursday, but gave no indication of whether further easings were on the horizon.
Shore Up Euro to Fight Slump, Japan Official Warns Europe
IHT Aug 31, 2001
Amid fresh signs of deterioration in the Japanese and world economies, one of Tokyo's top finance officials is pointing a finger at an unusual culprit - the euro.
Revised Productivity Figures Disprove Beliefs of New Era
IHT Aug 31, 2001
The overly romantic faith in a new economy has already done plenty of damage. Just ask all those investors in Nasdaq stocks. But recent revisions to the productivity data reported by the Bureau of Labor Statistics show how thin the new-economy thinking has been.
Getting Real
WSJEAug 31, 2001
The euro is one step closer to reality.
Greenspan Stands Alone
Paul Krugman (NYT) Aug 31, 2001
The whole burden of avoiding a global recession now rests on Alan Greenspan's shoulders.
Accelerating Decline in Japan Evokes Rust Belt Comparisons
NYT Aug 31, 2001
The global technology bust has sent Japanese manufacturing into a precipitous decline that seems to be leading into another recession.
The World According to Pimm: A Scientist Audits the Earth
CheckBiotech Aug 31, 2001
Humans currently consume more than 40 percent of the world's annual biological productivity, and we use and borrow more than half of its accessible global freshwater runoff. Our situation is clearly not sustainable. We are living off the principal, not the interest, and we face the same consequences that such a strategy would have if it were applied to a personal bank account.
Running Optimal Policy in a Sub-Optimal World
Caroline Baum (Bloomberg) Aug 31, 2001
"I cannot forecast when another move will come, or in what direction it might be," said European Central Bank President Wim Duisenberg, following the ECB's 25 basis-point rate cut yesterday.
Is Thailand Bracing for Another Currency Crisis?
David DeRosa (Bloomberg) Aug 31, 2001
Thailand yesterday obtained $2 billion in credits from China's central bank for the sole purpose of defending its currency, the baht. Only last month, the country got a $3 billion facility from the Bank of Japan for the same purpose.