American - Businessman | August 25, 1948 -
Some of the policy measures that are important are politically difficult if taken independent of actions by others in support of common goals. Joint actions are therefore needed, and establishing a G-11 with an effective role for the IMF provides the viable way forward.
Charles Dallara
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The emphasis so far on fiscal austerity, while to a degree necessary for the countries facing market funding difficulties, is excessive when carried out across the board.
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2005 is highly likely to be a more challenging environment, both for policymakers and investors.
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You look at the U.S. budget deficit, and you cannot help but feel that this is a serious accident waiting to happen. And not just a serious U.S. accident, but a serious global accident.
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Countries that are occasionally immature in their ability to manage their economic affairs as well as they should - and that includes most of them - are going to find that the world is at risk.
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The risk of policy contagion could be magnified if a new funding arrangement were agreed between Argentina and the IMF before a comprehensive policy framework is developed that addresses fundamental investor concerns.
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If you step back and think about it, just a little over two years ago, in 2009, it was not surprising at all to see Chinese exports growing at a 30-plus percent clip.
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In a moment of stress, funding may go to systemically-important firms, which could pull funding away from firms not making the cut.
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When you inject capital into the parent, it may or may not benefit the subsidiary.
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