Word: bankes
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Dates: during 2000-2009
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...world champions this month, its offseason will test the resilience of the sports economy. Will ticket purchases for 2009 drop? And will free agents command the same salaries? Legends like Los Angeles Dodgers outfielder Manny Ramirez, the prime catch in the free-agent market, will always break the bank. But don't expect those left-handed middle relievers to score the same ludicrous contracts as in recent years. "Player salaries are extremely sensitive to market conditions," says Stanford University economist Roger Noll. "These players are going to get paid less next year." During the post-9/11, post-tech-bubble...
...Some argue Bretton Woods and the International Monetary Fund (IMF) and World Bank it created should have undergone revamping even before the crisis broke. Initially tasked with overseeing currency exchange rates and providing funds and advice to nations suffering trade deficits, the IMF has watched its field of action wane as economies developed and globalized. As part of that evolution, financial trading began spanning borders and generating previously unimaginable transactions through highly-leveraged and complex derivatives - all within a virtually unregulated atmosphere that national governments couldn't manage to police. Sarkozy and his European partners hope that...
...Karel Lannoo, chief executive officer of the Center for European Policy Studies in Brussels, thinks the European Union's "collective structures and recent history of harmonization" leave it well-placed to come up with coordinated national rules - or eventually even common regulation - for financial markets. Yet he says spotty bank balance sheets were just as evident and untreated in Europe as the were in the U.S. until the crisis hit. "Europe, like America, decided it was easier to assume the sun would keep shining and the grass would remain green," Lannoo says...
...Chinese government has quickly awakened to the threat of a sharp slowdown. Until a few months ago, Beijing's top priority had been fighting inflation. Now policymakers are easing off the brakes and hitting the gas again in an effort to stimulate growth. The central bank lowered its benchmark interest rate twice in the past 45 days, the first cuts since 2002. In mid-October, the State Council announced plans to increase infrastructure spending, to offer tax rebates for exporters and to boost government-controlled prices for agricultural products. Beijing is also widely expected to introduce measures to resuscitate...
...seen this movie before, and it's not a happy one. Japan's financial sector imploded in the 1990s as bubbles in real estate and stock prices (sound familiar?) burst. Eventually, Japan's central bank drove interest rates to near zero to stimulate the economy. But it was, as the economists say, "pushing on a string." Banks were reluctant to lend because they needed to hoard capital to repair their balance sheets - just as they need to do now in the U.S. Economic growth slowed, and demand for the credit that was available diminished. The result was Japan's infamous...