Word: centrales
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During the dark days of the global credit crunch a year ago, policymakers around the world had a generally easy time coordinating decisions. As asset prices tanked, lending dried up and growth shriveled, governments and central banks were forced to take similar steps - pump up fiscal spending and slash interest rates to support growth and unfreeze financial markets. Now, as an economic recovery emerges, governments are hoping for another coordinated effort to exit from their massive stimulus plans, including near-zero interest rates. That intention was clearly laid out during the September G-20 summit in Pittsburgh, Pa. The leaders...
...That possibility is already becoming a reality, as signs appear that central-bank policies are beginning to diverge. On Oct. 6, Australia became the first G-20 nation to raise interest rates, hiking its key rate by a quarter of a percentage point, to 3.25%. With "inflation close to target and the risk of serious economic contraction in Australia now having passed," Reserve Bank of Australia Governor Glenn Stevens said in a statement, the central bank decided that it was now "prudent to begin gradually lessening the stimulus provided by monetary policy." Meanwhile, in other industrialized nations still suffering from...
...wrote Jun Ma, an economist at Deutsche Bank in Hong Kong, in a September note. Concerns are also mounting that continued loose monetary policy in Asia could fuel dangerous and unstable asset price bubbles, especially in property. There has been some speculation in financial markets that South Korea's central bank could raise interest rates in the coming months to cool a roaring housing market. Frederic Neumann, an economist at HSBC in Hong Kong, says Asian central bankers might need to hike rates by four percentage points over the next year - much more than is expected from...
...some economists believe that a coordinated global exit strategy, especially in regard to monetary policy, will ultimately happen, but by default. The Federal Reserve holds so much influence in the world economy that other central banks might be wary of deviating too far from its policy. "The nature of the coordination is not that bankers sit around a table and do things together," says the University of Leuven's De Grauwe. "The nature is that some of the big guys make a move and force everyone to move." In the global recovery, as in the downturn, everyone may sink...
When rains slowed enough for people living in the central coast of Vietnam to venture outside and assess the damage, they were stunned at what they saw. In the night, Typhoon Ketsana had unleashed thousands of logs and cut timber, which had ridden the swollen rivers down the mountains, bashing anything and everything in the way. The lumber, much of which is believed to have been illegally harvested old-growth timber, clogged rivers and jammed under bridges and piers. For residents in the area who managed to harvest the wood, the rains last month brought riches. But Typhoon Ketsana also...