In this speech, Joseph Stiglitz, Senior Vice President and Chief Economist of
the World Bank questions the assumptions of the "Washington consensus" which
advocates the free movement of goods and capital for developing nations'
economies. He lays out the reasons why the Washington consensus is "incomplete
and sometimes even misleading" as a prescription for emerging markets. Looking
at the implications of the East Asia financial crisis, Stiglitz outlines an
emerging new consensus on what's needed to promote well functioning markets.
(For more of his views on the '98 financial crisis and the lessons learned,
read Joseph Stiglitz's interview with FRONTLINE.)
This World Bank report indicates that the regions affected by the economic
crisis will not recover until the year 2001. The report's analysis and summary
show how the crisis has dramatically reduced international capital flow to
developing countries and how development aid has fallen to its lowest level in
over half a century.
This four-part winter1999 series by The New York Times is an excellent
overview of the financial upheaval which began in Thailand in July 1997 and
spread through Asia to Russia and Brazil. There is also a large collection of
links to related articles off this site. (Note: this site requires that you register.)
This independent non-profit group provides research and education tools on the
Federal Reserve System and financial markets. Its newsletter "FOMC Alerts" has
articles on the Fed, economic affairs, monetary policy, and several articles
on the global financial crisis in the 1998 and 1999 issues. (Note: one needs
Adobe Acrobat to access the newsletter.)
"Fed Archives" section contains documents that shed light on the central
bank's inner workings: transcripts of the Federal Open Market Committee (FOMC)
meetings; summaries of Federal Advisory Council (FAC) meetings. In addition
to providing the only online access to these records, this site offers
interpretative materials describing the context of FOMC meetings and
identifying the highlights of the deliberations.
FMC also offers "Links" to Board of Governors, Federal Reserve System, Dow
Jones (historical data on equity markets and other information) and Federal
Reserve Banks (all 12 Reserve Banks).
In addition to a large amount of material on the IMF and opinion pieces from
its defenders and critics, this site offers readings on reforming the global
financial system. Visitors also can access here (under "Origins") material on
the historical context for understanding global economic issues, including the
history behind the creation of the IMF; a summary on the Bretton Woods
Conference; and Ratification Debates on the IMF.
This policy research institution focuses on the interrelationship of
globalization. It favors globalization but acknowledges that the system needs
improvement. ODC describes its mission as seeking "to improve decision-making
on multilateral cooperation to promote more effective development and the
better management of related global problems."
The site offers papers and excerpts on: "The US Perspective on Globalization;"
"Environment and Trade: A Framework for Moving Forward;" "The New Global
Economy and Developing Countries: Making Openness Work;" "Managing the
International Economy in an Age of Globalization; " "US Trade Policy:
Misreading the Developing World."
On a lighter note, this popular web site gives accurate, up to date currency
exchange rates and offers an interactive currency conversion tool for
travelers. There's also a Historical Currency Table for viewing exchange rates
for 164 currencies from January 1990 to today.
The FX Map (under "Currency Tools") allows one to view--via a color scheme map
of the world--the percentage change of each nation's currency against a chosen
base currency. And the FX Graph (also under "Currency Tools") allows one to
graph the performance of a currency pair for whatever time span chosen.
[NOTE: For more interesting sites/resources, examine the Advocacy Groups and Resources section of this FRONTLINE web site.]