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More Instruments & Broader Goals:  Moving Toward The Post-Washington Consensus

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.) GLOBAL DEVELOPMENT FINANCE 1999

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. Global Contagion - A Narrative

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.) Financial Markets Center

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).

The Hoover Institution Public Policy Inquiry The International Monetary Fund

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. Overseas Development Council

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." OANDA

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.]

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