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ANOTHER FINE MESS: REPAIRING THE GOVERNANCE OF INTERNATIONAL FINANCIAL REGULATION

ANOTHER FINE MESS: REPAIRING THE GOVERNANCE OF INTERNATIONAL FINANCIAL REGULATION. Pierre L. Siklos Senior Fellow CIGI November 10, 2012. Varieties of Crises. Interconnectedness & Complexity. Source: GFSR (2012), October. Spillovers. Coupling & Decoupling in Business Cycles.

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ANOTHER FINE MESS: REPAIRING THE GOVERNANCE OF INTERNATIONAL FINANCIAL REGULATION

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  1. ANOTHER FINE MESS:REPAIRING THE GOVERNANCE OF INTERNATIONAL FINANCIAL REGULATION Pierre L. SiklosSenior Fellow CIGINovember 10, 2012

  2. Varieties of Crises

  3. Interconnectedness & Complexity Source: GFSR (2012), October.

  4. Spillovers

  5. Coupling & Decoupling in Business Cycles

  6. The G20 Fiscal Response Source: Horton, Kumar & Mauro (2009)

  7. Central Banks Not Sticking to their Knitting:If not Us, then Who? Source: BCBS (2011)

  8. The Way Forward? • The exchange rate regime dilemma

  9. Exchange Rate Regimes & CB Transparency Sources: Ilzetzki, Reinhart, Rogoff (2009); Siklos (2012)

  10. The Way Forward? • The exchange rate regime dilemma • Should we not seek simplicity & transparency in international economic relations? • Establishing policy strategy tolerance limits • Does best practice have to be uni-dimensional? • Can the global economy lift-off without a ‘conductor’? • Or, is a collective push the only way out? • Inflation and micro/macro-prudential regulations: which way to ‘tame the financial sector? • Is one backward-looking while the other is forward-looking? • Why not harness policy disagreements instead of burying them? • Are systemically important economies/institutions all that matter? • Is there a danger of another ‘black swan’ lurking?

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