Fellow and professor examine role of IMF in financial crises in developing countries

first_imgIn a lecture in the Hesburgh Center auditorium Tuesday hosted by the Kellogg Institute, visiting Kellogg fellow Bumba Mukherjee and Notre Dame assistant professor Alexandra Guisinger spoke about their joint research on financial crises in developing countries and the conditions associated with the success of International Monetary Fund (IMF) programs in those countries.Mukherjee said based on the duo’s research, they believe the success of programs suggested by the IMF, which lends money to countries facing economic and financial crisis, is largely dependent upon the financial and political power of non-bank financial institutions — more commonly referred to as “shadow banks.”“As financial globalization has taken off in the last 20, 30 years in the developing world in particular, [shadow banks] are becoming important business actors,” he said.Guisinger said countries turn to the IMF to avoid the possibility of deep economic recession in times of financial and economic distress — specifically when there is danger of a “sudden reversal” or the abrupt decline in the inflow of capital. However, Guisinger said the IMF can complicate the economic situation, bringing in “a new set of actors, a new set of incentives and can interact with this more general pattern of the ebbs and flows of capital.”The standard recommendation of the IMF for a country to avoid a sudden reversal, Mukherjee said, is to impose regulations on shadow banking. He said a problem arises when the shadow banks of a given country are powerful enough to effectively oppose the IMF regulations.“When you have these extremely concentrated, very strong, large, financially powerful shadow banks, that’s precisely when IMF programs won’t work,” Mukherjee said. “If anything, they’ll make things even worse.”Guisinger said the result is the departure of foreign investors and a stock market crash, which can have “cascading effects on the economy and on political conditions.”“Stock market crashes are not trivial,” Mukherjee said. “They have terrible consequences. Investments collapse, the economy collapses, unemployment rates go up, there’s political riots — people respond.”Mukherjee said citizens associate the IMF, and thus the government responsible for asking the IMF to help, with the financial crisis. He said this puts enormous political pressure on government officials, who resort to fraud out of fear for their political careers.“It’s this deadly combination in terms of IMF programs and financial crises that leads to these bad political outcomes,” he said.Mukherjee said his research with Guisinger led him to conclude that the IMF should reform its approach and consider countries on a case by case basis.“The problem here is that the IMF is not really talking to governments who come to them desperately looking for help,” Mukherjee said. “They are coming up with this blueprint without really looking at local conditions, which is not working.”Tags: financial crisis, IMF, International Monetary Fund, Kellogg Institute, NBFI, non-bank financial institutions, Recession, shadow bankslast_img read more

Cricket News India vs Australia 1st Test, day 3 highlights: Cheteshwar Pujara boosts lead to 166, Virat Kohli’s side on top

first_img Facebook Twitter Whats app Linked In Facebook Twitter Whats app Linked In Kohli has gotten going with a boundary off Starc. The scoring rate has increased in the last couple of minutes and India are making a move on. Uh oh! The rain is back just as the players were coming on the field. It looks like we will have an early lunch. Yes, we will have an early lunch. 13:43 (IST) Facebook Twitter Whats app Linked In Facebook Twitter Whats app Linked In We may have to wait for the start of day 3. It is drizzling at the moment in Adelaide and the main pitch is under covers. However, it will not be a long delay.  13:33 (IST) India’s lead is now past 50. This is a major boost for Virat Kohli’s side and they will be eyeing a major lead.  Facebook Twitter Whats app Linked In 12:49 (IST) 05:50 (IST) Facebook Twitter Whats app Linked In That will be tea on day 3 of the Adelaide Test. India have stretched the lead past 100 and Australia will need a monumental effort to take the remaining wickets.  Facebook Twitter Whats app Linked In Pujara has been given out LBW this time. He reviews it and would you believe it, he gets away with it again. He comes down the track and the ball hits the pad, but hawkeye shows the ball is going over the stumps. Great reviews by Che Pujara. Rahul and Pujara are slowly blunting the opposition pace attack and they are all set to take the lead past 100. Australia need some quick wickets.  Facebook Twitter Whats app Linked In 06:35 (IST) Facebook Twitter Whats app Linked In 07:12 (IST) Lyon finds the boundary again, this time he sweeps Ravichandran Ashwin to the fine leg fence and the deficit is now just 22 runs. The tail has once again stung India and this is a vital passage of play. Facebook Twitter Whats app Linked In 05:36 (IST) 08:01 (IST) 10:41 (IST) 08:59 (IST) New Delhi: Travis Head and his partnerships with the tail helped Australia reduce the deficit to 15 runs on a raqin-interrupted day in Adelaide. KL Rahul and Murali Vijay strung a solid opening stand while India were boosted by another gritty stand between Cheteshwar Pujara and Virat Kohli. The Indian skipper went past 1000 runs in Australia in Tests but his dismissal for 34 stalled India’s momentum. At stumps on day 3, India’s lead has reached 166 and Pujara will hold the key if they are to reach a total in excess of 300 on day 4. (SCORECARD) Facebook Twitter Whats app Linked In 12:55 (IST) 12:12 (IST) Hazlewood and Starc are getting plenty of movement and the bounce is also true. India have started off very slowly. One feels it is the right move.  Here come the players. Big task for India as they look to take the remaining wickets quickly.  12:22 (IST) Facebook Twitter Whats app Linked In 11:14 (IST) Brilliant shot from Rahul as he lofts Pat Cummins inside-out over deep cover for a magnificen six. The opening partnership is now worth 50 and Australia are under severe pressure now.  WICKET! Oh no, just four overs remain in the day and Nathan Lyon has gotten the massive wicket of Virat Kohli for 34. Good ball. Offspinner lands on the rough and kicks off the deck, it spins back in and Kohli gets a big inside edge onto the pad and Finch at short leg takes the catch Facebook Twitter Whats app Linked In 11:03 (IST) Pujara gets going in style with a magnificent square cut off Starc. He rode the bounce well and cracked it between the gap at deep backward point Facebook Twitter Whats app Linked In Facebook Twitter Whats app Linked In Facebook Twitter Whats app Linked In WICKET! Finally, India have managed to get the wicket of Head. Ends a superb knock. Shami comes round the wicket and gets the length ball to straighten outside off, it bounces a bit more and Head edges it to Pant. Great knock and this has given Australia a toe-hold in this game. Travis Head c Pant b Shami 72 Finally, Australia get the breakthrough. Mitchell Starc angles a full ball across off and Vijay pokes at it, the edge flies to second slip where Peter Handscomb latches onto it. Australia need a lot of wickets if they have to restrict India.  09:17 (IST) Facebook Twitter Whats app Linked In Facebook Twitter Whats app Linked In WICKET! Oh dear. Bad shot from Starc and Jasprit Bumrah has his wicket. Full ball and holding it’s line outside off, Starc is tempted into the drive and the edge is taken by Pant. As soon as the wicket falls, the rain comes and the players walk off the field. 07:58 (IST) KL Rahul and Murali Vijay have weathered the storm against Starc and Hazlewood. Rahul gets going with a boundary off Cummins and both openers are closing in on a fifty-run stand.  Facebook Twitter Whats app Linked In A warm welcome to day 3 of the Adelaide Test. This is normally the time in the Test match where the result is more-or-less determined. Australia trail by 59 but only three wickets remain. Travis Head holds the key for the hosts. 10:08 (IST) Facebook Twitter Whats app Linked Incenter_img The second session was supposed to begin but a mid-lunch downpour has delayed the start again. Play will resume at 9:15 AM. The fans are being entertained by Shikhar Dhawan who is dancing near the long off fence.  11:07 (IST) Although run-scoring is very difficult, both batsmen are prepared to grind it out. The Australian bowlers have also maintained their discipline.  Virat Kohli and Cheteshwar Pujara are nearing fifties and India are making rapid progress. Australia are now in that zone where they are becoming deflated.  10:53 (IST) 07:41 (IST) 13:23 (IST) Once again, the tail is hurting India. The last two wickets have added 93 runs. Here is an article that has summed up India’s overseas woes.  Facebook Twitter Whats app Linked In Facebook Twitter Whats app Linked In 08:12 (IST) Facebook Twitter Whats app Linked In 06:41 (IST) That is stumps on day 3 in Adelaide. Yet another sluggish day in which run-scoring was difficult. India are ahead by 166 runs and Cheteshwar Pujara has once again stamped his class with a magnificent 40*.  Facebook Twitter Whats app Linked In Facebook Twitter Whats app Linked In 13:19 (IST) Facebook Twitter Whats app Linked In Facebook Twitter Whats app Linked In 09:37 (IST) India have finally managed to take the lead. It is 15 runs but it is a crucial 15 runs. The tail has gotten Australia very close to the total, with Travis Head scoring a gritty 72. 12:28 (IST) Facebook Twitter Whats app Linked In Play to resume at 7:30 AM IST. We will have an update on the revised session timings.  Facebook Twitter Whats app Linked In Kohli has finally scored a run against Pat Cummins. Can you believe that he did not score a run in two Tests against him!!! 07:51 (IST) Lyon gets a boundary to third man and the deficit comes down even further. There is an LBW appeal in the next ball as Bumrah spears the yorker in but the batsman got an inside edge. The latest update from Adelaide Oval is that play will start at 6:15 AM IST, which is 11:15 AM Australia time. Lunch session will be at 8:15. No overs lost 13:59 (IST) Facebook Twitter Whats app Linked In We are all ready to start. Play can be extended till 1:30 PM IST. Mitchell Starc will open the bowling and KL Rahul gets off the mark 05:36 (IST) Facebook Twitter Whats app Linked In Cheteshwar Pujara is given OUT and he decides to review. He was given out caught behind but hot spot and real-time snicko shows nothing. The batsman will survive.  The final hour will now begin. Australia will be aiming for some quick wickets but India are in the driver’s seat.  Cricket Australia have given us the latest update and it says the sun is breaking through and the rain has stopped. We might not have to wait that long for the match to begin.  06:15 (IST) 10:21 (IST) Facebook Twitter Whats app Linked In Pujara smashes a four and he is nearing a fifty. The lead is also now 150. This is the session which could swing the result India’s way.  Poor shot from KL Rahul. Full ball in the zone outside off, it holds it’s line as Rahul goes for the booming drive without any feet movement, the edge is taken by Paine. In comes King Kohli. KL Rahul c Paine b Hazlewood 44 (67).  05:29 (IST) Virat Kohli has become the fourth batsman to hit 1000 runs in Tests against Australia. India are making slow progress but both batsmen have ensured that India have a sizeable lead.  10:15 (IST) The bigger covers are coming on and the groundstaff are expecting some more rain. Looks like the delay will be a bit longer.  Facebook Twitter Whats app Linked In Facebook Twitter Whats app Linked In 05:31 (IST) Facebook Twitter Whats app Linked In 08:07 (IST) Facebook Twitter Whats app Linked In 11:31 (IST) Facebook Twitter Whats app Linked In For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

OSCL 2019 season climaxes Saturday

first_img… Mercenary, Rems renew rivalryBy Frederick HalleyTORONTO, Canada – The Ontario Softball Cricket League (OSCL) 2019 season climaxes on Saturday at the Ashtonbee playing fields with the Division One and Two playoffs championships finals.With defending champions Sunshine opting out of the league, a new Division One champion will be crowned when archrivals Mercenary and Rems clash in what is expected to be a riveting contest.Richard DiasDivision Two champions Carr Tec, who swept both the regular season and division playoffs championship titles in 2018, will be aiming for a similar feat when they collide with Good Success.Both Mercenary and Carr Tec are already assured of the regular season (20 overs) titles in their respective divisions and are eager to add the playoffs championships to their collections.Mercenary were runaway winners in the regular season, tallying 63 points with their nearest rivals being with Rebels with 45 points, while Caribbean Sensation/Better Hope ended with 43, Rems 37 and GT Bannas 16.After drawing a bye in the first round of the playoffs, Mercenary turned back the challenge of GT Bannas in Sunday’s semi-finals while Rems whipped Caribbean Sensation/Better Hope in the first round before advancing to the final by virtue of a bye,Carr Tec finished Division Two (Conference B) with 72 points while Good Success topped Conference A with 57 points and secured their spot in the final with a tense victory over last year’s finalists Wakenaam after rain intervened in the semi-final contest. Carr Tec, on the other hand, made light work of Leguan Warriors.Apart from taking top honours in the regular season, Mercenary were also crowned the Paul & Son 15-over winners, defeating Rems in a pulsating final off the final delivery of the game. They, however, failed to reach the final of the Caribbean Sensation-sponsored 10/10 tournament which saw Rems emerge as champions with an easy win over GT Bannas. With both Mercenary and Rems sharing the two knockout titles, Saturday’s encounter therefore takes on added significance.Rovendra MandolallBoasting several of the players who were part of Softball Cricket Canada, winners of the Open category at the recently-concluded Toronto Cup 3, Mercenary will be led by Loaknauth Ramsuchit and includes the likes of Munniram Karran, Satrohan ‘Blade’ Balkarran and Aftab ‘Maxie’ Shamsudeen, Avinash Sookdeo and Rabindra Diaram.Skippered by Richard Dias, who incidentally was part of Softball Cricket Canada, Rems are not to be outdone as they too possess players of quality.Chien Gittens has been a great addition to their lineup and along with the Deosarans, Surujpaul and Krishna plus Ian Baldeo, they are capable of blunting any attack on a given day.The bowling will depend heavily on Yoodhanlall Sukhlall, Pradeep ‘Polo’ Singh, Gittens, Gopaulchand Beharry and Narendra Madholall.Naveed AliCarr Tec, whose batting is built around the consistent and seasoned campaigner in Rovendra Mandolall, by far the leading scorer in the league with 528 runs, including a top score of 123, were aiming for a clean sweep of the Division Two titles. They were jolted, though, by Enmore in the 10/10 final but rebounded to win the 15-over final versus the same opponents.Other key players in Carr Tec’s lineup include Avinash Singh, Rakesh Dyal, Shazam Baksh, Terry Mathura, Suresh Persaud and Rawl Scott who missed Sunday’s semi-final.Good Success are, however, unfazed with Carr Tec’s reputation and have been quietly dispatching teams on their way to the playoffs final. Sheik Parsram has been outstanding with both bat and ball while Abdool Azeez, former Guyana youth player Harrienarine Chattergoon and Naveed Ali have played major roles during their fine season.last_img read more