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

Logan Ryan happy to be back in Jersey, ready to help Giants

first_img COMMENT Logan Ryan is thrilled to be back in New Jersey, looking for an apartment for him and his pit bulls, and willing to do anything to help the New York Giants win this season.The latter won’t be a problem for the former Rutgers product who is entering his eighth NFL season.The Giants are planning to use the defensive back in a number of roles. He is going to play cornerback, the slot in some passing situations, and even safety.“This is a match-up league,” Ryan said Monday after practice. “This isn’t 1980s football, where you run a 4-3 and there with two safeties and two corners. The game is evolving a little bit and I think the more position skills you have, it gives you the ability to do more stuff on defense.”Ryan is playing catch-up with the Giants. A free agent most of the summer after not being re-signed by Tennessee, he was signed last week. He has spent most of his time going through the league protocols for COVID-19 testing and watching an iPad to study his new defense.The transition should not be that difficult. He worked with head coach Joe Judge and defensive coordinator Pat Graham when they were assistants with the Patriots, who drafted him in the third round in 2013.Ryan admits free agency was different the second time around. The Titans gave him a three-year, $30 million contract in 2017. This year he had to wait.“It was good to have that little mental break,” said Ryan, who signed a one-year, $7.5 million contract with New York. “I’ve been preparing the whole time. I put myself through my own training camp with no cameras on me. Being able to come home and play 20 minutes from Rutgers and an hour from where I grew up, it’s a dream come true. I’m so grateful for the opportunity, honestly.”The chance with the Giants opened up over time. Cornerback Sam Beal opted out of the season for health reasons. Cornerback DeAndre Baker, a starter last year, was arrested in the offseason on armed robbery charges and is on the commissioner’s exempt list. Second-round draft pick Xavier McKinney, a safety, is out with a broken foot.Enter Ryan, who says he is a team-first guy.“I lay my body on the line for the team,” said Ryan, who said finding an apartment in northern New Jersey that allows dogs has not been easy. He is just hoping to find one soon.Ryan also showed a sense of humor when asked if he considered asking Saquon Barkley whether the star third-year running back would be willing to give him No. 26.Ryan, who has worn the number most of his career, said he never considered it. He took No. 23 because it was available and he did not want to take or buy anyone’s number. He also knew Barkley was not going to give up No. 26.“I don’t think I got a contract sizable to pay Nike to get No. 26 from Saquon Barkley,” Ryan said. “He has it right now, but he did say it was up for negotiation, so maybe a GoFundMe or something like that can raise the price enough to buy it from Saquon.”NOTES: Judge intends to wait a few more days before saying whether Nick Gates or Spencer Pulley will start at center. Gates is making a transition to the spot. Pulley is a veteran center and guard. … he Giants elected their captains but Judge did not announce them.Image credits: AP WATCH US LIVE SUBSCRIBE TO US First Published: 8th September, 2020 06:39 IST Written Bycenter_img LIVE TV Last Updated: 8th September, 2020 06:39 IST Logan Ryan Happy To Be Back In Jersey, Ready To Help Giants Logan Ryan is thrilled to be back in New Jersey, looking for an apartment for him and his pit bulls, and willing to do anything to help the New York Giants win this season Associated Press Television News FOLLOW USlast_img read more

Guard Jahvon Quinerly transfers to Alabama from Villanova

first_img Juwan Howard cries ‘tears of joy’ during Michigan introduction Quinerly, who initially committed to Arizona but decommitted from the program in 2017, played one season with the Wildcats and will have three years of eligibility remaining. “Jahvon is a dynamic guard that plays best in the open floor. He’s a perfect fit with the way we play,” Oats said. “He’s a playmaker that makes plays for both himself and his teammates. He makes everyone around him better. I’ve thoroughly enjoyed getting to know him and his family throughout this recruiting process. He comes from a great close-knit family and is the type of high-character individual we’re looking to bring into our program here.” Related News Quinerly had hinted at the move before it became official.🐘 I’m home.— Jahvon Quinerly (@RealJahvonQ) June 3, 2019IT’S OFFICIAL‼️ Welcome Jahvon Quinerly to the @AlabamaMBB family!Full release below⤵️🔗https://t.co/1S5uxeWJJQ#RollTide pic.twitter.com/JpTEsAwCuI— Alabama Men’s Basketball (@AlabamaMBB) June 3, 2019Quinerly, 20, averaged 3.2 points and 9.1 minutes per game through 25 contests for Villanova last season as the Wildcats finished as Big East regular season and tournament champions before losing in the second round of the NCAA Tournament.center_img Jahvon Quinerly is heading south.The freshman guard and former five-star recruit has transferred from Villanova to Alabama, Crimson Tide coach Nate Oats announced Saturday. 5-star recruit RJ Hampton spurns NCAA to go pro in New Zealandlast_img read more