In the past 1 4 of a century Nike Air Max 90 Premium Vypredaj , the global economy has experienced a steady growth and low inflation. This so-called "Great Moderation" that many policy makers have some false sense of security, economic management and overestimate their ability to deal with the financial crisis. But when the "Great Moderation" transformed into "the Great Depression," conventional thinking that exposed a fatal weakness. The most obvious point is that our financial system and the linkages between the economic environment - and the links between the countries - the understanding of how the poor.
Today, with the policy makers are looking for a in 2011 and beyond, the new paradigm of economic management www.airmaxskvypredaj.com , we need to deepen the understanding of these linkages, and thereby promote economic growth and reduce the risk of a crisis.
Anti-risk ability to build a stronger and more secure financial sector, to achieve a more balanced and more stable growth, manage larger and more rapid capital flows.
Strong control of the financial security needs
Stronger and more secure anti-risk ability of the financial system is the cornerstone of a successful economy. And to achieve this requires a strong control and the development of a functioning financial markets and institutions for the rule of reason. At the same time, in order to ensure that everyone complied with the requirements nike air max vypredaj sk , financial institutions must be closely monitored.
At present, both will have the most perfect regulations and supervision, may not be able to prevent the occurrence of the crisis - which is why we set up effective response mechanism to deal with troubled institutions. Finally, taking into account in the financial sector and the economic environment within the scope of the power of memory in the role of the interaction, we need to establish a general framework nike air max vypredaj , the financial system as a whole to risk management.
In the promotion of regulatory reform has made many achievements, the more remarkable is the recent agreements in strengthening the bank's capital agreement (Basel Ⅲ Control Protocol). But if you want to correct implementation of these provisions, these regulation is far from enough. Effective coping mechanisms and system framework is currently being still in vague.
In the economic environment, we have learned that a healthy economy must first be a balanced economy. At the national level, this requires some tools to prevent overheating in some sectors of the economy eventually drag down the entire economy. On a global scale nike air max sk , this requires a more rational allocation among countries grow in order to avoid destabilizing imbalances.
Monetary policy should pay more attention to financial stability
Monetary policy must go beyond its low and stable inflation on interest, instead pay more attention to financial stability. The main points of current debate is how the point of view this is necessary to inject them into the monetary policy, and how to coordinate the currency and regulatory departments.
For fiscal policy, the crisis showed the time in good times to maintain a low level of public debt and the importance of low fiscal deficits: those who are more healthy state of public finances have more room to buffer the impact of the crisis. But the Great Depression has resulted in many developed economies, while soaring public debt and fiscal deficits.
So when the government should begin to streamline expenditure - higher taxes and lower spending and the balance between - must also be based on different circumstances of each country to consider Damske Fenty Puma Rihanna Suede Creepers Ruzove Vypredaj , such as the ability of national economic recovery, the market for debt absorption capacity, and the ratio of the initial expenditure and income. The common goal of fiscal policy is to sustain medium-term growth and job creation.
Income distribution is another important matters. Gradually sliding into crisis in the first few years, income inequality in many countries and worsening, and to the social cohesion brought some worrying consequences. Deterioration in income inequality will undermine the ability to resist the crisis: as the time spent in a bad year for people to save less and less impact on growth will increase.
At the international level Fenty Puma Rihanna Suede Creepers Cierne Vypredaj , the key is to understand a country's implementation of the policy is to spill over into other countries. The way this understanding is precisely the G20 group trying to achieve strong, stable and balanced global growth of the core. International Monetary Fund is also strengthening its work in this area, and released for the Chinese, the euro zone, Japan Adidas Originals NMD City Sock 2 PK Biele Vypredaj , the UK and the U.S. "policy spillover report."
Financial linkages between countries a more reasonable assessment is also very important. In a crisis we have witnessed how quickly the capital from those who had been considered a safe haven to go national mid-stream. Today, these countries face the same mass but also the return of funds.
Many emerging market countries policy makers are worried about the impact of capital inflows will raise the value of local currencies, threatening stability in the market and lead to overheating of the economy. Their coping strategies, including buying foreign exchange to prevent further currency appreciation or take financial control, in some extreme cases even a complete ban on currency flows. The current situation is very tense Panske Adidas Originals NMD XR1 Cierne Biele Vypredaj , mixed with the so-called "currency war" discussions and the real risk of financial protectionism.
Clearly, we need to better address these underlying drivers of capital flows, we also need to define what kind of policy is the best policy response - please remember to let the global economy as a whole to assess these policies effects. We should also examine the capital flows to reduce the speed of a global control system is valid.