wondering @adam_tooze whether there is an analytical distinction to be made here between 'real' and financial hyper-globalisation.
I cannot see much evidence for the death of the latter.
I cannot see much evidence for the death of the latter.
3 months into a global pandemic w deep recessionary forces, we have no capital controls in EMs, no meaningful debt restructuring, central banks everywhere derisking for global finance, Wall Street led conversations on green finance (see Blackrock & European Comission).
the coming post-pandemic Recovery plans will be Infrastructure focused, global finance led, building on G20 Infrastructure as an Asset Class plans.
only meaningful setback is Trump pressure on US public pension funds to abort plans for including Chinese stock in portfolios
ft.com/content/9bcc0a…
ft.com/content/9bcc0a…
when we talk about hyperglobalisation, we really should be reserving that word for finance - if only by share of GDP metric.
And despite that FT title, real and financial globalisation have not been not moving in the same direction.
ft.com/content/5887ec…
And despite that FT title, real and financial globalisation have not been not moving in the same direction.
ft.com/content/5887ec…
Carmen Reinhart, World Bank's new chief economist, has also announced the death of globalisation, but I dont see World Bank ending its Maximising Global Finance for Development agenda. bloomberg.com/news/articles/…
Argentina aside, it's only in a world of financial hyperglobalisation that EM countries mauled by the global pandemic choose future access to global finance over debt relief
ft.com/content/3b4a56…
ft.com/content/3b4a56…
now in @forfinancewatch webinar where rep of International Union for Conservation of Nature calls for harmonising natural capital accounting frameworks so we can 'invest in nature'.
Apparently 'Nature as an asset class' will give us transformative change.
Apparently 'Nature as an asset class' will give us transformative change.
oh Finance for Biodiversity: EM sovereign debt crisis an opportunity to replace EM sov bonds with bio-diversity performance related bonds, we are talking about 100 trillion debt space.
#WallStreetConsensus
#WallStreetConsensus
breaking the cozy consensus @forfinancewatch webinar, @sven_giegold - biggest boost for climate finance is not fiddling with private finance/accounting for environmental footprint, but binding RULES for agricultural practices to preserve biodiversity.
I see @jryancollins has joined the 'derisk climate for private finance' crowd - would love to debate the politics of deriksing and the love fest for KfW.
Yes, we have here the Great Decoupling: trade wars + financial hyperglobalisation
