BWC Blog

US Treasury’s IMF Worldview:  Multilateralism, More Macroeconomics, Domestic Realities

19th St. and the rest of the world may not be fully pleased*

Decarbonizing Energy — with Speed, Wisdom and Balance

The following blog post is in reference to the piece, "The Elephant in the Room; Preaching or Working on Climate Change" by Miguel Schloss published in the Global Journal of Science Frontier Research.

The Fed’s New Dollar Token Policy, and Why It Matters

A version of these remarks was delivered at the 5th Annual Cryptocurrency and Blockchain Summit held in Cambridge, UK on 7 September 2023 as part of the panel presentation: “The Future of Money – Stablecoins v. Central Bank Digital Currencies”

De-dollarization or Re-Dollarization? The Fate of the Dollar in the Internet Age

The U.S. dollar, or greenback, is a ubiquitous, nearly universally accepted global currency. Like
the country that backs it, the dollar is endowed with special superpowers that are equal
measure historical flukes, as they are a byproduct of steady hands, institutional trust, network
effects and, the quiet part, military might. Just as the U.S. mainland is protected by two oceans,
the U.S. dollar is buttressed by both natural and historical advantages. The natural ones are

Towards a New Era of World Bank-Civil Society Partnership

Ajay Banga takes the helm of the World Bank at a singularly important time in determining the institution’s contributions to economic development. 

This is a time of severe economic/international debt distress for many developing countries, with higher levels of absolute poverty than have been seen in many years; a time of mounting public concern about climate change; and a time when authoritarian governments control nations that account for more than one-half of the world’s population.

World Bank Presidents: Heavy is the Head that Wears the Crown

Now that Biden-nominated World Bank presidential candidate Ajay Banga has been confirmed, the chatter around Washington (apart from the debt ceiling debacle and the King Charles coronation) is all about whether he will be able to navigate the enormous challenges facing the institution. Banga certainly has a herculean task ahead of him when he takes the reins on June 2.

The Bretton Woods Institutions in a Changing World: A Call for Increased EMDC Involvement in Global Crypto Governance

The world has changed dramatically since the Bretton Woods institutions were created in the wake of WWII to promote international cooperation and multilateralism in a bid to ward off future conflicts.  The institutions created at this historic gathering ushered in an era of unprecedented peace and security, and global economic growth for 60+ years.  They have adapted well over the decades to meet ever more complex challenges, including launching annual G20 meetings with significant emerging markets participation, following the 2008 financial crisis.  

The Failure of Silicon Valley Bank – Are There Lessons for the Basel Regulatory Framework?

The collapse of Silicon Valley Bank (SVB) on March 10 was a failure that should not have occurred. A confluence of factors involving regulators, SVB management, and its depositors came together in an adverse way to bring down the bank.

SVB and Stablecoins—Time to Tighten Regulation

The collapse of Silicon Valley Bank and subsequent jitters at USDC shall serve as a reminder that stablecoin regulation remains far too lax. Circle, the U.S. company and issuer of USDC, a stablecoin denominated in U.S. dollar, is mostly regulated in the U.S. as a money transmitter. This is grossly insufficient for a company with US$40 billion in stablecoins outstanding. Regulation and supervision need to impose sufficient obligations for stablecoin issuers to adopt best industry practices. 

Crypto Regulation: From Crisis to Opportunity

In 2022 the global financial markets were rattled by a series of adverse developments in the crypto segment, which culminated in the FTX meltdown and the multiple ripple effects the markets are likely to continue to grapple with in the course of this year. The implications of the crypto debacle, while clearly negative in the near term, also concern the longer-term trajectories of market development and regulation.