Suchergebnisse

Front -- CONTENTS -- CANADA'S ECONOMY AND FINANCIAL SYSTEM: -- CHALLENGES FOR THE FURTHER RESTRUCTURING OF THE FINANCIAL­SERVICES INDUSTRY IN CANADA -- FINANCIAL INTEGRATION AND CHILE'S MACROECONOMIC PERFORMANCE -- MACROECONOMIC AND FINANCIAL POLICY IN CHILE -- CRISIS MANAGEMENT & INSTITUTIONAL CHANGE AIMED AT THE PREVENTION OF FUTURE CRISES -- INDEX

Abstract.  This symposium offers a selection of significant research on the renminbi and broader East Asian exchange rate policy pressures and options first presented at a 22–27 May 2006 conference in Bellagio, Italy. Its venue, Villa Serbelloni, was made available by the Rockefeller Foundation. Reforms of the international monetary and financial system have been discussed there since the 1960s. As was the case then, the focus of the conference was once again on the declining international anchor functions and relations with the US dollar, but this time in and with continental East Asia, rather than Europe and Japan.

ABSTRACTPromising somewhat more than anyone expects to be delivered remains ingrained in international agreements, clouding their expected aggregate outcomes and how to assess the Parties' performance. This persistence is explained by systematic overpromising being predictable and, up to a point, productive. I characterize this regime and its consequences and provide an empirical application to the Kyoto Protocol. Overpromising by governments or Parties can be part of a sustainable strategy for electoral success, and varies with socio-economic determinants that characterize the group regime. Thus targets need to be adjusted for regression-predicted overpromising to reveal the rationally-expected outcomes and individual countries' performance is best identified by deviations of outcomes from their adjusted rather than the agreed targets.