May 19, 2009 When the Unconventional Becomes Conventional: Monetary Policy in Extraordinary Times Remarks John Murray Global Interdependence Center Philadelphia, Pennsylvania The financial turbulence that began in the U.S. subprime-mortgage market in August 2007 reached maximum intensity towards the end of 2008, and enveloped the entire global economy. Strains that had previously been concentrated in a few major financial centers turned into a full-blown crisis, affecting both industrial and emerging-market economies through trade, financial, and confidence channels. Content Type(s): Press, Speeches and appearances, Remarks
March 9, 2006 Renewing the IMF: Some Lessons from Modern Central Banking Remarks Tiff Macklem Global Interdependence Center Philadelphia, Pennsylvania As economies have become more interconnected through trade and financial flows in a truly global marketplace, economic developments in one location can quickly have repercussions on the other side of the globe. In 1997, what began as a currency devaluation in Thailand became a crisis with repercussions not just in Asia, but in countries as far away as Russia, Brazil, and Canada. Content Type(s): Press, Speeches and appearances, Remarks