Table of contents

Explanatory notes

Abbreviations

Overview

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Explanatory notes, Abbreviations & Overview [PDF, 32pp., 325KB]

Chapter I The impact of the global crisis and the short-term policy response
A.	Recent trends in the world economy
B.	The unfolding of the current global crisis
C.	The ramifications of the spreading crisis
Notes
References
Annex to chapter I
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Chapter I [PDF, 54pp., 855KB]

Chapter II The Financialization of commodity markets
A.	Introduction
B.	The growing interdependence of financial and commodity markets
C.	Problems with the financialization of commodity futures trading
D.	The impact of financialization on commodity price developments
	1. Commodity prices, equity indexes and exchange rates
	2. Position taking and price developments
	3. Statistical properties of price developments
	4. Conclusions
E.	The implications of increased financial investor activities for commercial users of commodity futures exchanges
F.	Policy implications
	1. Regulation of commodity futures exchanges
	2. International policy measures
G.	Conclusions and outlook
Notes
References
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Chapter II [PDF, 34pp., 645KB]

Chapter III Learning from the crisis: Policies for safer and sounder financiaL systems
A.	Introduction
B.	The current crisis: some new facets, but mostly the same old story
C.	How to deal with the fragility of the modern financial system
	1. Defining and measuring efficiency
	2. Avoiding gambling
	3. Avoiding regulatory arbitrage
	4. Can securitization reduce risk?
	5. Strengthening regulation
	6. Implementing macro-prudential regulation
	7. Enhancing international coordination
	8. Financial regulation and incentives
D.	Lessons for developing countries
	1. Increasing resilience to external shocks
	2. More financial development requires more and better regulation
	3. There is no one-size-fits-all financial system
E.	Conclusions
Notes
References
Annex to chapter III
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Chapter III [PDF, 30pp., 470KB]

Chapter IV Reform of the international monetary and financial system
A.	Introduction
B.	The problem of the predominance of financial markets over fundamentals
C.	Stemming destabilizing capital flows
	1. Taxing international financial transactions
	2. Capital-account management
	3. Dealing with debt and payments crises
D.	International reserves and the role of SdRs
	1. Disadvantages of the current system
	2. The cost of holding foreign exchange reserves
	3. Reform of the reserve system and the role of SDRs
E.	A global monetary system with stable real exchange rates and symmetric intervention obligations
F.	The role of regional cooperation and international policy coordination
Notes
References
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Chapter IV [PDF, 22pp., 295KB]

Chapter V Climate Change mitigation and development
A.	Introduction
B.	Greenhouse gas emissions and the global impact of climate change
C.	Policies for climate change mitigation: some general considerations
	1. Correcting market failure
	2. Carbon taxes, emissions trading and regulation
	3. Technology and innovation policies
D.	structural change for curbing global warming
E.	Climate change mitigation and the development imperative
	1. Emissions reduction, growth and development
	2. Options for climate change mitigation in developing countries
	3. Development opportunities arising from climate change mitigation
	4. Integrating climate change mitigation policies with development strategies
F.	Towards an effective international climate policy framework
	1. The broad agenda
	2. Involvement of developing countries
	3. External financing, trade and technology transfer
G.	Conclusions and policy recommendations
Notes
References
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Chapter V [PDF, 44pp., 415KB]

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Selected UNCTAD Publications [PDF, 8pp., 135KB]

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Questionnaire [PDF, 2pp., 13KB]

Full Report (one file) [PDF, 218pp., 2870KB]