Asia & the Pacific

Booms and busts in international capital flows and commodity prices, as well as the vagaries of international interest rates, have long been associated with economic crises, especially – but not exclusively – in emerging markets. The “type” of crisis varies by time and place. Sometimes the “sudden stop” in capital inflows sparks a currency crash, sometimes a banking crisis, and quite often a sovereign default. Twin and triple crises are not uncommon.

The primary focus of this year’s Federal Reserve Bank of Kansas City symposium in Jackson Hole, Wyoming, which convenes the world’s leading central bankers, was not explicitly monetary policy. Fed Chair Janet Yellen’s opening remarks emphasized the changes in regulatory policy that followed the 2008 global financial crisis, while European Central Bank President Mario Draghi’s luncheon address dwelled on the need for continued reforms in Europe to sustain the eurozone’s recent economic recovery.

"Lacking natural resources, the country was forced from the outset to adopt a long-term view that involved investing in human capital and imparting a strong work ethic. These are critical sources of economic transformation that continue to elude African countries. Their inability to focus attention on entrepreneurship, innovation, and management is partly a result of the excessive policy attention to the role of natural resources."

"Development is crucial for human security, not only for those in poor countries but also for people throughout the world."