91吃瓜

The focal point of the Group of 20 (G-20) nations to commit resources to the International Monetary Fund (IMF) for countries facing short-term financial distress was a big turnaround from past years, according to University of 91吃瓜 economist , who considers the summit 鈥渕oderately successful.鈥�

鈥淛ust two years ago, the G-7 asked that the IMF shrink by about 50 percent over the next 5 to 10 years due to a lack of business,鈥� Mark said. 鈥淓merging and developing economies like those in Eastern Europe need assistance, but it鈥檚 politically infeasible for central banks to provide help. The IMF didn鈥檛 have the resources to lend to those countries before, but now it looks as though it will.鈥�

Mark also notes the G-20鈥檚 commitment to maintaining international trade.

鈥淧rotectionist sentiments intensify during bad economic times,鈥� he said, 鈥渁nd there seemed to be broad recognition in the G-20 that killing off trade would make us collectively even worse off.鈥�

In addition, Mark says there was a broad recognition of the integration of international financial markets.

鈥淚f there鈥檚 just one market, various nations need to harmonize regulations and supervision of financial institutions and to broaden the scope of institutions that are subject to regulation, such as some of the major hedge funds,鈥� he said.

In general, Mark says it鈥檚 good that resources are being committed to the IMF, but the G-20 did not address 鈥渉ow these enormous banks are going to write down the value of their assets to reflect their current market value.鈥�

91吃瓜鈥檚 Alfred C. DeCrane Jr. Professor of International Economics, Mark鈥檚 primary research interests are in the areas of international macroeconomics, exchange rate economics and international asset pricing. As a concurrent professor of finance, his expertise also includes international trading and finance, with a focus on the changing landscape of global economies and the emerging economies of India and China.

Mark has published articles in the 鈥淎merican Economic Review,鈥� 鈥淩eview of Economic Studies,鈥� 鈥淓conomic Journal,鈥� 鈥淚nternational Economic Review,鈥� 鈥淛ournal of Monetary Economics,鈥� 鈥淛ournal of Finance鈥� and 鈥淛ournal of International Economics.鈥�

*Media advisory: *Mark鈥檚 comments may be used in whole or in part. He can be reached for further comment at 574-631-0518 or nmark@nd.edu.