The Irish gnome checks in from Heidi-land:
…and these are the guys supposedly supervising the whole Global Casino!
Monetary and financial stability implications of capital flows in Latin America and the Caribbean
BIS Papers No 43
November 2008
Central Bank participants at the BIS 2008 Open Economies Meeting in Punta del Este, Uruguay, discussed trends in capital flows since 2003 and their monetary and financial stability implications.
Capital flows appear to be more benign today than in the past, partly because of a greater share of foreign direct investment and reduced reliance on foreign financing that has contributed to improvements in international investment positions (IIPs).
Participants held the view that the economies in the region had become more resilient. For instance, although currency and maturity mismatches are still a concern in some countries, they appear to be less relevant today than in the past.
The recent shift in the global financial environment and its regional implications were also discussed. Notwithstanding continuing concerns about risks, the impact of the financial turmoil at the time of the meeting was still limited. Indeed, there was more concern with the risks of a global slowdown than with direct financial contagion.
What would it take to shake these bureaucrats up? A direct meteor impact on their refreshments table? Or a downgrade to economy class?
