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Global Risks and Collective Action Failures: What Can the International Community Do?

Abstract What do climate change, global financial crises, pandemics, and fragility and conflict have in common? They are all examples of global risks that can cross geographical and generational boundaries and whose mismanagement can reverse gains in development and jeopardize the well-being of generations. Managing risks such as these becomes a global public good, whose benefits also cross boundaries, providing a rationale for collective action facilitated by the international community. Yet, as many public goods, provision of global public goods suffer from collective action failures that undermine international coordination. This paper discusses the obstacles to addresing these global risks effectively, highlighting their implications for the current juncture. It claims that remaining gaps in information, resources, and capacity hamper accumulation and use of knowledge to triger appropriate action, but diverging national interests remain the key impediment to cooperation and effectiveness of global efforts, even when knowledge on the risks and their consequences are well understood. The paper argues that managing global risks requires a cohesive international community that enables its stakeholders to work collectively around common goals by facilitating sharing of knowledge, devoting resources to capacity building, and protecting the vulnerable. When some countries fail to cooperate, the international community can still forge cooperation, including by realigning incentives and demonstrating benefit from incremental steps toward full cooperation.

Economic and financial crises are clear examples of risks that can transcend
national borders in a world of tightly interconnected economic and financial
systems. While creating opportunities for international risk sharing and helping
countries ...

Non-Performing Loans in CESEE

Determinants and Impact on Macroeconomic Performance

The paper investigates the non-performing loans (NPLs) in Central, Eastern and South-Eastern Europe (CESEE) in the period of 1998–2011. The paper finds that the level of NPLs can be attributed to both macroeconomic conditions and banks’ specific factors, though the latter set of factors was found to have a relatively low explanatory power. The examination of the feedback effects broadly confirms the strong macro-financial linkages in the region. While NPLs were found to respond to macroeconomic conditions, such as GDP growth, unemployment, and inflation, the analysis also indicates that there are strong feedback effects from the banking system to the real economy, thus suggesting that the high NPLs that many CESEE countries currently face adversely affect the pace economic recovery.

On one hand, higher inflation can make debt servicing easier by reducing the
real value of outstanding loan, but on the other hand, it can also reduce the
borrowers' real income when wages are sticky. In countries where loan rates are
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Mengenal perkembangan Iptek bangsa Indonesia pada masa lampau

... yang mengemban tugas selain menyimpan , merawat , dan memamerkan
benda - benda warisan budaya bangsa , juga memberikan informasi dan
bimbingan edukatif kultural kepada para peserta didik , terutama bagi siswa
sekolah dasar .