Address to the National Press Club, Washington, D.C., March 25, 1998
James D. Wolfensohn, President of the World Bank Group discussed the financial crisis in Asia which began with the emergence of the Thailand crisis. The history of Asian economic and social development has been one of enormous achievement. Since 1975 the number of people living in poverty has been r...
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| Online Access: | http://documents.worldbank.org/curated/en/2015/11/25248234/address-national-press-club-james-d-wolfensohn-president http://hdl.handle.net/10986/26158 |
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okr-10986-261582021-04-23T14:04:20Z Address to the National Press Club, Washington, D.C., March 25, 1998 Wolfensohn, James D. ACCOUNTING PRINCIPLES EMPLOYMENT FINANCIAL RESTRUCTURING CAPITAL MARKETS BORROWER VILLAGES DEVELOPMENT ASSISTANCE ACCOUNTING PEOPLE ETHNIC MINORITIES FINANCING STOCK VILLAGE INTEREST LAWS ENROLLMENT JUSTICE SYSTEMS FINANCE COMPANIES FINANCIAL ASSISTANCE INDUSTRY OPTION EXCHANGE STOCK MARKET BANKING SYSTEM LIQUIDITY DEVELOPING COUNTRIES INTERNATIONAL FINANCIAL SYSTEMS RECESSION PORTFOLIO BANKRUPTCY LAW BONDS LOAN DISTANCE LEARNING CAPACITY BUILDING PROJECTS ENROLLMENTS CORRUPTION RESERVE BANKRUPTCY CREDITORS SHORT-TERM BORROWINGS DEVELOPING COUNTRY INSURANCE COMPANY LEGAL SYSTEMS SAVINGS LACK OF TRANSPARENCY COMMERCIAL CODES CURRENCY BANKER GOVERNMENT POLICY UNION TRUSTEES CONTRACTS TRADING INTEREST RATES MONETARY FUND REGULATORY SYSTEM FINANCIAL INSTITUTIONS MARKETS DEBT RETURN BOND ISSUE LENDERS BANK OF ENGLAND BANKERS LOANS LABOR ENTERPRISES RESERVES PRIVATE CAPITAL SOCIAL DEVELOPMENT GOVERNMENT FINANCING EQUITIES EXTENSION OF CREDIT FINANCIAL SYSTEM REAL ESTATE FINANCE INFRASTRUCTURE BANKS MARKET ECONOMY UNIONS INTERNATIONAL STANDARDS EQUITY BANKRUPTCY LAWS FEDERAL RESERVE GOOD CAPITAL GLOBAL MARKET TRANSPARENCY INTERNATIONAL INVESTMENT FINANCIAL CRISIS FAMILY FUTURE SAVINGS RATE VALUE GOVERNMENT BANKS BANK CREDIT SHORT-TERM DEBT PUBLIC MARKETS CONTRACT REPAYMENT EXPENDITURES ENTERPRISE FOREIGN BANKS MARKET LOCAL CURRENCY TRADE UNIONS FEDERAL RESERVE SYSTEM GOVERNANCE INSURANCE HUMAN RIGHTS BANK LOAN SECURITY BANK LOANS LEGAL SYSTEM CURRENCY BOARD INVESTMENT BOND INVESTMENT PORTFOLIO ECONOMIC CRISIS BALANCE SHEETS POVERTY BORROWINGS FINANCIAL MARKETS ECONOMIC OPPORTUNITY CASH ON HAND EDUCATIONAL OPPORTUNITY BORROWING INVESTMENTS LENDING EXCHANGE RATE FINANCIAL SYSTEMS LIABILITIES GOVERNMENTS SHORT-TERM LIQUIDITY INTERNATIONAL MARKETS AUDITING INVESTING James D. Wolfensohn, President of the World Bank Group discussed the financial crisis in Asia which began with the emergence of the Thailand crisis. The history of Asian economic and social development has been one of enormous achievement. Since 1975 the number of people living in poverty has been reduced from 700 million to 340 million (roughly 20 percent of the population)—no small achievement. Generally, the region has had strong economic growth. Life expectancy has gone up significantly, while infant mortality has gone down significantly. Primary school enrollment approaches 100 percent. Fiscal management has been remarkable. What changed? We have a crisis now caused by private sector excesses, and to a degree government inaction in the area of supervision. The Bank is focusing on two things: reformation of the financial system, in terms of trying to get the regulation and control that is now being demanded by the Asian authorities themselves; and the impact on the people. Wolfensohn fielded a number of questions from the audience. 2017-02-23T22:16:58Z 2017-02-23T22:16:58Z 1998-03-25 Speech http://documents.worldbank.org/curated/en/2015/11/25248234/address-national-press-club-james-d-wolfensohn-president http://hdl.handle.net/10986/26158 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Speech East Asia and Pacific East Asia China Indonesia Korea, Republic of Thailand |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING PRINCIPLES EMPLOYMENT FINANCIAL RESTRUCTURING CAPITAL MARKETS BORROWER VILLAGES DEVELOPMENT ASSISTANCE ACCOUNTING PEOPLE ETHNIC MINORITIES FINANCING STOCK VILLAGE INTEREST LAWS ENROLLMENT JUSTICE SYSTEMS FINANCE COMPANIES FINANCIAL ASSISTANCE INDUSTRY OPTION EXCHANGE STOCK MARKET BANKING SYSTEM LIQUIDITY DEVELOPING COUNTRIES INTERNATIONAL FINANCIAL SYSTEMS RECESSION PORTFOLIO BANKRUPTCY LAW BONDS LOAN DISTANCE LEARNING CAPACITY BUILDING PROJECTS ENROLLMENTS CORRUPTION RESERVE BANKRUPTCY CREDITORS SHORT-TERM BORROWINGS DEVELOPING COUNTRY INSURANCE COMPANY LEGAL SYSTEMS SAVINGS LACK OF TRANSPARENCY COMMERCIAL CODES CURRENCY BANKER GOVERNMENT POLICY UNION TRUSTEES CONTRACTS TRADING INTEREST RATES MONETARY FUND REGULATORY SYSTEM FINANCIAL INSTITUTIONS MARKETS DEBT RETURN BOND ISSUE LENDERS BANK OF ENGLAND BANKERS LOANS LABOR ENTERPRISES RESERVES PRIVATE CAPITAL SOCIAL DEVELOPMENT GOVERNMENT FINANCING EQUITIES EXTENSION OF CREDIT FINANCIAL SYSTEM REAL ESTATE FINANCE INFRASTRUCTURE BANKS MARKET ECONOMY UNIONS INTERNATIONAL STANDARDS EQUITY BANKRUPTCY LAWS FEDERAL RESERVE GOOD CAPITAL GLOBAL MARKET TRANSPARENCY INTERNATIONAL INVESTMENT FINANCIAL CRISIS FAMILY FUTURE SAVINGS RATE VALUE GOVERNMENT BANKS BANK CREDIT SHORT-TERM DEBT PUBLIC MARKETS CONTRACT REPAYMENT EXPENDITURES ENTERPRISE FOREIGN BANKS MARKET LOCAL CURRENCY TRADE UNIONS FEDERAL RESERVE SYSTEM GOVERNANCE INSURANCE HUMAN RIGHTS BANK LOAN SECURITY BANK LOANS LEGAL SYSTEM CURRENCY BOARD INVESTMENT BOND INVESTMENT PORTFOLIO ECONOMIC CRISIS BALANCE SHEETS POVERTY BORROWINGS FINANCIAL MARKETS ECONOMIC OPPORTUNITY CASH ON HAND EDUCATIONAL OPPORTUNITY BORROWING INVESTMENTS LENDING EXCHANGE RATE FINANCIAL SYSTEMS LIABILITIES GOVERNMENTS SHORT-TERM LIQUIDITY INTERNATIONAL MARKETS AUDITING INVESTING |
| spellingShingle |
ACCOUNTING PRINCIPLES EMPLOYMENT FINANCIAL RESTRUCTURING CAPITAL MARKETS BORROWER VILLAGES DEVELOPMENT ASSISTANCE ACCOUNTING PEOPLE ETHNIC MINORITIES FINANCING STOCK VILLAGE INTEREST LAWS ENROLLMENT JUSTICE SYSTEMS FINANCE COMPANIES FINANCIAL ASSISTANCE INDUSTRY OPTION EXCHANGE STOCK MARKET BANKING SYSTEM LIQUIDITY DEVELOPING COUNTRIES INTERNATIONAL FINANCIAL SYSTEMS RECESSION PORTFOLIO BANKRUPTCY LAW BONDS LOAN DISTANCE LEARNING CAPACITY BUILDING PROJECTS ENROLLMENTS CORRUPTION RESERVE BANKRUPTCY CREDITORS SHORT-TERM BORROWINGS DEVELOPING COUNTRY INSURANCE COMPANY LEGAL SYSTEMS SAVINGS LACK OF TRANSPARENCY COMMERCIAL CODES CURRENCY BANKER GOVERNMENT POLICY UNION TRUSTEES CONTRACTS TRADING INTEREST RATES MONETARY FUND REGULATORY SYSTEM FINANCIAL INSTITUTIONS MARKETS DEBT RETURN BOND ISSUE LENDERS BANK OF ENGLAND BANKERS LOANS LABOR ENTERPRISES RESERVES PRIVATE CAPITAL SOCIAL DEVELOPMENT GOVERNMENT FINANCING EQUITIES EXTENSION OF CREDIT FINANCIAL SYSTEM REAL ESTATE FINANCE INFRASTRUCTURE BANKS MARKET ECONOMY UNIONS INTERNATIONAL STANDARDS EQUITY BANKRUPTCY LAWS FEDERAL RESERVE GOOD CAPITAL GLOBAL MARKET TRANSPARENCY INTERNATIONAL INVESTMENT FINANCIAL CRISIS FAMILY FUTURE SAVINGS RATE VALUE GOVERNMENT BANKS BANK CREDIT SHORT-TERM DEBT PUBLIC MARKETS CONTRACT REPAYMENT EXPENDITURES ENTERPRISE FOREIGN BANKS MARKET LOCAL CURRENCY TRADE UNIONS FEDERAL RESERVE SYSTEM GOVERNANCE INSURANCE HUMAN RIGHTS BANK LOAN SECURITY BANK LOANS LEGAL SYSTEM CURRENCY BOARD INVESTMENT BOND INVESTMENT PORTFOLIO ECONOMIC CRISIS BALANCE SHEETS POVERTY BORROWINGS FINANCIAL MARKETS ECONOMIC OPPORTUNITY CASH ON HAND EDUCATIONAL OPPORTUNITY BORROWING INVESTMENTS LENDING EXCHANGE RATE FINANCIAL SYSTEMS LIABILITIES GOVERNMENTS SHORT-TERM LIQUIDITY INTERNATIONAL MARKETS AUDITING INVESTING Wolfensohn, James D. Address to the National Press Club, Washington, D.C., March 25, 1998 |
| geographic_facet |
East Asia and Pacific East Asia China Indonesia Korea, Republic of Thailand |
| description |
James D. Wolfensohn, President of the World Bank Group discussed the financial crisis in Asia which began with the emergence of the Thailand crisis. The history of Asian economic and social development has been one of enormous achievement. Since 1975 the number of people living in poverty has been reduced from 700 million to 340 million (roughly 20 percent of the population)—no small achievement. Generally, the region has had strong economic growth. Life expectancy has gone up significantly, while infant mortality has gone down significantly. Primary school enrollment approaches 100 percent. Fiscal management has been remarkable. What changed? We have a crisis now caused by private sector excesses, and to a degree government inaction in the area of supervision. The Bank is focusing on two things: reformation of the financial system, in terms of trying to get the regulation and control that is now being demanded by the Asian authorities themselves; and the impact on the people. Wolfensohn fielded a number of questions from the audience. |
| format |
Speech |
| author |
Wolfensohn, James D. |
| author_facet |
Wolfensohn, James D. |
| author_sort |
Wolfensohn, James D. |
| title |
Address to the National Press Club, Washington, D.C., March 25, 1998 |
| title_short |
Address to the National Press Club, Washington, D.C., March 25, 1998 |
| title_full |
Address to the National Press Club, Washington, D.C., March 25, 1998 |
| title_fullStr |
Address to the National Press Club, Washington, D.C., March 25, 1998 |
| title_full_unstemmed |
Address to the National Press Club, Washington, D.C., March 25, 1998 |
| title_sort |
address to the national press club, washington, d.c., march 25, 1998 |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/2015/11/25248234/address-national-press-club-james-d-wolfensohn-president http://hdl.handle.net/10986/26158 |
| _version_ |
1764456162683518976 |