Larayedh vowed to protect against excessive inflation, develop the economy, fight crime and boost development.
It raises the risks of the overspending, excessive credit and inflation that have spurred past emerging-market crises.
Mr Tsvangirai rose to prominence in the late 1990s, leading strikes to protest against excessive taxation, inflation and corruption.
The world downturn will be led by problems in the US housing market, but the IMF warns that excessive house price inflation in some European countries, including Spain, Ireland and the UK, has made them more vulnerable to a slowdown.
Rising foreign-exchange reserves boost the money supply, causing higher inflation and excessive bank lending.
They acquired great resonance in the 1970s, when inflation and excessive government borrowing and spending had become the norm.
Eventually it was realised that the ultimate result of too much stimulus was higher inflation and excessive government involvement in the economy.
Thus interest rates should be raised to curb excessive credit growth even if inflation remains tame.
Whether at 90% of GDP or more, excessive borrowing has often fueled inflation or stunted economic growth (with one major exception).
That risks the ills that have felled emerging markets in the past: excessive credit, government spending and inflation.
Messrs Borio and Lowe argue that central banks need to pay more attention to excessive growth in credit even when inflation is subdued.
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The bank's forecasts imply that so deep a cut would be excessive, since it would leave inflation above the 2.0% target at the two-year horizon on which the rate-setters fix their gaze.
When hard times come, central banks may be able to raise interest rates, prevent excessive currency volatility and stick to their inflation targets.
Inflation expectations are driven by excessive money growth.
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It is therefore increasingly likely that they will escape their excessive debt burdens via currency weakness, then inflation.
They were a way to keep down inflation, but they also encouraged excessive borrowing in foreign currencies, creating strains that eventually broke the currency peg.
Normally, massive Fed lending and asset purchases along with large budget deficits would be highly inflationary, but, so far, these actions have not led to excessive money creation, which is what causes inflation.
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However, the Consumer Council for Water, a watchdog which represents customers, suggested that this inflation link had allowed companies to make excessive returns.
Historically, inflation has risen when money supply growth is excessive.
Every economic disaster during the last 100 years has its origins in bad government economic policies, from the Smoot-Hawley Tariff, which triggered the Great Depression, to the Federal Reserve's excessive printing of money, which brought us the Great Inflation of the 1970s and the recent housing bubble.
This, in turn, produces excessive growth of nominal GDP (NGDP), and accelerating inflation.
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We are afraid of excessive debt, taxes, spending, monetary expansion, and inflation.
Excessive rises in asset prices can be as dangerous as conventional inflation.
In many cases of past rebalancing, an undervalued exchange rate also led to excessive growth in money supply, making it harder to tame inflation.
This, he said, is one reason why they should keep a close eye on excessive growth in money or credit as well as on their inflation target.
Critics have, for example, worried that it will lead to excessive increases in the money supply and ultimately to significant increases in inflation.
The Great Inflation of the 1970s was caused by repeated bouts of excessive money printing by the Federal Reserve and other central banks in the mistaken belief that government could eradicate the normal ups and downs of economic activity.
The fourth symptom of overheating, and one of the most important, is excessive credit expansion, which can lead to asset bubbles as well as inflation.
The Congress of South African Trade Unions (Cosatu) demanded an excessive 8.6% pay rise, more than double the rate of inflation, at a time when the country's recovery from last year's recession is fragile.
What is absolutely fascinating is that if you dig a little deeper and look at the structural failures that are really holding back the Brazilian economy they are very (almost shockingly) similar to those that plague Russia: high taxes, insufficient investment, inefficient government spending, over-reliance on consumer spending, excessive government red-tape, unreliable courts, poor transport infrastructure, rent-seeking, persistent inflation, high interest rates, and (potential) de-industrialization.
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