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Begin New Search Topic Financial Crisis Publishing Institution Centre for International Governance Innovation

41. The G20 Framework for Strong, Sustainable And Balanced Growth: A Study in Credible Cooperation

Author:
Daniel Schwanen
Publication Date:
06-2010
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The G20 has launched far-ranging reforms of economic governance institutions and the manner in which key economies should cooperate in the future. Its ambitious aim is not only to stabilize the world economy following the economic crisis of 2007-09, but also to anticipate and, as far as possible, prevent future crises and foster sustainable growth going forward. A central element of the promised reform is the “Framework for Strong, Sustainable and Balanced Growth,” introduced at the 2009 summit in Pittsburgh, in which the G20 agreed to accept joint and individual responsibility for the health of the global economy. By specifying the key elements of growth, agreeing to assess their policies mutually with the help of the International Monetary Fund (IMF) and other institutions and agreeing to discuss actions required in light of these assessments, the G20 leaders have launched a potentially effective vehicle for delivering on their promises.
Topic:
Economics, International Cooperation, International Organization, Monetary Policy, and Financial Crisis

42. The G20 and Green Protectionism: Will We Pay the Price at Copenhagen?

Author:
John Whalley and Simon J. Evenett
Publication Date:
04-2009
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
This year was supposed to see breakthroughs in global environmental policy making, and that may still come to pass. However, the severity of the global economic downturn is intensifying protectionist pressures and fears of green protectionism.
Topic:
Climate Change, International Cooperation, International Trade and Finance, and Financial Crisis

43. The End of Monetary Dominance? How Crises Can Influence Monetary Policy Decisions and Institutions

Author:
Pierre L. Siklos
Publication Date:
11-2008
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Has the global financial crisis made monetary policy more powerful, or it has exposed its limitations? For the most part, the answer is the former, at least today, but the outlook may not be so rosy. When the former British Prime Minister, Harold Macmillan, was asked what were the greatest challenges he faced, he replied: “Events, my dear boy, events.” We have certainly witnessed in the last year a series of events that are challenging policy makers as well as their beliefs about how monetary policy ought to be conducted in future. Indeed, these same events may come to haunt the monetary authorities, and we may well see a return to a period when monetary policy was subservient to a fiscal policy that steps in, ostensibly to impose order on an apparently unruly private sector. Central banks, among other players, appear to have unwittingly put in place the conditions necessary for what we can now confidently call the perfect storm of 2008. There were several observers who predicted that a train wreck was looming on the horizon. Indeed, perhaps most stunning of all, the Bank for International Settlements (BIS), created from the ashes of World War I and which quickly became the forum for central bank cooperation, a role it continues to fill to this day, had repeatedly warned about the troubles that lay ahead. “…these facts also suggest that the magnitude of the problems yet to be faced could be much greater than many now perceive” (BIS Annual Report, 2008: 9). The failure of central banks to act on these warnings may come back to haunt them in the near future.
Topic:
Economics, International Cooperation, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Britain