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22. How Global Watchdogs Missed a World of Trouble
- Author:
- Paul Blustein
- Publication Date:
- 07-2012
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper provides the first detailed look inside the operations of the Financial Stability Forum (FSF), a little- known and secretive institution created shortly after the emerging-market crises of the late 1990s. Although other institutions have come under intense scrutiny and criticism since the eruption of the global financial crisis in 2007, the FSF has gotten much less attention than it deserves. Its primary aim was to coordinate efforts in preventing and mitigating future crises, and its members included top- ranking officials from the finance ministries, central banks and regulatory agencies of the world's richest countries. Moreover, the FSF's successor body, the Financial Stability Board (FSB) — whose name reflects the two bodies' many similarities — was established at a summit of world leaders in April 2009, amid solemn promises that the leaders were putting in place the mechanisms necessary to ensure the safety and soundness of the global financial system.
- Topic:
- Security, Development, Economics, Emerging Markets, Globalization, Global Recession, Financial Crisis, and Governance
23. Sovereign Debtors in Distress: Are Our Institutions Up to the Challenge?
- Author:
- Susan Schadler
- Publication Date:
- 08-2012
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Global economic developments over the past two years have dashed hopes that the risks of sovereign debt crises have been tamed. The turmoil in Europe has, of course, been the most acute of these developments, but growing national fiscal imbalances, anemic prospects for growth and the expanding reach of private financial markets to newly emerging economies are potent, if less immediately threatening, signs of the risks ahead. After lying dormant for almost a decade, pressing questions about whether global institutions are capable of containing the costs of debt crises are again being raised.
- Topic:
- Debt, Economics, Globalization, Political Economy, Financial Crisis, and Governance
- Political Geography:
- Europe
24. From Bretton Woods to the Euro: How Policy-Maker Overreach Fosters Economic Crises
- Author:
- Pierre Siklos
- Publication Date:
- 08-2012
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper considers the relevance of the Bretton Woods system for the prospects of reform of the international monetary system and in the context of the ongoing euro area financial crisis. It explores the challenges that must be met in attempting to reform the present international monetary system and euro area policies. After considering what resonates, and what does not, from the Bretton Woods regime of fixed exchange rates, it examines some of the key lessons from that era. The paper concludes that policy makers at Bretton Woods promised too much in terms of the stability and durability of the policy regime, and did not give sufficient thought to how the arrangement devised in the 1940s would actually function. They failed to instill the logic of collective action among their members. In particular, the Bretton Woods system failed because the agreement paid virtually no attention to governance issues. Finally, in terms of the current situation in the euro zone, policy makers have failed to recognize that the problems are not purely economic; domestic political considerations are important too. A political-economy approach is required for the design of new international monetary arrangements. The same principles apply today when we contemplate the survival of the euro zone. Politicians need to be more realistic and less ambitious, lest they create the preconditions for the next global crisis.
- Topic:
- Economics, Global Recession, Financial Crisis, and Governance
- Political Geography:
- Europe
25. G7 to G8 to G20: Evolution in Global Governance
- Author:
- Gordon S. Smith
- Publication Date:
- 05-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper provides a brief history of the evolution of the Group of Seven (G7) from its origins in the aftermath of the 1971 breakdown of the Bretton Woods system of exchange rates and the oil crisis in 1973. It then discusses Russia's participation at summits after the fall of the Berlin Wall, formally joining the group in 1997, thus becoming the Group of Eight (G8). The paper gives a concise account of the formation of the Group of Twenty (G20) finance ministers and central bank governors in the late 1990s, in the wake of financial crises in Asia and Latin America, which was elevated to a leaders' summit forum at the outbreak of the global financial crisis in 2008. The paper wraps up with a discussion of the differences in the G8 and G20 models, concluding that the G20 process is still the best option for meeting the challenges of complex global governance issues.
- Topic:
- International Cooperation, International Organization, International Trade and Finance, Financial Crisis, and Governance
- Political Geography:
- Russia, Asia, and Latin America
26. The Future of the G20 and Its Place in Global Governance
- Author:
- Paul Heinbecker
- Publication Date:
- 04-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper examines the Group of 20 (the G20) from a perspective of global governance, reviewing the G20's history to date and seeking to answer two sets of questions: Is the G20 succeeding, and what does the future likely hold for it? Is it still necessary for the G20 to meet at the leaders' level, or should the enterprise be returned to finance ministers? Presuming that it endures at the leaders' level, will the G20 stick to a largely economic and financial agenda, or should it address other pressing issues? Will it complement or conflict with the Group of Eight (G8), the International Monetary Fund (IMF), the United Nations (UN) and other global institutions with economic and security vocations?
- Topic:
- Security, Climate Change, Economics, Emerging Markets, International Cooperation, Global Recession, Food, and Financial Crisis
- Political Geography:
- United Nations
27. National Perspectives on Global Leadership During the Cannes G20
- Author:
- Colin Bradford
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Reporting from 13 G20 countries reveals that, through the eyes of the national media, the euro crisis “overwhelmed,” “dominated,” “totally sidetracked” or “hijacked” the Cannes G20 Summit on Thursday night through Friday afternoon, November 4-5, 2011. Only Argentina seems to have been captivated by the bilateral meeting between US President Barack Obama and their leader, President Cristina Kirschner, to such a degree that it overshadowed the global preoccupation with the Greek debt crisis and its implications for the euro zone and the global economy. As she did at other G20 summits, Cristina Kirschner found a way to project her own priorities and portray them to the Argentine public through deliberate preparation with her cabinet beforehand and in regional consultations, and this also held true at her appearance at the B20 (G20 business summit) held just before the G20.
- Topic:
- Economics, Globalization, International Cooperation, and Financial Crisis
- Political Geography:
- Europe and Latin America
28. Social Partnerships and Development: Implications for the Caribbean
- Author:
- Indianna D. Minto-Coy
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The effects of the ongoing global financial crisis have intensified the existing economic issues facing the Commonwealth Caribbean, including declining investment, productivity levels and employment opportunities for its citizens. Although the current crisis presents challenges for governments in the region, it also offers an opportunity for these countries to implement innovative solutions to contend with the short-term effects of the financial crisis, while addressing long-standing problems. A solution that has been successful in Botswana, Ireland and Barbados, is the use of social partnerships. Undertaken while these countries were facing economic and social crises, social partnership as a specific governance model allowed them to achieve levels of development and stability that other states yearn to attain.
- Topic:
- Development, Economics, Labor Issues, Foreign Direct Investment, Financial Crisis, and Governance
- Political Geography:
- Caribbean
29. 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
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