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  • 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, Governance
  • Political Geography: Russia, Asia, Latin America
  • Publication Date: 01-2010
  • Content Type: Working Paper
  • Institution: International Crisis Group
  • Abstract: The economic crisis has caused millions of migrant labourers from Tajikistan, Kyrgyzstan and Uzbekistan to lose their jobs in the boom economies of Russia and Kazakhstan. Remittances that kept their relatives afloat have plummeted and many migrants have returned home to certain destitution, putting weak Central Asian governments under severe strain. In Tajikistan half the labour force is without work, while Kyrgyzstan suffers from massive rural unemployment. Before the crisis hit, up to five million people from these countries left home for Russia and Kazakhstan to take on poorly paid and unskilled jobs, often the unpleasant tasks that local people no longer wished to do. Yet at home they were viewed with respect: the most daring members of their society, who were willing to take a jump into the unknown to pull themselves and their families out of poverty. Remittances also boosted their home countries' economic data, allowing governments with little ability or interest in creating jobs to claim a modest degree of success. By 2008 remittances were providing the equivalent of half Tajikistan's gross domestic product (GDP), a quarter of Kyrgyzstan's GDP, and an eighth of Uzbekistan's.
  • Topic: Economics, Migration, Labor Issues, Financial Crisis
  • Political Geography: Russia, Central Asia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan
  • Author: Alex Evans, Bruce Jones, David Steven
  • Publication Date: 01-2010
  • Content Type: Working Paper
  • Institution: Center on International Cooperation
  • Abstract: Globalization has entered a turbulent period. Over the past twenty years, the most significant threats to international security, stability, and prosperity have evolved rapidly. Global systems are now tightly interconnected, with risk proliferating freely across borders.
  • Topic: Debt, Globalization, Financial Crisis
  • Political Geography: Russia, China, India
  • Author: Jeffrey Mankoff
  • Publication Date: 04-2010
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: Like much of the world, Russia has been in the midst of a serious economic crisis since the late summer of 2008. Although the worst appears to be over, Russia will continue to feel its effects longer than many other industrialized countries, largely because of a rigid economy burdened with an overweening state role. The recognition that Russia faces serious long-term challenges has emboldened President Dmitry Medvedev and others to call for far-reaching economic restructuring. If successful, their economic policies could undermine the semi-authoritarian, state-capitalist model developed under Prime Minister and former president Vladimir Putin. Although concrete reforms have so far been limited, Medvedev's demands for change (seconded in some cases by Putin) have acquired increasing momentum in recent months. The speed of Russia's recovery and obstacles along the way will play a major role in determining both the success of Medvedev's call for modernization and the course of Russia's foreign policy since a quicker recovery would diminish the pressure for fundamental reform and lessen the need for caution internationally.
  • Topic: International Relations, Foreign Policy, Economics, International Affairs, Financial Crisis
  • Political Geography: Russia
  • Author: Jaya Prakash Pradhan
  • Publication Date: 08-2009
  • Content Type: Working Paper
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Just over a year ago, outward foreign direct investment (OFDI) from India seemed to be on a path of rapid and sustained growth. Its annual average growth of 98% during 2004–07 had been unprecedented , much ahead of OFDI growth from other emerging markets like China (74%), Malaysia (70%), Russia (53%), and the Republic of Korea (51%), although from a much lower base. Much of this recent growth had been fuelled by large-scale overseas acquisitions, however, and it faltered when the global financial crisis that started in late 2007 made financing acquisitions harder.
  • Topic: Economics, International Political Economy, International Trade and Finance, Markets, Foreign Direct Investment, Financial Crisis
  • Political Geography: Russia, China, South Asia, Malaysia, Korea
  • Author: Robert Jellinek
  • Publication Date: 03-2009
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: This paper has its origins in the observation that government responses to the global financial crisis are as much political phenomena as they are economic. The current global financial crisis, among its many consequences, has on a very high level shaken up the world political order. And while the crisis is international in origin—its roots lie in the breadth and the degree of the dispersal of risk associated with mortgagebacked securities, as well as the growing imbalance in international capital flows—its resolution is necessarily being carried out first and foremost on a domestic level. This is not least of all because, in the decade since the Asian financial crises, states have begun to play a dramatically increased role in international finance in relation to both multilateral financial institutions such as the IMF and traditional private actors. In an age where global economic ties are integral to domestic economies and where states themselves are becoming some of the biggest players in international capital markets, a state's global financial standing will more than ever determine its political clout on the world stage. With states acting as market makers, lenders of last resort, and regulators of last resort, the key to understanding the future of individual states in the global economic order can be found only by analyzing states' domestic and foreign policy decisions within the context of the specific constraints facing those states at home and abroad.
  • Topic: Economics, Emerging Markets, Human Rights, International Trade and Finance, Financial Crisis
  • Political Geography: Russia, Asia
  • Author: Kurt Schuler, George A. Selgin
  • Publication Date: 06-1999
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: On August 17, 1998, Russia devalued the ruble and stopped payment on its government debt, creating a financial crisis that continues today. Some observers have blamed the financial crisis, and the poor performance of the Russian economy generally, on government policies that they claim are rigidly laissez faire. However, a closer look at the Russian financial system reveals that it remains fundamentally socialist, though it has superficial capitalist features.
  • Topic: Debt, Economics, Government, Financial Crisis
  • Political Geography: Russia, Europe, Asia