Group of 20 (G-20)

Policy Brief 47, June 2018

Renewed crises in emerging economies and the IMF ‒ Muddling through again?

As recognised by the International Monetary Fund (IMF), the global financial safety net including international reserves, Fund resources, bilateral swap arrangements, regional financing arrangements is “fragmented with uneven coverage” and “too costly, unreliable and conducive to moral hazard”.  Given the aversion of emerging economies to the IMF and unilateral debt standstills and exchange controls, the next crisis is likely to be even messier than the previous ones.  Some countries may seek and succeed in getting bilateral support from China or some reserve-currency countries according to their political stance and affiliation.  In such cases, crisis intervention would become even more politicised than in the past and a lot less reliant on multilateral arrangements.  By failing to establish an orderly and equitable system of crisis resolution, the IMF may very well find its role significantly diminished in the management of the next bout of crises in emerging economies.  In other words, multilateralism, however imperfect, could face another blow in the sphere of finance after trade.

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Research Paper 76, May 2017

The Financial Crisis and the Global South: Impact and Prospects

The world economy has not still recovered from the effects of the financial crisis that began almost a decade ago first in the US and then in Europe.  Policy response to the crisis, the combination of fiscal restraint and ultra-easy monetary policy, has not only failed to bring about a robust recovery but has also aggravated systemic problems in the global economy, notably inequality and chronic demand gap, on the one hand, and financial fragility, on the other. (more…)

Research Paper 51, July 2014

Obstacles to Development in the Global Economic System

I. Obstacles to Development Arising from the International System

As the international community wades into the political discussions regarding the alternatives to the Millennium Development Goals (MDGs) after 2015 and the design of the Sustainable Development Goals (SDGs) as mandated by the Rio+20 conference, it is timely to consider the question of whether development is a matter mostly of individual effort on the part of nation-states or whether there are elements in the international economic system that could serve as significant obstacles to national development efforts.  (more…)

Policy Brief 14, December 2012

National Financial Policy in Developing Countries.

A fundamental question raised by recurrent financial crises in mature and emerging economies is how to ensure that the financial markets and institutions serve growth and development rather than being a constant source of instability and disruption in pursuit of self-interest. (more…)

Policy Brief 10, June 2012

The State of the World Economy – South Centre Statement to the UN High Level Thematic Debate on the State of the World Economy.

The South Centre’s Chief Economist, Dr. Yilmaz Akyüz, took part as a speaker at the UN General Assembly’s two-day Thematic Debate on the State of the World Economy, held in New York on 17-18 May 2012. Below is the statement he presented to one of the four roundtables at the conference. (more…)

Policy Brief 5, May 2011

Summary overview of the recent development of the agenda of financial reform.

A cursory read of the FSB’s report on progress in the implementation of G20’s reform agenda indicates how vast the agenda has become. Agreement on the international agenda is being accompanied by measures implementing this agreement at national level and at the level of the EU. (more…)

Research Paper 32, November 2010

Why The IMF And The International Monetary System Need More Than Cosmetic Reform.

This Research Paper argues that the G20 agenda misses some of the key issues that need to be dealt with in order to effectively reform the international monetary system so as to avert future global financial crises. The missing issues include enforceable exchange rate and adjustment obligations, orderly sovereign debt workout mechanisms and the reform of the international reserves system. (more…)

Press release, 8 November 2010

A South Centre report suggests the reforms needed in the global financial and monetary system.

The current turmoil in the world economy has demonstrated once again that the international arrangements lack mechanisms to prevent financial crises with global repercussions. Not only are effective rules and regulations absent to bring inherently unstable international financial market and capital flows under control, (more…)

Press release, 8 November 2010

A South Centre report argues that the IMF should focus on crisis prevention not crisis lending.

The record of the IMF in preventing financial instability and crises leaves much to be desired.  The period since the breakdown of the Bretton Woods arrangements has seen repeated gyrations in exchange rates of major currencies, persistent and growing trade imbalances, recurrent balance-of-payments, debt and financial crises with global repercussions in both emerging and mature economies. (more…)

Press Release, 8 November 2010

Launching of South Centre report on the eve of the G-20 Summit: “Why the IMF and the International Monetary System  Need More Than Cosmetic Reform”.

The hopes of a rapid global economy recovery have recently been dashed by renewed turmoil in the world economy.  The sovereign debt problems in several European countries, the gyrations in currency exchange rates, volatility in capital flows, and the war of words among major economies over “trade sanctions” and “competitive devaluations” are some of the many troubling signs of a new crisis (more…)

Statement, 17 September 2009

Statement at UNTAD Trade and Development Board, Geneva

First, I would like to reattribute the UNCTAD for its 45 years anniversary on trade work. The UNCTAD has been playing very important roles in the past; the birth of the UNCAD was to make up the vacuum in the trading systems. (more…)

South Centre Paper, August 2009

The Role of the United Nations in Global Economic Governance

Global economic policy issues are often addressed by specialized multilateral agencies in a fragmented, incoherent and inconsistent manner and often with failures in relation to certain areas of global policy – particularly in trade and finance – that have broader implications for the multilateral system as a whole. (more…)


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