Reform of the International Financial System

Reprint Series 1, December 2012

Financial Liberalization: The Key Issues.

In recent years financial policies in both industrial and developing countries have put increased emphasis on the market mechanism. Liberalization was partly a response to developments in the financial markets themselves: as these markets innovated to get round the restrictions placed on them, governments chose to throw in the towel. More important, however, governments embraced liberalization as a doctrine. (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…)

Statement, 18 May 2012

Statement to the UN High Level Thematic Debate on the State Of the World Economy, New York

1. Global economic conditions continue to have a strong bearing on production, trade and investment in developing economies (DEs). In this respect the current landscape is not very encouraging. After three years of recovery the world economy still remains highly fragile. (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 37, March 2011

Capital Flows to Developing Countries in a Historical Perspective: Will the Current Boom End With a Bust?.

The paper argues that the policy of quantitative easing and close-to-zero interest rates in advanced economies, notably the US, are generating a surge in speculative capital flows to developing countries in search for yield and creating bubbles in foreign exchange, asset, credit and commodity markets. (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…)

Policy Brief 3, September 2010

Some preliminary thoughts on new international economic cooperation.

The developed countries have acted as engines of economic growth in the world for nearly half a century; but they may not continue to have that role for long. With their negligible population growth and low level of GDP growth, they are unlikely to generate significant additional consumer demand. (more…)

Press Release, 19 April 2010

South Centre Proposes Policies Towards Sustainable Global Economic Recovery.

The South Centre has published a paper analysing current weaknesses and imbalances in the global economy and in the major countries. It also makes proposals on what needs to be done to achieve a global economic recovery. (more…)

Research Paper 26, April 2010

Global Economic Prospects: The Recession May Be Over But Where Next?.

The South Centre releases a new research paper which throws interesting light on the global economic imbalances, the situation in the major countries, and what needs to be done. (more…)


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