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…)
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…)
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…)
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…)
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…)
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…)
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…)
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…)
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…)
The Global Financial Crisis and India.
The financial crisis, which assumed global pro- portions in 2008, is, at the time of writing, far from over. In fact, many facets of the crisis are still unfolding, while many of the policy responses are yet to bear fruit and the road to recovery is uncer- tain. (more…)
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…)
Policy Response to the Global Financial Crisis: Key Issues for Developing Countries.
This new paper, authored by the Centre’s Special Economic Advisor, Dr Yilmaz Akyuz, deals with the global financial crisis and developing countries. The first part is on what is needed to support the required policy response in developing countries. The second part is on the required reform to the international financial architecture. A summary of policy conclusions and proposals is at the end. (more…)
