Monday, 12 August 2013
Tail risks for the global economy have receded vis-à-vis last year, but this has not translated into higher growth in many advanced economies. Emerging economies, which have made considerable contributions to global economic growth since the height of the international financial crisis, are slowing down. In its latest round of forecasts in July, the International Monetary Fund (IMF) downgraded its growth projections, especially those for the emerging economies, and the Washington-based institution may provide G20 leaders with a new set of downward-revised projections in St. Petersburg in September.
Thursday, 1 August 2013
This project addresses the significance and implications of these trends for formal international organizations, informal governance arrangements, and the G20.
Wednesday, 31 July 2013
The economic crises that began with Greece and spread through Ireland and the southern periphery of Europe were path-breakers. They occurred in countries embedded in a major currency area (the euro zone), they dispelled the notion that debt crises are the provenance of emerging market countries and they have proved remarkably resistant to global bailout assistance. Now, as G20 leaders prepare to meet in St. Petersburg, Russia — more than three years into the crisis and without an obvious endgame in view — a serious question they should consider is whether these are the first of a bigger, more complex, and more-difficult-to-resolve kind of crisis that will define the future global landscape.
Sunday, 28 July 2013
Domenico Lombardi, Director of CIGI's Global Economy program, writes about the possible impacts of a Tobin tax on Italy's economy. (Article only available in Italian.)
Friday, 26 July 2013
In her spring statement on the International Monetary Fund’s (IMF’s) work program, Managing Director Christine Lagarde stated that “completing the 2010 quota and governance reform is essential to the Fund’s legitimacy and effectiveness."
Wednesday, 24 July 2013
The political dimensions of Russia hosting the G20 in September are generally overlooked, but they deserve more attention. The success of the St. Petersburg meeting is very important to Russia politically, and to President Vladimir Putin personally. Putin would like to show Russians that he is a world-class leader and that Russia should be taken seriously.
Wednesday, 24 July 2013
Much has changed since the crisis-driven G20 summits in London and Pittsburgh in 2009. The London summit promised action to strengthen regulation and supervision of financial institutions as well as improved cooperation, notably in launching an early warning “exercise” and work on “exit strategies.” The Pittsburgh summit promised an end to an “era of irresponsibility” and noted that the leaders’ prompt and aggressive policy response “worked” by planting the seeds of a return to stability following a global economic contraction. Echoing the sentiments of the London summit the leaders also committed their governments to “… avoid any premature withdrawal of stimulus. At the same time, we will prepare our exit strategies and, when the time is right, withdraw our extraordinary policy support in a cooperative and coordinated way, maintaining our commitment to fiscal responsibility.”
Wednesday, 17 July 2013
According to Thai legend, albino elephants were regarded as holy. If a Thai king became dissatisfied with a subordinate, the king would give him the “gift” of a white elephant. Keeping a white elephant was very expensive and, in most cases, would ruin its owner, as they would have to provide special food for the elephant as well as access for people to worship it. It may be that the development issue has a similar dimension for the G20. Does the positive value added by consideration of the development issue outweigh the burden? Is development a linchpin of the G20 agenda, since sustainable growth and prosperity in this interconnected world is dependent on the experience of developing and emerging countries? Or, is the development area a Potemkin village of intransigent issues?
Tuesday, 16 July 2013
"Given the state of the global economy, unconventional monetary support should continue to be an important part of the policy mix to promote global economic recovery and growth. But is it enough?" asks CIGI Distinguished Fellow Paul Jenkins, writing on the appropriate policy responses to the next phase of global recovery.
Wednesday, 10 July 2013
CIGI) is pleased to announce the appointment of James M. Boughton as a CIGI Senior Fellow, effective immediately. Mr. Boughton is the former historian of the International Monetary Fund (IMF), a role he held from 1992 to 2012.