Manmohan Agarwal PublicationsManmohan Agarwal Publications
The Current Financial Turmoil: Coordination through Central Banks
As volatile share markets have fallen around the world in recent weeks, central banks are once again faced with the question of how to stabilize the financial markets. Unlike the crisis in 2008, current market volatility is not due to worries about the creditworthiness of private borrowers and their impact on financial institutions. The situation today is partly a consequence of the fiscal policy actions taken by governments in 2008, and partly the inability of central banks to bolster confidence and stimulate lending.
The G20 Agenda and Process: Analysis and Insight by CIGI Experts
These 21 CIGI commentaries analyze the policy issues and debates under discussion in 2010 that are still relevant to the ongoing G20 agenda under the French presidency and the G20’s aspirations for the future.
Implementing Global Financial Safety Nets
The G20 has taken various measures to reduce systemic financial risk, including an expansion of domestic and international financial safety nets, while taking into account the moral hazard problem. Wider measures may be necessary to avert future crises, says CIGI visiting senior fellow and economist Manmohan Agarwal.
Limits and Possibilities: What To Expect from the G20
The advent of the G20 leaders' summit is a major advance in international economic policy governance. The forum has been successful in broadly orchestrating the return to stability in the international financial system by agreeing on fiscal and monetary measures in developed and many emerging economies, and by assigning new responsibilities to international financial institutions. Regular interaction among G20 leaders, supported by sound technical analysis, will help build trust among the leaders and result in greater coordination of macroeconomic policies over the longer term.
China, the Developing Countries and the G20
The G20 presents opportunities and poses challenges for China and other developing countries. As new partners at the global table, they can both raise and pursue issues in the medium to longer term that are central to their continued growth and development. Furthermore, China can be expected to be at the centre of negotiations on reshaping of the international governance system. With strong economic links to both developed and developing countries, and a strong interest in a well-functioning international economic system, it can play a pivotal role in determining the outcome.
Approaches to Fostering Productivity Growth in Brazil, China and India
Productivity growth is a significant contributor to GDP growth, particularly to increases in per capita income. However, there is considerable ambiguity regarding how to measure the concept of technical progress, and consequently on policies that would foster productivity growth. Brazil, China and India, three important emerging economies, are seeking to foster productivity growth through encouraging innovation and technology transfers from the more developed economies. But given the ambiguities about how to encourage innovation and technology transfers, governments in these countries adopted a plethora of policies in the hope that the combination will be effective.
CIGI 09: Towards a Global New Deal
This report on CIGI'09: Towards a Global New Deal, CIGI's annual conference held on October 2-4, 2009, reviews the causes and consequences of the international financial crisis, and discusses measures needed to ensure a global economic recovery and to prevent another such crisis from occurring.
Developing Countries – even China – Cannot Rescue the World Economy
Contrary to what many analysts believe, neither China alone nor developing countries as a group are economically powerful enough to pull the world economy out of recession, although their importance as an engine of global growth is rising. Global economic recovery will have to depend on growth in the US and Europe.
The Effect of the World Financial Crisis on Developing Countries: An Initial Assessment
CIGI has formed a task force of eminent economists to study and offer solutions for the devastating effects of the current financial crisis on developing and transition economies. This first statement by the task force briefly outlines the nature of the crisis for developing countries and suggests in general terms a strategy for a way forward.
India's Economic Future: Education, Technology, Energy and Environment
In a volume edited by CIGI Senior Visiting Fellow Manmohan Agarwal, leading experts consider India’s prospects for sustainable growth. The contributors consider such issues as foreign direct investment, technological capacity, reservations for minorities in educational institutions and energy scarcity.