Waterloo, Ontario, Canada – The Centre for International Governance Innovation (CIGI) has released a new book, Global Financial Governance Confronts the Rising Powers: Emerging Perspectives on the New G20, providing in-depth views on how international financial institutions and policies must adapt to the increased global economic power of emerging markets.
How exactly global governance responds to these rising powers -- whether it accommodates or constrains them -- is a leading question in the policy discourse on governance innovation and the study of international political economy. CIGI’s newly-released book provides some answers.
Co-edited by Randall Henning and Andrew Walter -- two leading experts on global economic governance -- the book brings scholarly views from authors from key emerging markets, including Brazil, China, India, Mexico, South Korea and Turkey.
“The book’s authors provide a fresh approach with new ideas on how to get emerging market countries involved in the process of formulating financial codes of conduct,” Henning says. “They also advocate for a strengthening of the global financial safety net and for more financial inclusion in the societies of emerging market states.”
Emerging markets and developing countries have doubled their share of the world economic output over the last 20 years, while the share of the major developed countries has fallen below 50 percent and continues to decline. This historic shift in the structure of the world economy affects the governance of international economic and financial institutions.
“So far, the rising economic importance of emerging and developing countries has not been fully reflected in the processes and outcomes of global economic governance. This book also points to a number of reasons why this has been the case,” Walter says.
CIGI’s latest book addresses this historic shift in the structure of the world economy and tackles the resulting challenges to international economic and financial institutions. From capital flows in Turkey and India, to central bank swaps and the internationalization of China’s Renminbi, to Brazil’s implementation of Basel III regulations, the book addresses a series of larger trends in international financial governance, including how emerging countries have engaged with processes of setting international financial standards.
The book also argues that the tradeoff among capital mobility, currency stability and monetary autonomy -- known as the international monetary “trilemma” -- endures, contrary to suggestions from others that it no longer applies.
Barry Eichengreen and Miles Kahler provide a foreword to the volume.
Global Financial Governance Confronts the Rising Powers: Emerging Perspectives on the New G20 is now available through CIGI Press. For more information, or to purchase the book, please visit: https://www.cigionline.org/publications/global-financial-governance-confronts-rising-powers-emerging-perspectives-new-g20.
Andi Balla, Communications Specialist, CIGI
Tel: 519.885.2444 ext. 7205, Email: [email protected]
The Centre for International Governance Innovation (CIGI) is an independent, non-partisan think tank on international governance. Led by experienced practitioners and distinguished academics, CIGI supports research, forms networks, advances policy debate and generates ideas for multilateral governance improvements. Conducting an active agenda of research, events and publications, CIGI’s interdisciplinary work includes collaboration with policy, business and academic communities around the world. CIGI was founded in 2001 by Jim Balsillie, then co-CEO of Research In Motion (BlackBerry), and collaborates with and gratefully acknowledges support from a number of strategic partners, in particular the Government of Canada and the Government of Ontario. For more information, please visit www.cigionline.org.