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Capital Flows and Spillovers

Monday, 30 March 2015
publication
Şebnem Kalemli-Özcan
This paper shows that debt flows have contractionary effects on emerging markets’ output, while equity flows have expansionary effects. Such correlations can be driven by counter-cyclical debt flows and pro-cyclical equity flows, or by debt flows that lead to an appreciation and hurt exports, and by equity flows that improve the productivity of the real economy, broadly defined.

Emerging Countries and Basel III: Why Is Engagement Still Low?

Friday, 13 March 2015
publication
Andrew Walter
In response to the recent global financial crisis, membership of key institutions for international standard setting, notably the Basel Committee on Banking Supervision (BCBS), expanded to include emerging countries. However, with some exceptions, official and private sector actors from these countries still exhibit low levels of engagement with international financial standard setting. This is due to a combination of related factors: an elite network of developed country regulators that continue to set the BCBS agenda; a relative paucity of regulatory knowledge and resources in emerging countries; and low mobilization by emerging country private actors on BCBS proposals. This paper recommends a series of measures to improve emerging country engagement.

The Pursuit of Global Rule of Law for Sovereign Debt Restructuring

Tuesday, 10 March 2015
publication
By UNGA resolution 68/304, the Ad Hoc Committee on Sovereign Debt Restructuring Processes was established, with the task of holding three meetings and reporting proposals back to the UNGA in its 69th session. This commentary reports on the committee's first working session, held in New York City from February 3 to 5, 2015.

Internationalization of the Renminbi: Developments, Problems and Influences

Tuesday, 3 March 2015
publication
Ming Zhang
Due to the 2008-2009 global financial crisis, the Chinese government began to promote renminbi (RMB) internationalization in order to raise its international status, decrease reliance on the US dollar and advance domestic structural reform. This internationalization has achieved progress not only in cross-border trade settlement, but also in the offshore RMB markets. However, the rampant cross-border arbitrage and the relatively slow development of RMB invoicing compared to RMB settlement are becoming increasingly problematic.

Changing Global Financial Governance: International Financial Standards and Emerging Economies since the Global Financial Crisis

Friday, 27 February 2015
publication
Hyoung-kyu Chey
One of the most remarkable changes in global financial governance since the 2008-2009 crisis has been the primary forums that establish international standards extending their memberships to include emerging economies. There are two disparate perspectives in the literature on the impact of this change on international financial regulation: the weakening cooperation view, which sees an attenuation of international cooperation due to this change, and the enduring status quo view, which sees the domination of global financial governance by advanced economies persisting even despite it. This paper presents an alternative — more positive — perspective.

T20 Launch Under the G20’s Turkish Presidency: Starting on the Right Footing

Friday, 20 February 2015
blog
The Think-20 (T20) is poised to cement its place as a relevant platform for the exchange of ideas about the G20 in 2015 and beyond. The Turkish presidency is well placed to help solidify this position.

The Risk of OTC Derivatives: Canadian Lessons for Europe and the G20

Friday, 20 February 2015
publication
Over-the-counter (OTC) derivatives played an important role in the buildup of systemic risk in financial markets before 2007 and in spreading volatility throughout global financial markets during the crisis. In recognition of the financial and economic benefits of derivatives products, the G20 moved to regulate the use of OTC derivatives. Attention has been drawn to the detrimental effects of the United States and the European Union to coordinate OTC reform, but this overlooks an important aspect of the post-crisis process: the exemption of non-financial operators from OTC derivative regulatory requirements.

China’s G-20 Moment

Wednesday, 4 February 2015
article
The world caught a break in 2009. The G-20, an assembly of the world’s largest developed and major emerging economies – which had thus far failed to make a serious mark on the world stage – was meeting in Pittsburgh to formulate a response to the global financial crisis. US President Barack Obama, having gotten the message that the G-7 could no longer oversee the global economy on its own, led a summit that made the G-20 the primary body for coordinating global economic policy. It was a highpoint for American leadership.

IMF credibility has reached a crossroads

Monday, 12 January 2015
article
Finance ministers from the Group of 20 are scheduled to gather for the first time in 2015 early next month in Istanbul. It will be an important meeting for them. They will be showing the world whether they should be taken seriously.

The G20 showed in Brisbane that it is back, but for how long?

Monday, 17 November 2014
blog
Like many others, I was down on the Group of 20 on the eve of the Brisbane summit. After a few pleasant surprises on the weekend, the group has earned a reprieve from questions about its relevancy. However, leaders did less than they could have on trade and economic growth, setting up 2015 as a defining year in the G20’s ability to deliver.
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