This book analyzes the Group of Twenty (G20) since the 2008 financial crisis. The latter event undermined conventional wisdom and governance norms, constituting a more contested international economic regime. G20 leaders sought a cooperative response to the 2008 crisis through the forum, aware of their interdependence and the growing economic importance of key developing states. They agreed to new norms of financial governance based on macroprudential regulation, the Basel III Accords, and enhanced multilateral cooperation. They prioritized G20 cooperation for achieving international economic stability and growth. Differences exist over causes and effects of the crisis, including on the merits of economic austerity or fiscal stimulus strategies; on responsibility for and solutions to international economic imbalances; and concerns about monetary policies and “currency wars”. Despite claims from skeptics that G20 cooperation is declining, this book argues its importance for international relations and as a hub of global governance networks.

This book is a collection of invited and selected papers from the Singapore Economic Policy Forum 2009 around a central theme, Challenges Facing Singapore in the Post-Crisis Era and Policy Responses.There are very few books on the Singapore economy. This one is largely non-technical in nature and brings the reader up to speed on the key issues facing policymakers in Singapore in the wake of the worst financial crisis since the Great Depression. The contributors are all experts in their field and have extensive experience of the Singapore economy. The book also offers an international dimension to look at the role of China in the Asian economy and the impact on Asia of reforms to the international financial architecture.

The book discusses contemporary issues such as global financial architecture and regulatory practices, trade, investment and the multilateral process, the future of work, the role of technology for adaptation and mitigation of climate change, and financing infrastructure for sustainable development. With increasing global connectivity, events in one part of the world immediately affect or spread to the other parts. In this context, G20 has proved to be an effective forum, particularly after the Asian financial crises. Furthermore, over recent decades, G20 has been instrumental in managing financial crises and international conflicts by deploying global cooperation as a functional tool. As a body responding to crises, the G20 has played a central role in providing the political momentum for the strong international cooperation that ensured greater policy coherence and helped ease situations that could otherwise have been decidedly worse. The G20’s agendas have encompassed short-term but critical issues of economic recovery, the sovereign crisis of Europe, high unemployment and financial sector regulation. But since moderate stabilization in the global economic environment, the focus of the group has also embraced long-term areas of governance and development. For emerging economies, such as India, the G20 has been an important platform framework to promote an inclusive global economic architecture that seeks to achieve equitable outcomes. This book reviews the past 20 years of the G20, since it was conceptualized as a replacement for the G-7. While issues such as global financial order have been a constant area of discussion, one of the failures has been not recognizing and acknowledging the importance of issues like trade, climate change and future of work. Featuring academic papers by experts in the area, this book provides a platform for the necessary discourse on these issues.

This book provides a uniquely comprehensive explanation of the 2008-2009 global financial crisis and resulting scholarly research in the context of building an agenda for reform. With the clarity provided by almost a decade of hindsight and a careful eye toward planning for prevention, Elson guides readers through both historical fact and scholarly interpretation, highlighting areas where careful critique of and changes in the international financial architecture and the mainstream macroeconomic paradigm can promote greater financial stability in the future. Given the great public concern over growing income and wealth inequality, the book examines their links to the increased financialization of the economy, both prior to and since the crisis. Finally, the book identifies a number of lessons that need to be recognized if adequate and effective reforms are to be introduced to avoid a financial crisis of similar magnitude in the future. Comprehensive enough for university students and sufficiently innovative for financial policymakers, this book will appeal to a wide range of readers interested in understanding not just where the crisis has brought us, but what key economists have said about it and how we can strengthen our financial system oversight to deal with the continuing challenges of globalization.

This revised and updated edition presents detailed analysis of the history and current state of the G20, and the challenges it faces. The emergence of the G20 was the result of calls for full inclusion of major developing and other systemically important countries and to reflect new global economic and political realities. The growth of Chinese power, growing significance of other major developing countries and new concerns concerning anti-globalization and rising protectionism in the West have all resulted in important changes to the dynamics of the institution. The suspension of Russia’s membership in the G8 has also necessitated a change in G7/G20 dynamics and the G20’s processes, agenda priorities and role in global governance. Providing a historical overview and analysis of the evolving agenda, methods of performance evaluation, relationship with structured international organizations and other external actors, Hajnal’s text is an authoritative work of history, analysis and reference on the G20 and also G7/G8/G20 reform. This book is an essential source for researchers and students focusing on the G20, international organizations and global governance, and more generally for scholars in the fields of political science, economics, and finance.

This important book is an authoritative work of reference on the G20, G8 and G20 reform, and relevant information sources. Peter Hajnal thoroughly traces the origins of the G20, surveys the G20 finance ministers' meetings since 1999 and the series of G20 summits since 2008. He examines agenda-setting and agenda evolution, discusses the question of G20 membership and surveys the components of the G20 system. He goes on to analyze the relationship of the G20 with international governmental organizations, the business sector, and civil society and looks at the current relationship between the G8 and the G20. He also discusses how G20 performance can be monitored and evaluated. The book includes an extensive bibliography on the G20, G8/G20 reform, and issues of concern to the G20. The book is a companion volume to The G8 System and the G20: Evolution, Role and Documentation (Hajnal, 2007) and is an essential source for all scholars and students of the G20.

As well as marking the tenth anniversary of the collapse of Lehman Brothers and the consequent unleashing of the global financial crisis, 2018 is also the year of negotiations on the terms of the UK's exit from the European Union. Within a decade the banking world has witnessed two epochal events with potential to redraw the map of international financial centres: but how much has this map actually changed since 2008, and how is it likely to change in the near future? International Financial Centres after the Global Financial Crisis and Brexit gathers together leading economic historians, geographers, and other social scientists to focus on the post-2008 developments in key international financial centres. It focuses on the shifting hierarchies of New York, London, Paris, Geneva, Zurich, Frankfurt, Singapore, Hong Kong, Beijing, Shanghai, and Tokyo to question whether Asian financial centres have taken advantage of the crisis in the West. It also examines the medium-effects of the crisis, the level of regulation, and the rise of new technology (fintech). By exploring these crucial changes, it questions whether shifts in the financial industry and the global landscape will render these centres unnecessary for the functioning of the global economy, and which cities are likely to emerge as hubs of new financial technology.

This work offers a concise examination of the purpose, function and practice of the Group of Twenty (G20) summit. Providing a comprehensive historical account of the G20 Finance Ministers and Central Bank Governors process, the text then moves on to outline the conditions, events and debates that led to the formation of the permanent, expanded leaders’ level forum. The historical span of the G20 Summit process is not long, but the global transformations that precipitated it are crucial when seeking to understand it. Cooper & Thakur explore a variety of major debates, including: Governance by self-selected groups versus mandated multilateral organizations the legitimacy of informal leadership the issue of the G20’s composition of both ‘solution’ countries and ‘problem’ countries the role of the emerging powers new conceptions of North-South relationships This work offers a detailed examination of the ongoing shifts in economic power and the momentum toward global institutional reform, illustrating how the G20 has moved from a crisis committee to the premier global forum over this short but intense history, and mapping out its comparative advantages and key challenges ahead.

International Organizations (IOs) have been at the forefront of responding to crises in the 21st century, and yet there is little comparative research on how, and how effectively, they have done this. This book fills this gap by exploring what roles IOs take in response to global crises and to what effect. Bringing together a range of international contributors, the book examines a vast array of international and regional organizations, including the International Organization for Migration, World Health Organization, African Union and European Union. Aiming to answer key questions about IO behaviour, the book investigates these IOs’ responses to pressing issues including the global COVID-19 pandemic, the liberal order and security, and the climate crisis.

This book describes various approaches in modelling financial risks and compiling ratings. Focusing on emerging markets, it illustrates how risk assessment is performed and analyses the use of machine learning methods for financial risk assessment and measurement. It not only offers readers insights into the differences between emerging and developed markets, but also helps them understand the development of risk management approaches for banks. Highlighting current problems connected with the evaluation and modelling of financial risks in the banking sector of emerging markets, the book presents the methodologies applied to credit and market financial risks and integrated and payment risks, and discusses the outcomes. In addition it explores the systemic risks and innovations in banking and risk management by analyzing the features of risk measurement in emerging countries. Lastly, it demonstrates the aggregation of approaches to financial risk for emerging financial markets, comparing the experiences of various countries, including Russia, Belarus, China and Brazil.