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Global Economic Leadership and the Group of Seven

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  • C. Fred Bergsten

    (Peterson Institute for International Economics)

  • C. Randall Henning

    (Peterson Institute for International Economics)

Abstract

Sluggish global growth, frequent currency crises, and huge trade imbalances all reveal the failure of the Group of Seven industrial nations to provide effective leadership of the world economy. The G-7 has played this role in the past and must do so again to assure global prosperity. * Part of the G-7's decline is due to continuing policy differences among the United States, Germany, and Japan. The bigger problem, however, is a new "consensus for inaction" based on fears of trying to counter the huge flows of international private capital, the existence of large budget deficits, and the resistance of central banks to coordination by anyone. * The study offers a comprehensive analysis of all these changes in the world economy and reaches an optimistic reading of the prospects for effective G-7 leadership. It proposes an action program that includes reforming the exchange rate regime, instituting an early warning system to prevent new monetary crises, augmenting the resources of the IMF to deal with private capital flows, and institutional reform of the G-7 itself.

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Bibliographic Info

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This book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: All Books with number 45 and published in 1996.

ISBN: 978-0-88132-218-7
Handle: RePEc:iie:ppress:45

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Cited by:
  1. Barry Eichengreen, 1998. "Exchange Rate Stability and Financial Stability," Open Economies Review, Springer, vol. 9(1), pages 569-608, January.
  2. John Kirton, 2006. "Explaining Compliance with G8 Finance Commitments: Agency, Institutionalization and Structure," Open Economies Review, Springer, vol. 17(4), pages 459-475, December.
  3. Allegret, Jean-Pierre & Sandretto, René, 2000. "La nouvelle architecture du système monétaire international," L'Actualité Economique, Société Canadienne de Science Economique, vol. 76(3), pages 437-456, septembre.
  4. Richard N. Cooper, 1999. "Exchange rate choices," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, issue Jun, pages 99-136.
  5. Thomas Willett, 1999. "Developments in the Political Economy of Policy Coordination," Open Economies Review, Springer, vol. 10(2), pages 221-253, May.
  6. Richard N. Cooper, 1999. "Exchange Rate Choices," Harvard Institute of Economic Research Working Papers 1877, Harvard - Institute of Economic Research.
  7. Barry Eichengreen & Fabio Ghironi, 1998. "European Monetary Unification and International Monetary Cooperation," International Trade 9804001, EconWPA.
  8. Eduardo Fernández-Arias & Ricardo Hausmann, 1999. "Iniciativas internacionales para darle estabilidad a la integración financiera," Research Department Publications 4175, Inter-American Development Bank, Research Department.
  9. Laurence H. Meyer & Brian M. Doyle & Joseph E. Gagnon & Dale W. Henderson, 2002. "International coordination of macroeconomic policies: still alive in the new millennium?," International Finance Discussion Papers 723, Board of Governors of the Federal Reserve System (U.S.).
  10. Eduardo Fernández-Arias & Ricardo Hausmann, 1999. "International Initiatives to Bring Stability to Financial Integration," Research Department Publications 4174, Inter-American Development Bank, Research Department.
  11. Roland-Holst, David & Tarp, Finn & Huong, Pham Lan & Thanh, Vo Tri, 2003. "Dragon by the Tail, Dragon by the Head, Bilateralism and Globalism in East Asia," MPRA Paper 29423, University Library of Munich, Germany.

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