International Financial Crisis, G-20 And Global Policy Response
Gauged against despair of global recession just weeks before the G-20 gathering, the London summit appeared a spectacular, historically unifying and "full-figured" success in modern international finance. However, this paper strives to take a closer look at the backstage nature and true measurements of the announced reforms as well as beef-up funds earmarked in the G-20's London communique. Through the process of differentiating between finally achieved and -God-willing- yet to be arranged treatment of the global financial crisis, article exposes arguably remarkable superficiality of the IFIs' reform thus far, in both financial and essential sense. On the other hand, global(ised) economy, more than ever before, is crying out for globally coordinated management & regulation. Even though it became evident that policy measures which mitigated -what now seems as slowly dissipating- financial crisis and worldwide recession were at least 70 years old economics, having next to nothing worth reaping from recent financial crises literature or indeed (re)actions of multilateral financial guardians, still neither full recovery nor regaining control over globalisation could dawn without reform of international financial architecture. Hence, a fundamentally upgraded economic trigonometry among the IMF, (followed by the largely neglected) World Bank and BIS is put forward as a hopefully more able and further reaching proposal for policy oriented responsibility sharing. In concluding remarks, once again, an attempt has been made to depart from the normative analysis in order to sketch the likely outcomes for the crisis-struck global economy, with particular emphasis on critical lessons in retrospect as well as the couple of caveats ahead.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michele FRATIANNI & John PATTISON, 2007.
"Who Is Runninc the IMF: Critical Shareholders or the Staff?,"
279, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
- Michele Fratianni & John Pattison, 2004. "Who is Running the IMF: Critical Shareholders or the Staff?," Working Papers 2004-06, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
- Joshua Aizenman, 2009. "Financial Crisis and the Paradox of Under- and Over-Regulation," NBER Working Papers 15018, National Bureau of Economic Research, Inc.
- Huang, Rocco & Ratnovski, Lev, 2010.
"The dark side of bank wholesale funding,"
Working Paper Series
1223, European Central Bank.
- Rodrik, Dani, 2009. "Growth After the Crisis," CEPR Discussion Papers 7480, C.E.P.R. Discussion Papers.
When requesting a correction, please mention this item's handle: RePEc:mje:mjejnl:v:5:y:2009:i:10:p:119-127. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Eryk Wdowiak)
If references are entirely missing, you can add them using this form.