IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

International Financial Crisis, G-20 And Global Policy Response

  • Marko Malovic
Registered author(s):

    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.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://repec.mnje.com/mje/2009/v05-n10/mje_2009_v05-n10-a17.pdf
    Download Restriction: no

    File URL: http://repec.mnje.com/mje/2009/v05-n10/mje_2009_v05-n10-a17.html
    Download Restriction: no

    Article provided by Economic Laboratory for Transition Research (ELIT) in its journal Montenegrin Journal of Economics.

    Volume (Year): 5 (2009)
    Issue (Month): 10 ()
    Pages: 119-127

    as
    in new window

    Handle: RePEc:mje:mjejnl:v:5:y:2009:i:10:p:119-127
    Contact details of provider: Web page: http://www.mnje.com

    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.:

    as in new window
    1. 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.
    2. Rocco Huang & Lev Ratnovski, 2009. "The dark side of bank wholesale funding," Working Papers 09-3, Federal Reserve Bank of Philadelphia.
    3. Rodrik, Dani, 2009. "Growth After the Crisis," CEPR Discussion Papers 7480, C.E.P.R. Discussion Papers.
    4. Joshua Aizenman, 2009. "Financial Crisis and the Paradox of Under- and Over-Regulation," NBER Working Papers 15018, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    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 you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.