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Priorities for the G20 Finance Track

Author

Listed:
  • Barry Eichengreen

    (University of California, Berkeley, California)

  • Poonam Gupta

    (National Council of Applied Economic Research, New Delhi, India.)

Abstract

Emerging markets and developing economies are currently facing major challenges from global shocks, including a slowdown in global growth; food and energy price increases; decline in risk appetite of international investors; unsustainable debts in low-income countries; and ongoing climate risks. National policies have not sufficed to meet these challenges. Efforts at the national level must be complemented by changes in the global economic and financial architecture designed to make the world a safer place. In this article, we focus on the financial aspects of such reforms. The financial agenda as we see it has seven key elements: (i) reform of central bank swap lines, (ii) reform of IMF-contingent credit lines, (iii) SDR reallocation, (iv) reform of credit rating agencies, (v) creation of currency hedging instruments, (vi) inclusion of climate-resilient debt clauses in new debt instruments and (vii) steps to streamline the debt restructuring process. We detail this agenda and urge the G20 members to implement the recommended measures.

Suggested Citation

  • Barry Eichengreen & Poonam Gupta, "undated". "Priorities for the G20 Finance Track," Margin-The Journal of Applied Economic Research v:19:y:2023:i:2023-1:p:7-, National Council of Applied Economic Research.
    • Handle: RePEc:nca:ncaerm:v:19:y:2023:i:2023-1:p:7-58
    DOI: https://doi.org/10.1177/002529212312059
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    More about this item

    Keywords

    Public Finance; Financial Markets; Developing Countries;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls

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