TITLE

NIFA-II or 'Bretton Woods-II'?: The G-20 (Leaders) summit process on managing global financial markets and the world economy - quo vadis?

AUTHOR(S)
Norton, Joseph J.
PUB. DATE
September 2010
SOURCE
Journal of Banking Regulation;Sep2010, Vol. 11 Issue 4, p261
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Since November 2008, there have been four historic G-20 Leaders meetings (with a fifth scheduled for Korea in November 2010), in lieu of the traditional G-8 Heads of State meeting format, to address the current Global Financial Crisis and other related economic matters of global concern. This new global governance rubric has been denominated by the G-20 Leaders (representing 80 per cent of the world's population and 90 per cent of world GDP) as the 'premier' forum as to future international economic cooperation. This new governance model is rooted in a short and medium-term 'Action Plan' and within a broader and longer-term 'Global Framework for Strong, Sustainable and Balanced Growth' (a new global growth model under the G-20 Leaders' direction).This article considers retrospectively the roots of this new economic governance paradigm and prospectively whether and in what ways this framework/process might signal a new international collaborative approach to global economic governance for securing 'financial stability' as a 'global public good' (that is, a 'new international financial architecture') and otherwise for better rationalizing the policy management of the global economy and the underlying globalization processes. Will this G-20 (Leaders) process prove to be able to function constructively and on a consensus basis as the G-7/8 tried to do previously; and, will it provide the global platform and umbrella framework within which a 'new Global Deal', and 'Grand Bargain' - a new 'Bretton Woods II' economic, monetary and financial World Order - might evolve so as meaningfully to direct and coordinate global monetary, financial, development, investment, trade and other related global policy considerations (for example, labour, energy, and environmental issues)? Or will this process prove to be merely an ad hoc enhancement of existing global instruments, institutions and arrangements that were put into place in the mid-to-late 1990s by the G-7/8 in addressing the various financial crises of the 1990s - the so-called 'New International Financial Architecture' (NIFA-I)? Also, in this article, the makeup and nature of the range of informal global financial 'network' arrangements, institutions and instruments generated in advance, otherwise related to NIFA-I, or being generated under the new governance framework will be considered, along with the newly envisioned roles of the IMF, Financial Stability Board, World Bank and OECD. Also, a brief discussion will be undertaken as to whether the G-7/8 forum will continue, and if so, in what context and in what relationship to the new G-20 Leaders framework.
ACCESSION #
54083896

 

Related Articles

  • The G20 and Global Economic Governance during a Protracted Recession. ÇELİK WILTSE, Evren // Perceptions: Journal of International Affairs;Winter2013, Vol. 18 Issue 4, p7 

    Thus far, the G20 represents the most significant collective attempt to address the 2008 economic crisis by the world's largest economies. It is the only global platform that could serve as an institutional panacea for the protracted economic slowdown that has been experienced since 2008. This...

  • International regulatory cooperation after the crisis. Heckinger, Richard // Chicago Fed Letter;Nov2011, Issue 292, p1 

    The article offers information on the international regulatory cooperation of Group of Twenty (G-20) countries to address the impact of the financial crisis. It discusses the meetings of the head of G-20 countries, such as one which aims to improve cooperation and another which aims to consider...

  • FROM THE CEO. Chung Ki Young // SERI Quarterly;Oct2010, Vol. 3 Issue 4, p2 

    The author focuses on the summit meeting of the Group of Twenty (G20) countries where leaders will gather and discuss global economic issues in Seoul, Korea. It mentions issues that would remind the challenging task in achieving full recovery which include the debt crisis in Europe, the fragile...

  • The Governance Response to the Great Recession: The "Success" of the G20. Vestergaard, Jakob; Wade, Robert // Journal of Economic Issues (Taylor & Francis Ltd);Jun2012, Vol. 46 Issue 2, p481 

    Since its upgrading to heads of government level in late 2008, the G20 claims to be the steering committee for the world economy. It claims three specific big successes: stronger international financial regulation, including the Basel 3 Capital Accord; more effective macroeconomic coordination;...

  • Africa's 'Recovery'. Bond, Patrick // Africa Insight;2011, Vol. 41 Issue 3, p30 

    The reality behind the alleged recovery of Africa from the 2008/09 global financial meltdown, which has been well advertised by multilateral financial agencies, needs investigation, partly because the institutions' political agenda appears to be to further integrate the continent into a highly...

  • Gee Whizz. Keeler, Dan // Global Finance;Dec2010, Vol. 24 Issue 11, p2 

    The article presents the author's opinion on the November 2010 G20 meeting which aims to discuss issues facing the global economy in Seoul, Korea. The author provides an overview of the G20 meeting where some world leaders stimulated disagreements on the solutions to the financial crisis. He...

  • EL G20 EN LOS CABOS. OPORTUNIDAD PERDIDA PARA EL CAMBIO NECESARIO. Rozo, Carlos; Azamar, Aleida // Problemas del Desarrollo. Revista Latinoamericana de Economía;oct-dic2013, Vol. 44 Issue 175, p147 

    No abstract available.

  • Africa, G-20 and Global Financial Crisis: An Insight into Global Financial Constitution and Emerging Markets of Africa. Ehiobuche, Chris; Mensah, Frederick // Journal of International Diversity;2010, Issue 4, p35 

    As economic integration and liberalization continues to be the practical major option for world's economic sustainability, the investment environment in Africa, multilateral trading, global financing, agriculture, minerals and natural resources, energy, telecommunications and infrastructure,...

  • Mitigating The Global Financial Crisis: A Reform Agenda For The Bretton Woods Institution. Amayo, Kinsley Osarobo; Areghan, Osamen Letitia // Feature Edition;2011, Vol. 2011 Issue 4, p7 

    The global financial crisis emerged with the meltdown of the United States' Sub-prime mortgage industry in 2007. The crisis in the United States' mortgage sector quickly spread through its financial system, manifesting in a dearth of credit, illiquidity in the sector and the near collapse of...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sign out of this library

Other Topics