Jeffrey Frankel, 09 December 2015

Calls for coordination of macroeconomic policy have made a comeback since the Global Crisis. This column reviews this return of international policy coordination, both in terms of fiscal and monetary policy. It discusses recent developments and considerations in fiscal and monetary policy games, and cautions that most but not all calls for coordination are useful. 

Pradumna Rana, 05 August 2014

China’s frustration with the slow progress of IMF governance reform has contributed to the evolution of a China-led architecture that locks out the West – the latest examples being the New Development Bank and the Credit Reserve Arrangement established by the BRICS. This column argues that these institutions are not a threat to the IMF and the World Bank, but they complicate global economic governance. It is unlikely that Europe’s ‘troika’ model – where the IMF works jointly with regional financing facilities – will be possible in Asia. We perhaps need a New Bretton Woods.

Minouche Shafik, 14 December 2013

Crises expose weaknesses in rules and institutions, and provide impetus for reform. Macroeconomic policy coordination was strong early in the financial crisis, but momentum slowed. There has been significant progress on financial regulation, yet major challenges remain. International safety nets have been reinforced – including a trebling of IMF resources. This column argues that ensuring the future effectiveness and legitimacy of the IMF, its member countries will need to agree on greater voice and representation for emerging market countries in the interest of a better managed global economy.

Viral Acharya, T Sabri Öncü, 14 January 2013

Internationally prominent economists and politicians have been pushing for effective implementation and better coordination of the new financial regulations currently under construction across the globe. This columns argues that at a time of crisis, financial regulators were forced to act on systemically important assets and liabilities, rather than just on the individual financial institutions holding them. A key turning point towards better regulation will be when we recognise the need for such action ahead of time, building the essential infrastructure that ensures excessive risk-taking is discouraged.

Dani Rodrik, 01 July 2012

The design of international institutions is shaped by a fundamental trade-off; governance is pushed down with one hand and pulled up with the other. An intermediate outcome, a world divided into diverse polities, is the best that we can do.

Richard Baldwin, Simon Evenett, 28 April 2011

If the Doha deadlock is to be broken this year, US and Chinese leaders must find more room for compromise by loosening their domestic political constrains. To do this, they must challenge the premise on which the deadlock is based – the view held by special interest groups that Doha is mostly about tariff cuts. These narrow special interests should not be allowed to jeopardise the world trading system and the benefits Doha would bring to all nations. This is critical; the eBook argues that if Doha fails this year, it can’t be done before 2020.

Richard Baldwin, Simon Evenett, 28 April 2011

This column summarises the arguments in the latest eBook. If the Doha deadlock is to be broken this year, US and Chinese leaders must find more room for compromise by loosening their domestic political constrains. To do this, they must challenge the premise on which the deadlock is based – the view held by special interest groups that Doha is mostly about tariff cuts. These narrow special interests should not be allowed to jeopardise the world trading system and the benefits Doha would bring to all nations. This is critical; the eBook argues that if Doha fails this year, it can’t be done before 2020.

Anne Krueger, 28 April 2011

The Doha Round is in peril. This essay argues that if the impasse is intractable, world leaders face three choices: to quickly finish the low-ambition package on the table, to explicitly terminate the Doha Round, or to let it die a slow death. It says the last option would be by far the worst – even if it is the most likely.

Biagio Bossone, 15 November 2010

The G20 meeting in Seoul last week still leaves many issues unresolved. This column addresses the G20 leaders and calls for global governance that can meet the needs of a global economy.

Simon Evenett, 12 November 2010

The Seoul summit marks the end of the second year of the G20's crisis-related activities. This column takes stock of the G20's accomplishments and methods of operation, identifying what can reasonably be expected of the G20 over the medium term. It argues that a series of evolving accommodations – articulated imprecisely to outsiders – is the most that governments and analysts should expect.

Lucia Dalla Pellegrina, Donato Masciandaro, Rosaria Pansini, 12 September 2010

The global crisis has led policymakers in the EU and the US to broaden their central banks' mandates to include greater banking supervision. This column argues that this new responsibility should be seen as an evolution of the central bank specialisation as a monetary agent rather than a reversal of the specialisation trend.

Daniel Bradlow, 12 August 2010

The global crisis has helped promote the G20 from supporting role to one of the leading forums on the world stage. This column argues that the G20 presents a unique opportunity for its medium-sized members to influence the global economic agenda – but only if they base their short-term actions on a long-term vision.

Richard Olsen, 06 March 2010

Why should high-frequency finance be of any interest to policymakers interested in long-term economic issues? This column argues that the discipline can revolutionise economics and finance by turning accepted assumptions on their head and offering novel solutions to today’s issues.

Eswar Prasad, 28 January 2009

The crisis has shattered predictions on the unravelling of global macroeconomic imbalances. The US dollar has resisted rather well, US treasury bonds remain the safe-heaven investment of choice, and the world economy still seems tied to US demand. These elements point to the intensification of global macroeconomic imbalances during the recovery of the global economy. This column proposes global solutions to avoid a new derailment

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