Priorities for the G20 Finance Track

Barry Eichengreen and Poonam Gupta

No 145, NCAER Working Papers from National Council of Applied Economic Research

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 paper, 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.

Keywords: G20 countries; Emerging markets; Developing economies; External debt; Financial reforms; Central bank swap lines; IMF contingent credit lines (search for similar items in EconPapers)
JEL-codes: E44 E58 E61 F34 F36 F38 (search for similar items in EconPapers)
Pages: 53 pages
Date: 2023-02-02
New Economics Papers: this item is included in nep-ban and nep-ifn
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Citations: View citations in EconPapers (1)

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