The G20, the Crisis and the Redesign of the International Financial Architecture

Jorge Carrera

Ensayos Económicos, 2009, vol. 1, issue 53-54, 217-244

Abstract: All severe crises have required a reformulation of the International Financial Architecture (IFA). The G20, abruptly turned into a discussion and action forum to cope with the crisis, focused its work on two areas: first, the coordination of the macroeconomic policies to come out of the crisis and, second, the reform of IFA as regards financial regulations and multilateral lending and supervision organizations. Other critical aspects, such as the international monetary system operating rules, were not part of the IFA’s agenda. In this context, the current exchange rate and monetary “non-regime” which gave rise to phenomena such as global imbalances, lacked clear rules about the role played by the dollar in the supply of international liquidity and as reserve value, and also lacked a lender of last resort, is still subject to an intense discussion. The opening of the IFA redesign process to other players, such as the emerging economies, is undoubtedly a positive sign. Now, the challenge is to continue supporting this framework once the crisis has been overcome so that these countries may have a less asymmetric international insertion.

Keywords: emerging economies; financial regulation; G20; international crisis; international financial architecture; policy coordination (search for similar items in EconPapers)
JEL-codes: F02 F42 G01 G18 (search for similar items in EconPapers)
Date: 2009
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.bcra.gov.ar/pdfs/investigaciones/53-54-10-Carrera.pdf (application/pdf)

Related works:
Working Paper: The G20, the Crisis and the Redesign of the International Financial Architecture (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bcr:ensayo:v:1:y:2009:i:53-54:p:217-244

Access Statistics for this article

Ensayos Económicos is currently edited by Germán Feldman

More articles in Ensayos Económicos from Central Bank of Argentina, Economic Research Department Contact information at EDIRC.
Bibliographic data for series maintained by Federico Grillo ().