Emerging markets perspectives on G-20 led financial reforms

Ashima Goyal and Akhilesh Verma ()
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Akhilesh Verma: Indira Gandhi Institute of Development Research

Indira Gandhi Institute of Development Research, Mumbai Working Papers from Indira Gandhi Institute of Development Research, Mumbai, India

Abstract: The chapter examines progress as well as continuing concerns in G-20 led financial reforms, withparticular emphasis on emerging markets (EMs). Although risks remain they are of a lower order ofmagnitude compared to those in the pre global crisis period. But progress is slowest in areas of concernto EMs. Question marks over liquidity in markets as quantitative easing is withdrawn are echoed inEMs, which also face risk-off outflows and volatile exchange rates in this period. Leverage is high insome EMs after a period of low global interest rates and risk-on inflows in search of yields. But EMsare largely left to handle volatility themselves. Even the advice given to them or its understanding inpolicy circles or markets is not sufficiently nuanced. There are arguments for and against financialtightening as the best response to achieve financial stability. These are examined in the context of experiences in some specific EMs. Implications are drawn for G-20 policies and for its advice to EMs.

Pages: 24 pages
Date: 2019-03
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Working Paper: Emerging Markets Perspectives on G-20 led Financial Reforms (2019)
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