Developing Countries – even China – Cannot Rescue the World Economy
Contrary to what many analysts believe, neither China alone nor developing countries as a group are economically powerful enough to pull the world economy out of recession, although their importance as an engine of global growth is rising. Global economic recovery will have to depend on growth in the US and Europe.
Bridging the North-South Divide on Climate Post-Copenhagen
This policy brief asserts that the North-South divide is perhaps the most important hindrance to reaching an agreement at the UN Framework Convention on Climate Change (UNFCCC) being held in Copenhagen in December 2009. According to the authors, movement across this divide will be necessary to reach a deal; however, the likelihood of a significant agreement, even post-Copenhagen, is unclear despite the current political momentum.
From London to L’Aquila: Building a Bridge between the G20 and the G8
From many perspectives, the London Summit of the G20 leaders at the beginning of April 2009 was a success – with discussion framed around crisis resolution and the strengthening of the international financial architecture. Beyond its concrete achievements, the Summit morphed into an ongoing process with a rolling agenda, rather than remaining a one-off event. While the Italian Presidency of the G8 has a hard task ahead, there is scope for building a meaningful bridge between London and the G8 meeting in L’Aquila in July 2009, continuing and strengthening the economic governance reform process.
Issues, Obstacles and Outlook for the Copenhagen International Climate Change Negotiation
In this policy brief, Distinguished Fellow John Whalley and Research Assistant Sean Walsh assess some of the critical issues and obstacles standing in the path of a successful conclusion to the December 2009 climate change negotiation in Copenhagen.
The Summitry of Small States: Towards the "Caribbean Summit"
At previous Summits of the Americas, concerns of small states have often been overshadowed by those of the hemisphere's larger powers. The Caribbean's host status at the fifth Summit emphasizes its need to find innovative and somewhat unorthodox forms of diplomatic engagement to ensure its interests are met. This policy brief discusses the ability of these small states to put key Caribbean policy issues such as regional security, environmental sustainability and economic prosperity at the top of the summit agenda.
The G20 and Green Protectionism: Will We Pay the Price at Copenhagen?
In this policy brief written against the backdrop of current G20 discussions, CIGI Distinguished Fellow John Whalley and Professor Simon Evenett argue that "green" protectionist actions by industrialized countries reduce the likelihood of a successful deal at the UN-sponsored global climate change talks at Copenhagen in December 2009.
The Oil-Producing Gulf States, the IMF and the International Financial Crisis
This policy brief outlines the reasons for their reluctance to contribute to IMF liquidity, noting that the Gulf states increasingly are looking inward to deal not only with their own economic difficulties in the light of the recent collapse of oil prices but also with demands of a rising class of educated middle-class citizens for more scrutiny of traditional petrodollar recycling policies.
Sense and Nonsense About Deflation
This web exclusive policy brief explores the origins and consequences of deflation with a view to putting into proper perspective the relevant economic issues for an economy that experiences a bout of falling prices. Historical illustrations are also used to distinguish between sense and nonsense concerning the economics of deflation.
The G20 Leaders' Summit and the Regulation of Global Finance: What was Accomplished?
This web exclusive policy brief suggests that these commitments did not in fact go much beyond pre-existing international initiatives that had recently been developed in more technocratic international bodies.
The End of Monetary Dominance? How Crises Can Influence Monetary Policy Decisions and Institutions
History can repeat itself. The last two decades have seen monetary policy as dominant policy while fiscal policy has taken a back seat. The ongoing financial crisis may well sow the seeds of a return to fiscal dominance. In addition, there are renewed calls for greater international policy coordination. While cooperation is desirable, coordination often breaks down, as it did with the Bretton Woods regime some politicians are hoping to revive in a form that has yet to be determined. There are considerable risks that accompany both developments based on the historical experience and the tendency for countries to defend their sovereignty over financial and monetary matters.
