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International Finance

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International Finance

POLICY BRIEFS

Policy Briefs contain recommendations or visions and cover policy areas that are of interest to G20 policymakers. The majority of the Policy Briefs has been developed by a corresponding T20 Task Force.

T20 Recommendations Reports tie related policy proposals made under different G20 Presidencies into a common policy advice framework. They aim to leverage connections between T20 research organizations as well as other stakeholders to address well-defined global problems, in order to support G20 policymakers and to aid business and civil society organizations in complementing G20 policy efforts.

  • Recommendations (44)
  • Visions (0)
  • General Literature (6)
  • COVID-19-related Literature (9)
  • G20 2020

    Covid-19 crisis: How should the G20 support heavily indebted low-income countries?
    • Kathrin Berensmann (German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE))
    • Njuguna Ndung'u
    • Abebe Shimeles
  • G20 2020

    Assessing the impact of stablecoins on the international monetary system: G20 and IMF to study the impac of Facebook’s libra project
    • Eiji Ogawa (Hitotsubashi University)
    • Bertrand Rioux
    • Fatima Yousef Al Sabaie
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
  • G20 2020

    Time to implement a tech-driven sovereign debt transparency initiative: Concept, design, and policy actions
    • Emilios Avgouleas
    • Rym Ayadi
  • G20 2020

    Monitoring countrie’s commitment against illicit financial flows
    • Aitor Pérez (Elcano Royal Institute)
    • Gerardo Rodríguez
  • G20 2020

    Digital money is here: G20 (Thinking) must go digital. A systemic agenda is necessary to steer the risky transition process and reap long-term benefits
    • Claude Lopez (Milken Institute)
    • Pavel Trunin (Gaidar Institute for Economic Policy)
    • Sergey Drobyshevsky (Gaidar Institute for Economic Policy)
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
    • Halit Unver
  • G20 2020

    Bigtech companies: An inclusive and global regulatory framework is needed
    • Claude Lopez (Milken Institute)
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
  • G20 2020

    Monetary policies, strategies, and the Covid-19 crisis
    • Franco Bruni (Italian Institute for International Political Studies (ISPI))
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
  • G20 2020

    Expanding the global financial safety net
    • Haihong Gao (Institute of World Economics and Politics at the Chinese Academy of Social Sciences)
    • Kevin P. Gallagher (Boston University)
    • William N. Kring
    • José Antonio Ocampo
    • Ulrich Volz (SOAS University of London)
  • G20 2020

    Digital Money Is Here: G20 (‘s Thinking) Has To Go Digital, Too
    • Claude Lopez (Milken Institute)
    • Pavel Trunin (Gaidar Institute for Economic Policy)
    • Sergey Drobyshevsky (Gaidar Institute for Economic Policy)
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
    • Halit Unver
  • G20 2020

    Monetary Policies Strategies and the COVID-19 Crisis
    • Franco Bruni (Italian Institute for International Political Studies (ISPI))
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
  • G20 Japan

    Forming a Cohesive Fintech Agenda for the G20
    • Ussal Sahbaz (Centre for Economics and Foreign Policy Studies (EDAM))
  • G20 Japan

    Expanding Data Collection to Streamline MSME (Micro, Small and Medium Enterprise) Lending
    • Vivek Belgavi (PricewaterhouseCoopers (PwC))
    • Avneesh Narang (PricewaterhouseCoopers (PwC))
    • Arvind Raj (PricewaterhouseCoopers (PwC))
  • G20 Japan

    The Macroprudential Policy Framework Needs to Be Global
    • Claude Lopez (Milken Institute)
    • Franco Bruni (Italian Institute for International Political Studies (ISPI))
  • G20 Japan

    Strengthening the International Monetary Fund for Stability and Sustainable Development
    • Haihong Gao (Institute of World Economics and Politics at the Chinese Academy of Social Sciences)
    • Kevin P. Gallagher (Boston University)
  • G20 Japan

    Capital Flows and International Financial Architecture
    • Eiji Ogawa (Hitotsubashi University)
    • Junko Shimizu (Gakushuin University)
  • G20 Japan

    Mainstreaming Natural Capital Valuation
    • Akshay Mathur (Gateway House)
    • Purvaja Modak (Gateway House)
    • KN Vaidyanathan (Gateway House)
  • G20 Japan

    Mind the Gap: Making Basel Standards Work for Developing Countries
    • Thorsten Beck (Cass Business School)
    • Emily Jones (University of Oxford)
    • Peter Knaack (University of Oxford)
  • G20 Japan

    Central Banks and the G20 Agenda: Ensuring Policy Coherence
    • Alexander Barkawi (Council on Economic Policies)
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
  • G20 Japan

    Forming a G20 Fintech Association Forum to Broker International Partnerships Promoting Financial Inclusion in Developing and Emerging Economies
    • Shenglin Ben (Zhejiang University Center for Internet and Financial Innovation)
    • Edward Brient (Zhejiang University Center for Internet and Financial Innovation)
    • Krish Chetty (HSRC BRICS Research Centre)
    • Jaya Josie (HSRC BRICS Research Centre)
    • Kim Kariuki (Busara Center for Behavioral Economics)
    • Wenwei Li (Zhejiang University Center for Internet and Financial Innovation)
    • Man Luo (Zhejiang University Center for Internet and Financial Innovation)
    • Ephafarus Mashotola (HSRC BRICS Research Centre)
    • Babalwa Siswana (Human Sciences Research Council (HSRC))
    • Zheren Wang (Zhejiang University Center for Internet and Financial Innovation)
  • G20 Japan

    Review of Fintech Strategies for Financial Inclusion in Sub-Saharan Africa
    • Shenglin Ben (Zhejiang University Center for Internet and Financial Innovation)
    • Edward Brient (Zhejiang University Center for Internet and Financial Innovation)
    • Krish Chetty (HSRC BRICS Research Centre)
    • Chernay Johnson (Centre for Financial Regulation and Inclusion (Cenfri))
    • Jaya Josie (HSRC BRICS Research Centre)
    • Kim Kariuki (Busara Center for Behavioral Economics)
    • Wenwei Li (Zhejiang University Center for Internet and Financial Innovation)
    • Man Luo (Zhejiang University Center for Internet and Financial Innovation)
    • Ephafarus Mashotola (HSRC BRICS Research Centre)
    • David Saunders (Centre for Financial Regulation and Inclusion (Cenfri))
    • Babalwa Siswana (Human Sciences Research Council (HSRC))
    • Herman Smit (Centre for Financial Regulation and Inclusion (Cenfri))
    • Zheren Wang (Zhejiang University Center for Internet and Financial Innovation)
  • G20 Japan

    Designing a governance framework for the global financial systems – Regulations and Promotion
    • Naoyuki Iwashita (Kyoto University)
    • Yoshi Matsuda (PricewaterhouseCoopers (PwC))
  • G20 Japan

    Fintech and Distributed Ledger Technology: Issues and Challenges Beyond Cryptocurrency
    • Cyn-Young Park (Asian Development Bank (ADB))
    • Bo Zhao (Asian Development Bank (ADB))
  • G20 Japan

    Monetary Policy and Financial System Resilience
    • Claude Lopez (Milken Institute)
    • Franco Bruni (Italian Institute for International Political Studies (ISPI))
  • G20 Japan

    Regulation of Crypto-asset Exchanges and the Necessity of International Cooperation
    • Naoyuki Iwashita (Kyoto University)
  • G20 Argentina

    The Crypto-Assets Experience: Give Technology a Chance without Milking Users nor Investors (and Keep Close International Oversight on Potential Collateral Damage)
    • Claude Lopez (Milken Institute)
    • Susana Nudelsman (University of Buenos Aires, UBA)
    • Alfredo Gutierrez Girault (Consejo Argentino para las Relaciones Internacionales (CARI))
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
  • G20 Argentina

    How Do Countries Build Resilient Financial Structures in the Wake of Natural Disasters?
    • Amy Parks (PricewaterhouseCoopers (PwC))
    • Jessica Shannon (PricewaterhouseCoopers (PwC))
    • Joanna Robinson (PricewaterhouseCoopers (PwC))
    • Lina Karaoglanova (PricewaterhouseCoopers (PwC))
    • Tania Yue (PricewaterhouseCoopers (PwC))
    • Tapas Sanyal (PricewaterhouseCoopers (PwC))
  • G20 Argentina

    Strengthening the Global Financial Safety Net
    • Haihong Gao (Institute of World Economics and Politics at the Chinese Academy of Social Sciences)
    • Pavel Trunin (Gaidar Institute for Economic Policy)
    • Sergey Drobyshevsky (Gaidar Institute for Economic Policy)
  • T20 Co-Chair Brief

    G20 Argentina

    A global framework for tracing Beneficial Ownership
    • K N Vaidyanathan (Gateway House)
    • Akshay Mathur (Gateway House)
    • Purvaja Modak (Gateway House)
  • G20 Argentina

    Addressing Excessive Risk-Taking in the Financial Sector: A Corporate Governance Approach
    • Maziar Peihani (Centre for International Governance Innovation (CIGI))
    • Steven L. Schwarcz (Centre for International Governance Innovation (CIGI))
  • G20 Argentina

    Creating Credit from De Facto Collateral Rights
    • Steven L. Schwarcz (Centre for International Governance Innovation (CIGI))
  • T20 Co-Chair Brief

    G20 Argentina

    Scaling Development Finance for Our Common Future
    • Danny Bradlow (University of Pretoria)
    • Kevin P. Gallagher (Boston University)
    • Leandro A. Serino (T20 Argentina)
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
  • T20 Co-Chair Brief

    G20 Argentina

    Global Monetary Policy Coordination Meetings
    • Antonio Villafranca (Italian Institute for International Political Studies (ISPI))
    • Franco Bruni (Italian Institute for International Political Studies (ISPI))
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
  • G20 Germany

    Raising Potential Global Economic Growth
    • Yuyan Zhang (International Centre for Trade and Sustainable Development (ICTSD))
  • G20 Germany

    Reducing the Possibility and Destructiveness of Debt Crises
    • Yuyan Zhang (International Centre for Trade and Sustainable Development (ICTSD))
  • G20 Germany

    Implementing Negative Interest Rates
    • Leon Berkelmans (Lowy Institute)
  • G20 Germany

    The Impact of Inward Foreign Direct Investment on Capital Accumulation: Policy Recommendations for the G20
    • Alessia A. Amighini (Italian Institute for International Political Studies (ISPI))
  • G20 Governments Need to Do More to Support Aggregate Demand
    • Tristram Sainsbury (Lowy Institute)
  • T20 Co-Chair Brief

    Resilience and Inclusive Growth
    • Chris Loewald (South African Reserve Bank)
    • Kazumasa Iwata (Japan Center for Economic Research)
    • Sébastien Jean (CEPII)
    • Christian Kastrop (BertelsmannStiftung)
    • Nicolas Véron (The Peterson Institute for International Economics)
  • Enabling the wisdom of the crowd: Transparency in peer-to-peer finance
    • Michael Koetter (Halle Institute for Economic Research (IWH) – Member of the Leibniz Association)
    • Oliver Rehbein (Halle Institute for Economic Research (IWH) – Member of the Leibniz Association)
  • T20 Co-Chair Brief

    Financial resilience revisited: Why consistency in regulation is now paramount – across sectors and regions, and over time
    • Franklin Allen (Imperial College London)
    • Jan Pieter Krahnen (Research Center „Sustainable Architecture for Finance in Europe“ (SAFE))
    • Hélène Rey (London Business School)
  • Broadening the G20 financial inclusion agenda to promote financial stability: The role for regional banking networks
    • Matias Ossandon Busch (Halle Institute for Economic Research (IWH) – Member of the Leibniz Association)
  • Transposition frictions, Banking Union, and integrated financial markets in Europe
    • Michael Koetter (Halle Institute for Economic Research (IWH) – Member of the Leibniz Association)
    • Thomas Krause (Halle Institute for Economic Research (IWH) – Member of the Leibniz Association)
    • Lena Tonzer (Halle Institute for Economic Research (IWH) – Member of the Leibniz Association)
  • G20 Germany

    Toward A Global Norm Against Manipulating the Integrity of Financial Data
    • Tim Maurer (Carnegie Endowment for International Peace)
    • Steven Nyikos (Carnegie Endowment for International Peace)
  • G20 Germany

    Beyond financial regulation: the need for a broader and more coordinated capital flow management strategy
    • Alfredo Gutierrez Girault (Consejo Argentino para las Relaciones Internacionales (CARI))
    • Dongming Liu (Institute of World Economics and Politics at the Chinese Academy of Social Sciences)
    • Miguel Otero-Iglesias (Elcano Royal Institute)
    • Fabrizio Saccomanni (International Affairs Institute – IAI, Italy)
    • Aarsi Sagar (Indian Council for Research on International Economic Relations (ICRIER))
    • José Siaba Serrate (Consejo Argentino para las Relaciones Internacionales (CARI))
  • Global Solutions Journal G20/T20 Italy 2021 Edition

    The Global Solutions Journal G20/T20 Italy 2021 Edition focuses on Italy’s G20 priorities, overcoming the challenges of the COVID-19 pandemic, Digital Governance and New Measurement. 

    Authors from various sectors – politics, research, academia, business, and civil society – have contributed to this multifaceted edition. 

  • S20 Saudi Arabia Communique

    S20 Saudi Arabia 2020: Read the Communique here.

  • B20 Summary of Recommendations

    B20 Summary of Recommendations: Realizing Opportunities of the 21st Century for all: Transforming for inclusive Growth

    Read more.

  • Final Report by the United Nations Secretary-General’s Task Force on Digital Financing of the Sustainable Development Goals

    Read the full report: People’s Money: Harnessing Digitalization to Finance a Sustainable Future.

  • G20 International Financial Institution Reform Commitments and Compliance

    This research report systemically analyses the G20 Research Group’s database on G20 commitments and compliance on IFI reform, covering the first G20 summit in 2008 through to its 11th in 2016. During this time, the G20 made 120 politically binding, collective, future-oriented commitments on IFI reform in the collective documents it issued at each summit in the leaders’ name.

    Research Report: G20 International Financial Institution Reform Commitments and Compliance; by Brittaney Warren

  • The Threat To Global Banking Standards

    The 2008 financial crisis gave a big boost to the global standard-setters. But there are now dangerous signs that the commitment to strengthening global standards – indeed, to any common standards at all – may be on the wane.

    The Threat To Global Banking Standards; by Howard Davies

  • COVID-19 and Global Capital Flows

    The COVID-19 crisis has triggered major disruptions for exchange rates and global capital flows.•Cross-border portfolio investment stopped in many emerging markets as well as in some advanced economies in March 2020.•Countries have not had to resort to capital controls. To support foreign currency liquidity, several emerging markets have intervened inthe foreign exchange market and relaxed rules on capital inflows.

    Read more.
  • EU solidarity in exceptional times: Corona transfers instead of Coronabonds

    The countries hit hardest by the COVID-19 crisis already have too much debt. Lending from the European Stability Mechanism or via Coronabonds would add to that debt, potentially making it unsustainable. This column suggests that European solidarity should take the form of transfers, not credit. A substantial transfer could be organised via the EU budget simply by exempting the weakest countries from their contributions to the EU budget for the duration of the programming period 2012-2027.

    EU Solidarity in Exceptional Times: Corona Transfers instead of Coronabonds

    By Daniel Gros (CEPS)

     

  • The Helicopters Are Coming

    With the economic situation in many advanced economies rapidly deteriorating, policymakers are rolling out unprecedented stimulus programs, setting the stage for what amounts to a massive experiment with hitherto unorthodox Modern Monetary Theory. Today’s extraordinary problems, it would seem, require extraordinary solutions.

    The Helicopters Are Coming

    By Willem H. Buiter (Columbia University)

  • This is what the economic fallout from coronavirus could look like

    The shock to the global economy from COVID-19 has been both faster and more severe than the 2008 global financial crisis (GFC) and even the Great Depression. In those two previous episodes, stock markets collapsed by 50% or more, credit markets froze up, massive bankruptcies followed, unemployment rates soared above 10%, and GDP contracted at an annualized rate of 10% or more. But all of this took around three years to play out. In the current crisis, similarly dire macroeconomic and financial outcomes have materialized in three weeks.

    This is what the economic fallout from coronavirus could look like

    By Nouriel Roubini (Stern School of Business)

  • The Greater Trade Collapse of 2020: Learnings from the 2008-09 Great Trade Collapse

    World trade experienced a sudden, severe, and synchronised collapse in 2008 – the steepest drop in recorded history, and the deepest fall since the Great Depression. This column argues that 2020 will show a trade collapse that is far larger since the ‘COVID concussion’ is both a demand shock and a supply shock while the 2008-09 collapse was driven mostly by a demand shock. Key learnings from the last Great Trade Collapse are highlighted.

    The Greater Trade Collapse of 2020: Learnings from the 2008-09 Great Trade Collapse

    By Richard Baldwin (Graduate Institute Geneva)

  • Will COVID-19 Remake the World?

    No one should expect the pandemic to alter – much less reverse – tendencies that were evident before the crisis. Neoliberalism will continue its slow death, populist autocrats will become even more authoritarian, and the left will continue to struggle to devise a program that appeals to a majority of voters.

    Will COVID-19 Remake the World?

    By Dani Rodrik (Harvard University – Kennedy School of Government)

  • The fiscal response to the economic fallout from the coronavirus

    The various lock-down measures in response to coronavirus have halted economic activity in certain sectors and harshly disrupted others. The resulting job losses and bankruptcies are likely to create major economic strains for millions in Europe and worldwide.

    In the euro area, the European Central Bank has reacted with strong monetary policy and supervisory measures announced on 12 and 18 March 2020. Governments throughout the European Union have started to announce and implement various fiscal measures to contain the economic fallout. European state aid rules and fiscal rules have been suspended.

    In this dataset we summarise and compare the discretionary fiscal responses of EU countries, the United Kingdom and the United States. We consider only adopted measures. Other measures under discussion will be added to our comparison when adopted.

    The fiscal response to the economic fallout from the coronavirus

    By Julia Anderson, Enrico Bergamini, Sybrand Brekelmans, Aliénor Cameron, Zsolt Darvas, Marta Domínguez Jíménez (Bruegel)

  • Supply and Demand Shocks in the COVID-19 Pandemic: An Industry and Occupation Perspective

    We provide quantitative predictions of first-order supply and demand shocks for the US economy associated with the COVID-19 pandemic at the level of individual occupations and industries. To analyze the supply shock, we classify industries as essential or non-essential and construct a Remote Labor Index, which measures the ability of different occupations to work from home. Demand shocks are based on a study of the likely effect of a severe influenza epidemic developed by the US Congressional Budget Office. Compared to the pre-COVID period, these shocks would threaten around 22% of the US economy’s GDP, jeopardise 24% of jobs and reduce total wage income by 17%. At the industry level, sectors such as transport are likely to have output constrained by demand shocks, while sectors relating to manufacturing, mining and services are more likely to be constrained by supply shocks. Entertainment, restaurants and tourism face large supply and demand shocks. At the occupation level, we show that high-wage occupations are relatively immune from adverse supply and demand side shocks, while low-wage occupations are much more vulnerable. We should emphasize that our results are only first-order shocks – we expect them to be substantially amplified by feedback effects in the production network.

    Supply and Demand Shocks in the COVID-19 Pandemic: An Industry and Occupation Perspective

    By Anton Pichler, François Lafond, J. Doyne Farmer, R. Maria del Rio-Chanona, Penny Mealy (University of Oxford – Institute for New Economic Thinking)

  • A Coordinated, Unlimited and Flexible Insurance Policy to Respond to the Pandemic

    The COVID-19 global pandemic has the potential to trigger a systemic economic crisis. A coordinated and rapid International (and European) response is essential. This analysis details the economic policy objectives that should form part of the response and its toolkit in the areas of monetary, fiscal and trade policy. Governments must be on the front line of this economic battle, working in close alignment with the steps taken by the health system to fight the pandemic, providing a coordinated, unlimited and flexible insurance policy to minimise the economic impact.

    A Coordinated, Unlimited and Flexible Insurance Policy to Respond to the Pandemic

    By Gonzalo García-Andrés (Elcano Royal Institute)

In The Spotlight

Top 20 Synthesis Recommendations: Expert brief highlights major policy proposals generated by G20 Engagement Groups

In advance of the G20 Leaders’ Summit on November 21st and 22nd 2020, a recent brief published by the G20 Research Group in cooperation with the Global Solutions Initiative highlights the 20 major policy proposals by the formal G20 Engagement Groups. An […]


Revisiting Digital Governance

The digital sphere of today is associated with various problems that ultimately threaten our economic systems, democratic processes and cohesion of societies. Revisiting Digital Governance, a working paper first published in the Social Macroeconomics Working Paper Series of the Blavatnik School of […]


Global Solutions Journal G20/T20 Italy 2021 Edition

Out Now: The Global Solutions Journal G20/T20 Italy 2021 Edition focuses on Italy’s G20 priorities, overcoming the challenges of the COVID-19 pandemic, Digital Governance and New Measurement.  Authors from various sectors – politics, research, academia, business, and civil society – have contributed to this multifaceted edition. 


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