By Tim Hirschel-Burns After several years characterized by a pandemic, multiple wars and mounting climate impacts that jolted the global order, 2023 was the year when calls for international financial architecture reform went mainstream. The World Bank entered evolution mode, the United Nations (UN) Secretary General called for “a new Bretton Woods moment,” and the […]
By Laurissa Mühlich, Barbara Fritz and William N. Kring Reform of the international financial architecture has become a pivotal issue, particularly for emerging market and developing economies (EMDEs) facing pressures from all sides: high interest rates, an increasing cost of capital, growing sovereign debt burdens, rising geopolitical tensions and climate shocks. The Global Financial Safety […]
By Tim Hirschel-Burns With the 28th United Nations Climate Change Conference (COP28) in Dubai underway, countries are yet to resolve major questions on closing the gap on both climate finance and ambition. Most notably, last year’s key decision to establish a loss and damage fund, has long been mired in debate. Although the fund has now […]
Since the 1997 Asian Financial Crisis, East Asia has gone from having virtually no regional financial cooperation to having multiple cooperative arrangements. In preparing for a future crisis, how would emergency mechanisms function to prevent and manage currency crises in East Asia? A new journal article in International Relations of the Asia-Pacific from William Grimes, […]
By Mridhu Khanna On November 9, 2023, the Boston University Global Development Policy Center (GDP Center) hosted Eric Helleiner, Professor of Political Science at the University of Waterloo, for the final installment of the Fall 2023 Global Economic Governance Initiative Book Talk Series. Helleiner spoke to the Boston University community about his latest book, The […]
By Tim Hirschel-Burns On December 1, 2023, Brazil took over the presidency of the Group of 20 (G20) from India (the recent addition of the African Union as a permanent member means the forum has 21 members, but for now it’s still being called the G20). Brazil’s presidency—its first time heading the organization—will include over […]
The Global Financial Safety Net (GFSN) has been dramatically reshaped since 2000. While the International Monetary Fund (IMF) is still the world’s largest and most capable provider of emergency liquidity, as well as the only one that operates at a global level, it is now flanked by multiple regional financial arrangements (RFAs) whose combined lending […]
The rapid growth in stablecoin issuance and the recent testing of stablecoins’ par settlement promises has provoked a flurry of papers proposing various forms of regulation and alternatives, from various vantage points. However, how do stablecoins hold up from the vantage point of the money view, which focuses attention on the mechanism of settlement and […]
By Rishikesh Ram Bhandary As delegates gather in Dubai for the 28th United Nations Climate Change Conference (COP28), climate finance is expected to dominate the agenda. While the $100 billion goal is likely to be met this year (though, at least two years behind schedule), climate finance needs remain tremendous. Estimates show that emerging markets […]
Climate vulnerable countries, such as those in Latin America and the Caribbean, are currently locked in a cycle of debt and climate: extreme weather events are driving up debt burdens, shrinking already-limited fiscal space and leading to higher costs of capital. Governments are left unable to adequately invest in adaptation measures or meet nationally determined […]