By Akanksha Goyal The Think20 (T20) is an engagement group of the Group of 20 (G20) that seeks to convene think tanks and research centers from G20 members, guest countries and organizations in order to provide evidence-based research to support policymaker decisions in the G20. As a busy fall policy season kicks off this month […]
The global financial system has been facing a series of challenges, including high levels of indebtedness, climate shocks, inflation and higher-for-longer interest rates. Many in response have called for the international financial architecture to ensure a more equitable and resilient Global Financial Safety Net (GFSN), or the set of institutions tasked with providing emergency liquidity […]
July 2024 marks the 80th anniversary of the Bretton Woods Agreement that established the post-World War II multilateral economic order, including the International Monetary Fund (IMF), the precursor to the World Bank, and early global trade governance systems that provided the structure and form of the World Trade Organization (WTO), established in 1995. A new […]
Ahead of the 80th anniversary of the Bretton Woods Conference, the following institutions have prepared this statement: Institute for Economic Justice (South Africa), Centre for Social and Economic Progress (India), Centre for Sustainable Finance at SOAS, University of London (UK), BRICS Policy Center (Brazil), Boston University Global Development Policy Center (USA) and Heinrich Böll Foundation (Germany). […]
In the aftermath of World War II, the meeting at Bretton Woods led to the creation of multilateral institutions with the purpose of promoting international economic cooperation. The World Bank and the International Monetary Fund (IMF) were part of this effort. As the global financial system changed, the IMF and the World Bank adapted to […]
By Tim Hirschel-Burns On Tuesday, December 12th, the Boston University Global Development Policy Center (GDP Center) hosted a webinar titled, “A Crisis of Confidence? Reestablishing the Legitimacy of the International Monetary Fund and the Global Financial Safety Net.” The discussion covered quota reform at the International Monetary Fund (IMF), the newly updated Global Financial Safety […]
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 […]
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, […]
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 […]
To mark the tenth anniversary of China’s historic Belt and Road Initiative (BRI), the third Belt and Road Forum for International Cooperation (BRF) will be held in Beijing in mid-October, with several international leaders scheduled to attend. The BRI is an ambitious global infrastructure platform to expand connectivity, economic integration, growth and cooperation across the […]