Intro; Foreword; Contents; About the Editors; 1 Introduction; 1 Salient Achievements Since the Global Financial Crisis; References; Global Financial Architecture and Regulatory Practices; 2 Emerging Markets Perspectives on G-20 Led Financial Reforms; 1 Introduction; 2 Reform Successes; 2.1 Stronger and More Robust Banks; 2.2 Safer Derivative Markets; 2.3 Transformation of Shadow Banking into Market-Based Finance; 2.4 Adherence to International Financial Standards and Other Reforms; 3 Key Challenges and Impact Assessment; 3.1 Assessment of Risks; 4 The Emerging Market Perspective
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3.5 Accelerated Convergence During the Boom3.6 The Post Crisis Divergence; 3.7 Factors Underlying the Slow Recovery; 3.8 The Decline in Trade; 3.9 The Unwinding of Global Imbalances?; 3.10 Flattening in FX Reserve Accumulation in EMDEs; 4 Adjustment in Financial Markets; 4.1 The Rapid Rebound in Financial Markets and Central Bank Balance Sheets; 4.2 Post Crisis Decline in the Growth of Financial Assets; 4.3 The Shift Away from Riskier Assets; 4.4 The Rise and Rise of Shadow Banks; 4.5 Shifts in the Geographical Distribution and Composition of Financial Assets
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4.1 Sources of Negative Spillovers to EMs4.2 Regulation of Foreign Portfolio Flows in EMs; 4.3 Risks and EM's Resilience: Global Liquidity Tightening; 4.4 Country Experiences; 5 Conclusion; References; 3 The Global Economy and Financial Markets 10 Years After the Global Financial Crisis; 1 The Evolution of Macroeconomic Policies; 2 The Global Financial Crisis and the Policy Response; 3 Adjustment in Economic Growth; 3.1 The Recovery in Advanced Economies; 3.2 Hysteresis and Secular Stagnation; 3.3 Macroeconomic Stimulus Still Not Withdrawn; 3.4 Long Term Income Convergence
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4.2 Unilateral Tariffs Under Section 3014.3 China's Status as a Market Economy; 5 Crisis Over the Appellate Body of the WTO; 6 Conclusions; References; 5 Trade, Investment, and the Multilateral Trading System; 1 Introduction; 2 Trade in Goods, Services and Investment-How Are They Linked?; 3 Trade Agreements and Investment Treaties-Building or Stumbling Blocks to Multilateralism?; 4 Concluding Remarks-Recent Episodes of Trade Wars and the Future of Multilateralism; References; Future of Work; 6 Technological Change and the Future of Work-Some Issues from a Developing Country Perspective
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4.6 Compounding the Too Big To Fail Problem4.7 The Rise and Rise of Leverage; 4.8 Reform of Financial Regulation; 5 Concluding Remarks: Prospects and Risks Going Forward; References; Trade, Investment and the Multilateral Process; 4 Where Is US Trade Policy Headed Under the Trump Administration?; 1 Introduction; 2 Bilateralism Gains Ascendency; 3 Unilateral Action to Raise Tariffs; 3.1 Tariffs on Steel and Aluminium; 3.2 Investigation for Imposing Tariffs on Automobiles and Auto Products; 4 Dealing with China; 4.1 Trilateral Co-operation to Curb Non-market Oriented Policies and Practices
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SUMMARY OR ABSTRACT
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The book discusses contemporary issues such as global financial architecture and regulatory practices, trade, investment and the multilateral process, the future of work, the role of technology for adaptation and mitigation of climate change, and financing infrastructure for sustainable development. With increasing global connectivity, events in one part of the world immediately affect or spread to the other parts. In this context, G20 has proved to be an effective forum, particularly after the Asian financial crises. Furthermore, over recent decades, G20 has been instrumental in managing financial crises and international conflicts by deploying global cooperation as a functional tool. As a body responding to crises, the G20 has played a central role in providing the political momentum for the strong international cooperation that ensured greater policy coherence and helped ease situations that could otherwise have been decidedly worse. The G20's agendas have encompassed short-term but critical issues of economic recovery, the sovereign crisis of Europe, high unemployment and financial sector regulation. But since moderate stabilization in the global economic environment, the focus of the group has also embraced long-term areas of governance and development. For emerging economies, such as India, the G20 has been an important platform framework to promote an inclusive global economic architecture that seeks to achieve equitable outcomes. This book reviews the past 20 years of the G20, since it was conceptualized as a replacement for the G-7. While issues such as global financial order have been a constant area of discussion, one of the failures has been not recognizing and acknowledging the importance of issues like trade, climate change and future of work. Featuring academic papers by experts in the area, this book provides a platform for the necessary discourse on these issues.