BRICS, G20 and global economic governance reform

2021 ◽  
pp. 019251212110351 ◽  
Author(s):  
Marina Larionova ◽  
Andrey Shelepov
Keyword(s):  
Financial Regulation ◽  
Developing Economies ◽  
Economic Governance ◽  
Governance Reform ◽  
Financial Cooperation ◽  
Brics Countries ◽  
International Financial Architecture ◽  
The Stability ◽  
Stability And Resilience ◽  
Global Economic Governance

The article reviews cooperation between the BRICS countries (Brazil, Russia, India, China and South Africa) and their collective efforts to promote reform of international financial institutions, shape global financial regulation and improve financial cooperation. The authors focus on the BRICS–G20 engagement for global economic governance reform. To assess the progress so far, the study employs original quantitative data on the BRICS and G20 commitments and compliance, and qualitative analysis of the BRICS and G20 discourse and the transformation of the international economic architecture. The results suggest that, contrary to the common perception of the BRICS as a challenger of the traditional western-dominated international monetary and financial system, it acts in a cooperative manner, seeking to make the international financial architecture and global regulation more representative and responsive to emerging markets and developing economies needs, and strengthen the stability and resilience of international and domestic financial markets.

scholarly journals Political Opportunities and China’s Proposing Behavior in the G20

2019 ◽  
Vol 01 (01) ◽  
pp. 1850002
Author(s):  
Hongsong Liu
Keyword(s):  
Financial Regulation ◽  
The Political ◽  
Economic Governance ◽  
Collective Actions ◽  
Political Opportunity ◽  
Policy Initiatives ◽  
Political Opportunities ◽  
Political Consensus ◽  
Global Economic Governance

In global economic governance, political consensus reached by the G20 members plays an important role of defining governance ideas and governance directions as well as steering and boosting collective actions. Political opportunities are essential for the G20 members’ successful efforts to place their preferences into the political consensus of G20. This paper analyzes how the G20 members place their preferences into the political consensus of G20 through the lens of political opportunity, and provides a relatively detailed demonstration on China’s practice of proposing policy initiatives and placing its preferences into the political consensus of G20 by examining the cases of International Monetary Fund (IMF) quota reform and international financial regulation reform.

scholarly journals Twenty years of the G20: Has it changed global economic governance?

2019 ◽  
Vol 5 (4) ◽  
pp. 412-440
Author(s):  
Suman Bery ◽  
Filippo Biondi ◽  
Sybrand Brekelmans
Keyword(s):  
Emerging Economies ◽  
Developing Economies ◽  
Policy Coordination ◽  
Diverse Group ◽  
Economic Governance ◽  
Macroeconomic Policies ◽  
Cross Border ◽  
Retrospective Assessment ◽  
Financial Governance ◽  
Global Economic Governance

The G20 has become the preeminent forum for international economic coordination. Twenty years after its creation, the paper reviews its performance with respect to the coordination of macroeconomic policies. The retrospective assessment focuses on two main questions: (i) Have the G20 summits succeeded in promoting macroeconomic policies with positive cross-border consequences, while preventing the opposite? (ii) To what extent has expanding the G7 to a diverse group of emerging and developing economies significantly changed the discourse and affected substantive outcomes? We argue that the G20 played a key role during the crisis of 2008, but policy coordination has been problematic since. Our review suggests that the G20 Presidencies of the emerging economies have made considerable efforts to shape the agenda toward issues of their interest, but have not always prevailed, notably on issues of global financial governance.

scholarly journals The European Union, its Economic and Monetary Union, and the (Apparent) Perception of Crisis Reflected in Immediate Regulatory Actions

2020 ◽  
Vol 9 (2) ◽  
pp. 147-168
Author(s):  
Artur Nowak-Far
Keyword(s):  
Institutional Setting ◽  
Economic And Monetary Union ◽  
Economic Governance ◽  
The European Union ◽  
Governance Reform ◽  
Eurozone Crisis ◽  
Reform Agenda ◽  
Eu Member States ◽  
The Stability ◽  
The Eu

While neither its institutional, nor legal arrangements fundamentally contributed to the emergence of the Eurozone crisis in the late 10’s of the 21st Century, the crisis exposed significant weaknesses of the EU economic governance, especially its inability to achieve a sustainable level of budgetary discipline. The crisis in particular highlighted the existing divisions of the EU Member States into different integration groups having divergent interests. Notably, it sharpened the division between the Eurozone states and non-Eurozone ones, as well as between the creditor-countries and debtor-countries. The EMU reform agenda adopted after 2008 gave more weighting to the interests of the former states. The emerging post-2008 economic governance-reform arrangements also gave more weight to the ECOFIN Council, at an expense of the European Commission. In the resulting institutional setting, the main aim of the EMU reform agenda was to assure the stability of the Eurozone and to reinforce its resistance to economic shocks. In this context, however, benefits arising from the reformed EMU are unevenly distributed, as they are more likely to avail the Eurozone countries than non- Eurozone countries, and more the creditor countries than the debtor ones.

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