The G20: from Seoul to Paris and beyond
1
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
This paper reviews what has been done and what should be done at the G20Summit meetings and suggests key agendas to be focused on beyond the Seoul Summit so that the G20 can genuinely become the premier forum for international economic cooperation. First, the G20 leaders must address the problem of global imbalances even though it is very sensitive and politically difficult. But naming and shaming must be avoided and more balanced and comprehensive discussions will be needed. Second, regarding financial reforms, the G20 Summit should focus more on follow-up agendas than on new ones and derive comprehensive action plans that include country-specific commitments. Third, besides the quota reform already achieved, the G20 leaders must conclude further issues of IMF governance reforms by agreeing on details. Fourth, discussions and suggested ideas up to now on global safety nets are insufficient to tackle the intrinsic problem of capital flow volatility. The G20 Summit should be committed to reducing volatile movement of international capital by introducing direct and pre-emptive measures. Fifth, the G20 needs to show some progress to break the current impasse of trade negotiations so that its credibility can be greatly enhanced. Sixth, the G20 leaders must recognize that for the success of the development agenda, the multi-year action plans endorsed at the Seoul Summit should further and continuously be carried on at the G20 Cannes Summit in 2011 and the Mexico Summit in 2012. Last but not least, to overcome those challenges regarding legitimacy issues, characteristics issues, institutionalization issues,and relationships with international organizations and successfully achieve its ultimate goal, the G20 must establish an effective implementation mechanism.
Abstract
This paper reviews what has been done and what should be done at the G20Summit meetings and suggests key agendas to be focused on beyond the Seoul Summit so that the G20 can genuinely become the premier forum for international economic cooperation. First, the G20 leaders must address the problem of global imbalances even though it is very sensitive and politically difficult. But naming and shaming must be avoided and more balanced and comprehensive discussions will be needed. Second, regarding financial reforms, the G20 Summit should focus more on follow-up agendas than on new ones and derive comprehensive action plans that include country-specific commitments. Third, besides the quota reform already achieved, the G20 leaders must conclude further issues of IMF governance reforms by agreeing on details. Fourth, discussions and suggested ideas up to now on global safety nets are insufficient to tackle the intrinsic problem of capital flow volatility. The G20 Summit should be committed to reducing volatile movement of international capital by introducing direct and pre-emptive measures. Fifth, the G20 needs to show some progress to break the current impasse of trade negotiations so that its credibility can be greatly enhanced. Sixth, the G20 leaders must recognize that for the success of the development agenda, the multi-year action plans endorsed at the Seoul Summit should further and continuously be carried on at the G20 Cannes Summit in 2011 and the Mexico Summit in 2012. Last but not least, to overcome those challenges regarding legitimacy issues, characteristics issues, institutionalization issues,and relationships with international organizations and successfully achieve its ultimate goal, the G20 must establish an effective implementation mechanism.
참고문헌 (43)
- Bernanke,Ben, "The Global Saving Glut and the U.S.Current Account Deficit", the Sandridge Lecture,Virginia Association of Economics, ~ (2005)
- BIS, "Group of Governors and Heads of Supervision Announces Higher Global Minimum Capital Standards", BIS Press Release, ~ (2010)
- Assessing the G20 Use of Antidumping, Safeguards and Countervailing Duties During the 2008‐2009 Crisis, in Unequal Compliance, "Bown,C", GTA, ~ (2010)
- "Is the G‐20 Summit a Step Toward a New Global Economic Order" (2009)[URL]
- The Fundamental Principles of Financial Regulation, "Brunnermeier,M", ~, pp.Geneva Reports on the World Economy No.11 (2009)
- "Canada‐Korea High Level G20 Seminar" (2010)
- Darvas,Z, "Future Development of Global Imbalance", European Parliament,IP, ECON, pp.FWC, 2000_040_C1[DOI]
- Dervis,Kemal, "Asia and Policymaking for the Global Economy" (2010), Brookings Institution
- Economist, "Tightening economic policy:Withdrawing the Drugs", ~ (2010)
- Economist, "Time for Plan B", ~ (2011)
- Exchange Rates and Financial Fragility, "Eichengreen,Barry", NBER, ~, pp.Working Paper No.7418 (1999)
- Self‐Protection for Emerging Market Economics, "Feldstein,Martin", NBER, ~, pp.Working Paper No.6907 (1999)
- G20, "Declaration of Summit on Financial Markets and the World Economy", ~ (2008)
- G20, "Final Communique:The London Summit Declaration", ~ (2009)
- G20, "Leaders’ Statement:The Pittsburgh Summit", ~ (2009)
- G20, "The G‐20 Toronto Summit Declaration", ~ (2010)
- "Seoul Summit,Homepage" (2010)[URL]
- G20, "The G20 Seoul Summit Leaders’ Declaration", ~ (2011)
- G20, "The G20 Seoul Summit Document", ~ (2011)
- Gallagher,P, "G20 Surveillance of Harmful Trade Measures, In The Collapse of Global Trade, Murky Protectionsim, and the Crisis: Recommendations for the G20" (2009)
- "A G‐20 Caucus for East Asia.Sydney:Lowy Institute for International Policy" (2009)[URL]
- G‐20 Protection in the Wake of the Great Recession, "Hufbauer,G", ICC, ~ (2010)
- IMF, "The Perimeter of Financial Regulation", IMF Staff Position Note SPN, 07, pp.2009, ~
- Global Financial Stability Report, "IMF", ~ (2010)
- Kharas,Homi, "Passing the Development Football from the G8 to the G20", Brookings Institution, ~ (2010)
- Kim,In June, "A Way To Overcome the Global Financial Crisis" (2009), JoongAng Books
- Kim,In June, "Global Financial Crisis and East Asian Monetary Cooperation Revisited", Toyo Keizai, Frontiers in Modern Economics, ~ (2010)
- Kim,Sungmin, "International Financial Regulation and Reform", Canada‐Korea High‐Level G20 Seminar (2010)
- Kodres,Laura, "Redesigning the Contours of the Future Financial System", The KDI, 2010, ~
- "Korea Financial Supervisory Service,Homepage"[URL]
- Lim,Wonhyuk, "Development Agenda for the G20", The Korea‐Canada‐France G20 Seminar (2010)
- "The G‐20 and International Economic Cooperation:Background and Implications for Congress.Congressional Research Service Report R40977" (2009)[URL]
- "A Development Charter for the G‐20" (2009)[URL]
- Packard,Tu, "Rebalancing global Growth", Korea Herald, ~ (2010)
- Rogoff,Kenneth, "G20 Needs to Reform global Governance", Korea Herald, ~ (2010)
- Schott,J, "A Trade Agenda for the G‐20", PIIE Policy Brief No.PB10‐11, ~ (2010)
- Thiessen,Gordon, "International Financial Regulation and Reform", Canada‐Korea High‐Level G20 Seminar (2010)
- Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System, "U.N", ~ (2009)
- Yu,Yongding, "G‐20 and China:A Chinese Perspective", China and World Economy, 13(1), pp.3~14 (2005)
- World Bank, "G20 and Global Development", ~ (2010)
- Monitoring Report, "WTO", ~ (2010)
- WTO, "Recovery at the Crossroads: Role and Implications for Developing Countries", a background paper prepared by staff of the World Bank Group for the G20 Summit in Toronto, ~ (2010)