Global Financial Governance Confronts the Rising Powers addresses the challenge that the rising powers pose for global governance, substantively and institutionally, in the domain of financial and macroeconomic cooperation. It examines the issues that are before the G20 that are of particular concern to these newly influential countries and how international financial institutions and financial standard-setting bodies have responded. With authors who are mainly from the large emerging market countries, the book presents rising power perspectives on financial policies and governance that should be of keen interest to advanced countries, established and evolving institutions, and the G20.

Since 2007 the world has lurched from one crisis to another. The collapse of our global financial system, growing global economic imbalances, the crisis of the Eurozone, the proliferation of nuclear weapons and the mounting signs of climate change have led to a build up of risks that could well provoke a more general crisis in our system of governance if it cannot be made fairer, more effective and accountable. In this book, nine leading academics explore the mounting economic and political fault lines that are producing multiple sources of pressure on global institutions. They examine the ways in which these institutions are currently attempting to manage these pressures, and their shortcomings and failures. The authors offer a fresh look at one of the most important issues confronting the world today and suggest strategies for adapting current institutions to better manage our mutual interdependence in the future. Contributors include Ha–Joon Chang, Benjamin Cohen, Michael Cox, David Held, George Magnus, Charles Roger, Robert Skidelsky, Robert Wade, Martin Wolf and Kevin Young.

This book reinforces the need to understand the sources of global change that is taking place and to accommodate it in the world political, social, and economic systems. Linking the United States, China, India, and Russia along with Europe and the Middle East, the author addresses demographics, international trade, technology, and climate change as global challenges that require cooperation in order to be solved. Both academics and policymakers will be enlightened, discovering ways of addressing global change by working together rather than through confrontation.

Shows how the politics of banking crises has been transformed by the growing 'great expectations' among middle class voters that governments should protect their wealth.

Global Financial Networked Governance provides a careful analysis of the Financial Stability Board (FSB) and the standard-setters under its umbrella to show how such government networks harness the power of public reputation to herd their members into compliance. The FSB’s track record in coordinating global financial regulatory reform is uneven. Some items on its agenda have seen the rapid evolution of globally coordinated regulatory standards and their implementation by all member states, sometimes even ahead of the stipulated timelines. In contrast, other initiatives have stalled at different stages of the policymaking process, global coordination is lacking, deadlines have been missed, and it is currently unclear when the post-crisis financial reform project will come to completion, if ever. In this book, the author asks the question: why has the FSB succeeded in some areas of its global financial regulatory coordination work and not in others? The book traces the global policymaking process in three major issue areas: banking regulation (Basel III), over-the-counter (OTC) derivatives, and ending too-big-to-fail. Through a combination of careful process tracing and rigorous testing against alternative explanations, it challenges the existing literature by revealing that the institutional pathway of policymaking is the main predictor of FSB progress. It shows that government networks on their own have succeeded in implementing globally coherent safety standards. In contrast, legislation and legislators in key G20 countries have limited the power and effectiveness of the FSB. The author analyzes the causes and effects of this phenomenon and suggests a novel institutional solution to the effectiveness-legitimacy dilemma that global governance forums face, combining the advantages of functional specialization and electoral accountability. This book will be of great interest to graduate students; academics working at the intersection of economics, political science, and international law; students of the FSB in particular; and policymakers in global economic governance.

A Brookings Institution Press and Centre for International Governance Innovation publication The global order is shifting. Even though no major war has intervened to reshape the architecture of the international order, the global financial crisis has accentuated the emergence of an enlarged global leadership. It is clear that change is afoot. The United States may be hanging on as the world's leading power, as the European Union remains an independent force in global politics, but a host of rising states—including China, India, and Brazil—clamor to be heard and take on bigger roles in world forums. Rising States, Rising Institutions features a panel of distinguished scholars who examine the forces at work: Gregory Chin (York University), Daniel W. Drezner(Tufts University), Thomas Hale (Princeton University), Andrew Hurrell (Oxford University), G. John Ikenberry (Princeton University), John Kirton (University of Toronto), Flynt Leverett (New America Foundation), Steven E. Miller (Harvard University), Andrew Moravcsik (Princeton University), Amrita Narlikar (Cambridge University), and Anne-Marie Slaughter (U.S. State Department). Together they analyze different models of international cooperation, the states that have most actively challenged the existing order, and leading and emergent international institutions such as the G-20, the nascent regime for sovereign wealth funds, the International Atomic Energy Agency, and the entities organized to foster cooperation in the war on terror.

This collection gathers experts from Africa, North America, Asia and Europe to examine international policy responses to the 2008 global financial crisis. In doing so they reveal the implications for international cooperation, coordination and institutional change in global economic governance, and identify ways to reform and even replace the architecture created in the mid 20th century in order to meet the global challenges of the 21st.