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Views from the Center

CGD experts offer ideas and analysis to improve international development policy. Also check out our Global Health blog and US Development Policy blog.

 

Development and the Cannes G-20 Summit

It’s G-20 time again, and once again the attention of the leaders of the world’s biggest economies will be largely preoccupied with shoring up the financial sectors in countries that are home to the world’s top billion. This is unfortunate but under the circumstances not entirely unreasonable. Financial crises in the rich world can have far-reaching consequences for poor people in the developing world, including weak demand for developing-country exports, sagging tourism and remittances, and tighter credit, which among other things makes it harder to finance trade.

Zedillo Warns of a “Frightening Failure” of Global Institutions

The wake-up call came as a bit of a shock. Ernesto Zedillo, the highly regarded former president of Mexico and director of the Yale Center for the Study of Globalization, was discussing the record of international institutions and the powerful countries that run them. On their response to unprecedented international cooperation and coordination challenges, he was in no mood to mince words.

G-20 Member Argentina Is Failing Basic Data Transparency Test on Inflation—And Where’s the IMF on It?

Bad news from Argentina:  The government has been tampering with inflation statistics for several years (publishing official rate as 8 percent compared to independent estimates greater than 20 percent).  Now it is imposing big fines ($100,000) on private consulting firms and individuals producing private estimates.  And where is the IMF on this issue?  In deference to its member Argentina it publishes the official estimate with a footnote suggesting private estimates are much greater.  More background (in Spanish) can be found

IMF Reform: How the Poor Man (That’s the USA) Had a Good Idea

IMF governance reforms were agreed the week before the G20 Summit.  One decision – to increase IMF resources but not by much – may matter for the IMF’s role in a still-unsettled Eurozone – if Ireland’s problem becomes Portugal’s and so on.

For a full and nicely balanced assessment of the reforms from Ted Truman, including on resources, go here.  Among other things, unpacks a couple of little-known and little-understood facts that are (though he doesn’t say so directly) about the role of the USA – the poor man with good ideas.

Development and the Seoul G-20 Summit

Reports of progress last weekend notwithstanding, the so-called currency wars—the reality and threat of competitive devaluations—are likely to continue to dominate the news about the upcoming Seoul G-20 Summit.

Korea Puts Development on the Agenda for Seoul G-20 Summit

This blog post also appeared The Guardian's Global Development blog.

When Seoul hosts the G-20 in November, development issues will be squarely on the agenda for the first time since the top steering group for the global economy was created in the midst of the 2008 financial crisis, according to Ho-young Ahn, South Korea’s Ambassador at large for the G-20.

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