Global Finance – serie

The scope for financial crime has widened with the expansion and increased integration of financial markets. Money laundering, terrorism financing and tax crime have all changed in both nature and dimension. As new technologies reduce the importance of physical proximity to major onshore financial centres so a new generation of Offshore Financial Centres (OFCs) have emerged. This accessible volume provides a deeper analysis of the economic, institutional and political features of the OFCs, in order to design the optimal international regulatory policy. Using a multidisciplinary approach with an international level of expertise, the book evaluates international policies regarding offshore countries on the basis of a systematic analysis of their characteristics.

On its 30th anniversary in 2004 responsibility for hosting the G8 Summit fell into the hands of an allegedly unilateralist America. An America still reeling from the shock of the September 11th terrorist attacks, the resulting economic recession, bitter divisions with its NATO allies and disappointment with the United Nations Institutions over the 2003 Iraq war. So why does America still need the G8? New Perspectives on Global Governance offers new insight into the role of the Group of Eight's major market democracies and challenges the assumption that the G8 is simply a forum for binding a unilateralist hegemonic America. In contrast to seeing the G8 as a means of imposing an American world order this unique collection of new writings suggests that a now vulnerable America must rely on the G8 as a central instrument of foreign policy. America needs the G8 to achieve its security, economic and political interests in the world and to shape the twenty-first central global order it so desperately wants.

The Group of Eight has become a central actor in global governance with a steadily expanding role and agenda. The leaders' summits remain at the apex of the G8 system, but the leaders' work is complemented by intensifying and expanding networks of ministerial fora as well as various task forces and expert groups. Some of these entities, initially launched by the leaders, have taken on a life of their own with an agenda that diverges from the main concerns of the summits. Following on from Hajnal's acclaimed book The G7/G8 System, this volume discusses the origins, characteristics, evolution, role and agenda of the G7 and G8 system, including a systematic survey of its components. It introduces the major debates about the G7 and G8, looks at proposals to reform the G8-G20 and provides a detailed study of the complex, elusive and changing patterns of documentation of the broader G8-G20 system, including electronic information.

The critical challenge of financing development and sustainability is a key focus for the world's international financial institutions, led by the International Monetary Fund, the World Bank, and, above all, the G8. This volume assesses the current practice and perspectives of the major developed world countries that dominate the boards of the IMF and the World Bank and comprise the G8. It looks at the prospects for meeting the Millennium Development Goals in the most impoverished region of Africa, the way trade and finance instruments can help, and how the challenges of energy security and climate change control will affect the results. This volume offers in-depth analysis of: * how the Millennium Development Goals are to be met * North-to-South resource transfers * the challenges of controlling climate control beyond Kyoto In sum, this volume provides a critical and creative examination of what the G8 governments, especially at and after the 2005 Gleneagles summit, have done and what they should do to promote development and sustainability.

Governing Global Derivatives analyzes the role of the most important financial innovation of the last two decades - financial derivatives - in a global dimension. The evolution of derivatives, especially Over the Counter (OTC), and the possibility of managing risks tailored to customers' needs, are the basic recipe for the success of derivatives. This book focuses on the role of derivatives from a macroeconomic point of view, considering how monetary theory and policy, fiscal policy and the growth process are affected. It fills a gap by rethinking the way financial markets are considered in the macroeconomy and the transmission mechanism of impulses.

The fight against money laundering, drug trafficking, illegal immigration, cyber crime, and the promotion of the enhancement of judicial and police cooperation in criminal matters have been at the core of the G8's actions in this field since the 1990s. This book sheds light on the nature, structure and modus operandi of the G8's specific expertise on transnational organized crime from a sociological approach in order to understand the elaboration, production and diffusion of international norms and standards. It provides a detailed analysis of an under-researched aspect of international politics: the intensification of expert-level exchanges on the international stage over the enhanced cooperation against transnational organized crime that has led to an impressive elaboration of best practices and soft law recommendations. Very few studies have focused on the experts who determine these: who they are, what their socio-professional background is, and the nature and impact of their collective work in the global fight against organized crime.

Today's world is crowded with international laws and institutions that govern the global economy. This post-World War II accumulation of hard multilateral and soft plurilateral institutions by no means constitutes a comprehensive, coherent and effective system of global economic governance. As intensifying globalization thrusts many longstanding domestic issues onto the international stage, there is a growing need to create at the global level the more comprehensive, coherent and effective governance system that citizens have long taken for granted at home. This book offers the first comprehensive look at this critical question of international relations. It examines how, and how well, the multilateral organizations and the G8 are dealing with the central challenges facing the contemporary international community, how they have worked well and poorly together, and how they can work together more effectively to provide badly needed public goods. It is an ideal reference guide for anyone interested in institutions of global governance.

This book deals with the recent debt crises in developing countries and analyzes the design and implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, by providing background concepts, pointing out the main drawbacks and suggesting a different approach to debt sustainability and debt relief programs. The authors merge academic, operational and institutional expertise, in order to provide an evaluation as complete and balanced as possible on the much-debated effectiveness of debt relief in fostering economic growth, reducing poverty and reaching debt sustainability. Marco Arnone and Andrea F. Presbitero assess the joint evolution of external and domestic public debt and produce original empirical evidence on the potential effects of public debt on investment, economic growth and institution-building in low- and middle-income countries. The book also explores relevant and up-to-date policy issues, such as the loans-grants mix and the development of responsible lending strategies in foreign assistance, the surge of non-concessional and domestic borrowing by low-income countries, and the impact of the 2008-2009 global financial crisis on debt sustainability.

The European Union is a key player in international economic relations, but its exact role and how it goes about making decisions and negotiating is often poorly understood within and especially outside the EU. When does the EU play a proactive role and when does it follow? When is the EU a distinct actor and when is it just one level in a multi- level process of negotiation in which the member states are the main actors? Does the EU possess normative power in external economic relations? Does the EU have the capability and willingness to use its still significant economic power? European Union Economic Diplomacy provides the first comprehensive analysis of the factors that determine the role of the EU in economic diplomacy. In an up-to-date treatment that includes consideration of the impact of the Treaty of Lisbon, it contains a comprehensive explanation of decision making and negotiating processes in the core areas of trade, financial market regulation, environmental diplomacy and development co-operation. The book is intended for those interested in EU policy making, but also those who simply need to understand how the EU functions in the field of economic diplomacy.

No Miracle examines the role of institutions in bridging the 'digital divide' between rich and poor nations and what that means for the country's integration into a global economy. Shifting the debate from whether institutions are important to economic development to which institutions are important and how to build them, Mitchell Wigdor expertly addresses fundamental shortcomings in the existing development literature by identifying specific institutions that mediate the relationship between Information and Communications Technology (ICT) and economic growth. In doing so he challenges those concerned with development to shift their gaze from whether institutions are important to economic development to which institutions might be the focus of government efforts and how to build them. Detailed case studies of the economic development strategies of Singapore and Malaysia from 1960 demonstrate that institution-building and economic development may be as much about process as the specific policies governments pursue. Written in accessible, non-technical, language this book should be read by everyone concerned with economic growth both in less economically developed countries and the more prosperous including those in government, international organizations, NGOs, universities, policy makers and the private sector.

On its 30th anniversary in 2004 responsibility for hosting the G8 Summit fell into the hands of an allegedly unilateralist America. An America still reeling from the shock of the September 11th terrorist attacks, the resulting economic recession, bitter divisions with its NATO allies and disappointment with the United Nations Institutions over the 2003 Iraq war. So why does America still need the G8? New Perspectives on Global Governance offers new insight into the role of the Group of Eight's major market democracies and challenges the assumption that the G8 is simply a forum for binding a unilateralist hegemonic America. In contrast to seeing the G8 as a means of imposing an American world order this unique collection of new writings suggests that a now vulnerable America must rely on the G8 as a central instrument of foreign policy. America needs the G8 to achieve its security, economic and political interests in the world and to shape the twenty-first central global order it so desperately wants.

The scope for financial crime has widened with the expansion and increased integration of financial markets. Money laundering, terrorism financing and tax crime have all changed in both nature and dimension. As new technologies reduce the importance of physical proximity to major onshore financial centres so a new generation of Offshore Financial Centres (OFCs) have emerged. This accessible volume provides a deeper analysis of the economic, institutional and political features of the OFCs, in order to design the optimal international regulatory policy. Using a multidisciplinary approach with an international level of expertise, the book evaluates international policies regarding offshore countries on the basis of a systematic analysis of their characteristics.

An eminent international line up of experts in law, political science, economics and history examine the dynamics of the European Union's (EU) development as a collective member of the G8 and G20. Each contribution provides a methodical and much needed insight into the external and internal factors influencing this evolvement process, the options for these institutions to reform and collaborate and the future role of the EU in this new system of institutions. Part One makes an introduction into the topic of the EU representation in the G8 and the main concepts explored in the book. Part Two presents an analytical framework for exploring the EU actorness in global governance institutions. Part Three examines the transformation of the G7/G8 system, the emergence of the G20 as a leader's forum and the EU role in the process. Part Four provides an in-depth analysis of the EU contribution to critical cases of global governance including issues of energy, finance, development, peace and security. Part Five analyses the main trends in leadership and models of engagement. Contributing to key contemporary debates, this book is a lucid replenishment to the existing literature on global governance and an excellent resource to studying the EU's role as a global actor.

This revised and updated edition presents detailed analysis of the history and current state of the G20, and the challenges it faces. The emergence of the G20 was the result of calls for full inclusion of major developing and other systemically important countries and to reflect new global economic and political realities. The growth of Chinese power, growing significance of other major developing countries and new concerns concerning anti-globalization and rising protectionism in the West have all resulted in important changes to the dynamics of the institution. The suspension of Russia’s membership in the G8 has also necessitated a change in G7/G20 dynamics and the G20’s processes, agenda priorities and role in global governance. Providing a historical overview and analysis of the evolving agenda, methods of performance evaluation, relationship with structured international organizations and other external actors, Hajnal’s text is an authoritative work of history, analysis and reference on the G20 and also G7/G8/G20 reform. This book is an essential source for researchers and students focusing on the G20, international organizations and global governance, and more generally for scholars in the fields of political science, economics, and finance.

How does America manage crisis on behalf of international finance in the absence of a global state? Doyran explores the relationship between state power and global finance and in particular examines the various attempts by the US state at financial crisis management. The case studies highlight the dramatic consequences of the rise of financial capitalism in the US economy, and also explore regulatory sources of market failures, systemic risk and moral hazard. This book focuses on this primary issue facing scholars of American power in various social science disciplines, including political science, finance and international relations, professional financial analysts and Government officials. This book is for the critical reader who is interested in financial policy and wants to learn more about the causes and consequences of the rise of financial markets.

Out of the debate over the effectiveness of the policy responses to the 2008 global financial crisis as well as over the innovativeness of global governance comes this collection by leading academics and practitioners who explore the dynamics of economic crisis and impact. Edited by Paolo Savona, John J. Kirton, and Chiara Oldani Global Financial Crisis: Global Impact and Solutions examines the nature of the recent crisis, its consequences in major regions and countries, the innovations in the ideas, instruments and institutions that constitute national and regional policy responses, building on the G8's response at its L'Aquila Summit. Experts from Africa, North America, Asia and Europe examine the implications of those responses 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.

This book offers the most thorough, detailed inside story of the preparation, negotiation, performance, and achievements of G20 gatherings from their start at the finance level in 1999 through their rise to become leader-level summits in response to the great global financial crisis in 2008. Follow the moves of America’s George Bush and Barack Obama, Britain’s Gordon Brown and David Cameron, Canada’s Stephen Harper, Germany’s Angela Merkel, and other key leaders as they struggle to contain the worst global recession since the Great Depression of the 1930s. This book provides a full chapter-long account of each of the first four G20 summits from Washington to Toronto with summaries of the ensuing summits. It uses international relations theory to build and apply a model of systemic hub governance to back its central claim to show convincingly that G20 performance has grown to successfully govern an increasingly interconnected, complex, crisis-ridden, globalized twenty-first century world.

An eminent international line up of experts in law, political science, economics and history examine the dynamics of the European Union's (EU) development as a collective member of the G8 and G20. Each contribution provides a methodical and much needed insight into the external and internal factors influencing this evolvement process, the options for these institutions to reform and collaborate and the future role of the EU in this new system of institutions. Part One makes an introduction into the topic of the EU representation in the G8 and the main concepts explored in the book. Part Two presents an analytical framework for exploring the EU actorness in global governance institutions. Part Three examines the transformation of the G7/G8 system, the emergence of the G20 as a leader's forum and the EU role in the process. Part Four provides an in-depth analysis of the EU contribution to critical cases of global governance including issues of energy, finance, development, peace and security. Part Five analyses the main trends in leadership and models of engagement. Contributing to key contemporary debates, this book is a lucid replenishment to the existing literature on global governance and an excellent resource to studying the EU's role as a global actor.

No Miracle examines the role of institutions in bridging the 'digital divide' between rich and poor nations and what that means for the country's integration into a global economy. Shifting the debate from whether institutions are important to economic development to which institutions are important and how to build them, Mitchell Wigdor expertly addresses fundamental shortcomings in the existing development literature by identifying specific institutions that mediate the relationship between Information and Communications Technology (ICT) and economic growth. In doing so he challenges those concerned with development to shift their gaze from whether institutions are important to economic development to which institutions might be the focus of government efforts and how to build them. Detailed case studies of the economic development strategies of Singapore and Malaysia from 1960 demonstrate that institution-building and economic development may be as much about process as the specific policies governments pursue. Written in accessible, non-technical, language this book should be read by everyone concerned with economic growth both in less economically developed countries and the more prosperous including those in government, international organizations, NGOs, universities, policy makers and the private sector.

This book offers the most thorough, detailed inside story of the preparation, negotiation, performance, and achievements of G20 gatherings from their start at the finance level in 1999 through their rise to become leader-level summits in response to the great global financial crisis in 2008. Follow the moves of America’s George Bush and Barack Obama, Britain’s Gordon Brown and David Cameron, Canada’s Stephen Harper, Germany’s Angela Merkel, and other key leaders as they struggle to contain the worst global recession since the Great Depression of the 1930s. This book provides a full chapter-long account of each of the first four G20 summits from Washington to Toronto with summaries of the ensuing summits. It uses international relations theory to build and apply a model of systemic hub governance to back its central claim to show convincingly that G20 performance has grown to successfully govern an increasingly interconnected, complex, crisis-ridden, globalized twenty-first century world.

The intensifying pace of globalization has led to a questioning of the traditional approaches to governance at the corporate, national and international levels. The crash of the dot-com bubble and the outbreak of corporate accounting scandals in the United States, along with the debt burden of financial institutions in Japan and Europe, have led to demands for major reforms. Consequently, national governments are confronting stronger demands for new ways to regulate corporations to fulfil their social responsibilities and generate growth in a competitive world. This volume explores three central questions: what forms of corporate governance are most desirable for the globalizing world of the twenty-first century? What forms of public governance are most appropriate in this new age? And how well are the world's leading national governments pioneering the needed policies and practices? The book offers an analysis of the G8's role in assisting governments and corporations to work together to design and deliver a superior approach.