Scholars, political scientists, and economists from around the world attended the “New Thinking and the New G-20” conference on April 15 at the Capitol Hilton Hotel in Washington, DC. Timed to precede the spring meetings of the International Monetary Fund and the World Bank, 11 authors were invited to present published papers, offering recommendations for international policy cooperation and institutional innovation in global economic governance.
Launched in 2013 by Distinguished Professor Miles Kahler of the School of International Service (SIS) and Barry Eichengreen of the University of California, the “New Thinking and the New G-20” project works to bring new ideas and the perspective of emerging economies to global discussions of policy change and institutional reform. Additionally, the project aims to link researchers in the emerging economies more effectively to research networks in the industrialized world and to global policy discussions. The project is supported by the Centre for International Governance Innovation (CIGI) and the Institute for New Economic Thinking (INET).
“The growing role of the emerging economies in global governance, through the G-20 and other institutions, has not been reflected in new thinking about international financial and monetary cooperation,” noted Kahler. “Reform proposals since the global financial crisis have largely originated in the familiar transatlantic network of scholars and policymakers who have shaped past institutional initiatives. We decided to emphasize ‘next generation’ researchers from the emerging economies, since they will sustain the research network in the future.”
In early 2014, two interdisciplinary teams composed of economists and political scientists from both industrialized and emerging economies were identified and tasked with producing individual papers and collective policy recommendations. One team, led by SIS Professor Randall Henning, devoted its research to macroeconomic and financial cooperation. The second team, led by Professor Andrew Walter of the University of Melbourne School of Government, concentrated on international coordination of financial regulation. The research teams and their products serve as an initial test of a research network that connects individual researchers and research institutions in North America, Europe, and Japan with researchers in the emerging economies.
The April conference represented the culmination of this research. According to Professor Henning, who organized the conference, this event also provided a foundation for expanding the project’s research network. “The conference was the launching point of building a broader network to influence global economic governance and to inject ideas and recommendations into upcoming G-20 meetings,” said Henning.
The one-day conference also included a keynote address, “Debt, Imbalances and Secular Stagnation,” by Lord Adair Turner, Baron Turner of Ecchinswell. Lord Turner was Chairman of the U.K. Financial Services Authority from 2008-2012, has held several key positions in international finance, and is currently writing on these subjects. The conference concluded with an address by the Deputy Governor of the Central Bank of the Republic of Turkey, Turalay Kenç. Turkey currently holds the presidency of the G-20 and will host the upcoming November meeting of heads of state of G-20 countries.
Moving forward, the research project will expand its network to provide a continuing stream of new ideas, sustain international collaboration, and integrate researchers from the emerging economies into global policy discussions.
Learn more about the G-20 Project: https://www.cigionline.org/series/new-thinking-and-new-g20