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Sunday, 2 March 2014

Global Monetary and Regulatory Spillovers

Heraclitus writes:

Since the onset of the global and euro area crises, advanced economy governments have introduced new policy approaches that have changed the monetary and regulatory landscape – including unconventional monetary policies in major economies and the agreement by bank regulators on Basel III. In today’s interdependent economy, such policies spill across borders: these changes have indeed had a substantial effect on emerging and developing countries in all regions. On 12th February, 2012, the Global Economic Governance (GEG) Programme and the Blavatnik School of Government, in association with the Political Economy of Financial Markets (PEFM) programme, hosted a high-level international roundtable on how monetary and regulatory spillovers are affecting emerging and developing countries, and what policy responses are called for.

The day-long event brought together 30 experts from government, international organisations, academia and the private sector, including officials from the IMF, the EBRD, IOSCO, the African Development Bank, regional central banks, private financial firms, Chatham House, and Oxford. The discussion was organized around three main sets of issues:
  • What are the policy dilemmas posed for emerging and developing countries by spillovers from advanced economy monetary and regulatory policies? In what ways are these spillovers new, and how do they interact?
  • What instruments have emerging and developing countries used to respond to these spillovers? How effective have they been? What lessons have emerged about the viability and costs of "self insurance" strategies?
  • How can the global financial architecture best support growth and stability in emerging and developing countries? Should the main focus be on reforms to global institutions; or is a more decentralized system needed – and if so constructed on a consensus plan, or by fragmented experimentation at the regional and national level?
A report of the roundtable will be posted in March on the GEG and PEFM websites.

See also the GEG website

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