Afontsev Sergey
Crisis Management in Global Finance.
Publication Type:
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Attempts to explain the current world economic turmoil by putting the blame on particular actors, such the United States government, large investment banks or mortgage agencies fail to highlight the real reasons for the crisis. The fact that the crisis did not undermine trust in the US dollar or US Treasury bonds (investment in these bonds increased more than ten-fold amid the present world economic turblence) disprove the argument about large US trade and budget deficits as the sources of the crisis. In a similar vein, although the crisis took the form of a collapse of international securities markets, the prior growth of these markets, including proliferation of mortgage derivates, was the main driver of the world’s fast economic growth over the past two decades.
Elaborating effective response measures requires cooperation among national authorities, international financial institutions, as well as non-state actors, such as major international banks, hedge funds and rating agencies. Each multilateral economic or financial body has its own advantages and limitations alike. The trust in the IMF has been undermined by the flawed recipes the IMF was proposing to the countries mostly affected by the 1997–1998 financial crisis. The Group of Eight lacks credibility among developing countries and emerging economies while the Group of Twenty is unable to agree on and implement any far-reaching plans because it includes members with different economic systems and amounts of resources these members are willing to commit to battling the crisis. In this situation, the G8 could act as a generator of anti-crisis proposals which could then be discussed and somewhat amended in a larger G20 framework.
The criteria of state power in international relations have also been altered by the crisis. An actor’s influence is now measured not in terms of its ability to achieve national goals, but, rather, by its contribution to shaping a new global economic governance system.


Keywords: crisis | budget | G20 |

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