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This book discusses issues such as global financial crisis and global governance, food security, energy sustainability, the global financial system, trade and protectionism, and growth and employment. Since the outbreak of the financial as well as national debt crises in the Euro zone, the focus of the G20 has shifted back to addressing short-term issues. These issues range from the dynamic effects of global imbalances and the appropriate degree of financial sector regulation to questions of austerity versus growth and the lack of a comprehensive framework for managing the international monetary system. A further issue is the relevance of the G20 agenda for emerging market economies. Global economic recovery still remains fragile and downside risks to global growth remain. Additionally, much of the agenda of the Seoul Development Consensus for shared growth launched in 2010 has yet to be fulfilled. A key discussion point in the book, therefore, is how to make a tangible and significant difference in peoples’ lives by implementing an agenda of inclusive growth.​



Chapter 1. Introduction

The global financial crisis, triggered by the collapse of Lehman Brothers in September 2008 in the United States, started a contagion that pushed the world economy into deep recession. Not since the Great Depression of the 1930s, had the world economy witnessed such a massive reduction in gross domestic product (GDP) and a sharp drop in real growth. The proximate cause of the crisis lay in the US sub-prime housing market, whose collapse led to a run in shadow banking, debilitating confidence in financial institutions in the US and across the world.
Rajat Kathuria, Neetika Kaushal Nagpal

The Global Financial Crisis—Revisiting Global Governance


Chapter 2. Revisiting Global Governance

Global Governance is currently at crossroads. With the spectre of the 2008 financial crisis still haunting us, perhaps there is no better opportunity for the G20 to refocus on the Governance debate. The negotiations around the current international monetary system are a matter of paramount importance for the future of the global economy (Strange 1998).
Soumya Kanti Ghosh, Bibekananda Panda

Chapter 3. The G20 and the Dilemma of Asymmetric Sovereignty: Why Multilateralism Is Failing in Crisis Prevention

The G20 is not able to move forward with reforms necessary to prevent future financial crises. Successes as in crisis management cannot be transformed into joint crisis prevention. The global regulation of financial markets, agreed upon at previous G20 summits, was intended to make the international financial system more stable and more resilient against future crises. Alas, the resultant expectations were unfulfilled. Likewise, we cannot expect meaningful steps towards a reinforcement of the global regulation of financial markets from this year’s G20 summit in Australia. At least as serious are the failure of the Doha Round and the incapability of the G20 to prevent it, despite the frequently voiced commitment to a multilateral order. The structural crisis in global regulation of today is not least the result of an asymmetric sovereignty in financial politics: States possess only marginal influence on international financial markets, but they are liable in times of crisis. The result is a re-nationalization of financial policies. At the same time, the increasingly critical perception of globalization, in particular in OECD societies, complicates the further evolution of the multilateral trade order.
Heribert Dieter

Achieving Global Food Security—How Can the G-20 Help?


Chapter 4. Ensuring Food Security: Challenges and Options

The Government of India (GoI) notified the National Food Security Act (NFSA), 2013 on 10th September, 2013, which is understood to have come into force since the 5th July, 2013 (see section 1 of The National Food Security Act, GoI, 2013).
Ashok Gulati, Shweta Saini

Chapter 5. Implications of India’s National Food Security Act

The National Food Security Act (NFSA) was passed in the Lok Sabha on 26 August, 2013 and by the Rajya Sabha on 2 September, 2013. The debate on the NFSA tended to be exclusively focussed on the Public Distribution System (PDS) though, in fact, the new law attempts to take a “life-cycle approach” to food security. It includes the Integrated Child Development Services (ICDS) scheme which is aimed at children under the age of 6 years, the Mid-Day Meal (MDM) Scheme for school-going children in the 6–14 years age group and maternity entitlements for pregnant women, along with the PDS. Under the PDS, two-thirds of the population will be covered—75 % in rural areas and 50 % in urban areas.
Reetika Khera

Chapter 6. Determinants of Food Security in Sub-Saharan Africa, South Asia and Latin America

The paper analyzes various correlates of food security, viz. availability, access, utilization and stability in countries of Sub-Saharan Africa, South Asia and Latin America. Econometric estimates, based on pooled data (1990–2012 for over 40 countries), indicate that while regional variations do exist, nevertheless, broad conclusions can be drawn in terms of determinants of food security. While increases in GDP per capita, as well as its growth; improvement in infrastructure, food production, and access to better drinking water reduce both undernutrition, and the depth of food deficit significantly, food inflation (as also its volatility) has a significant adverse effect on food security. Also, increase in food imports as a percentage of total merchandize exports, in general, has a negative (though non-significant) impact. Given that access to healthy food is a basic human right, steps need to be taken to build resilience of the poor. It is in this context that the paper concludes from a broad policy perspective.
Simrit Kaur, Harpreet Kaur

Chapter 7. Combating Food Insecurity: Implications for Policy

Food insecurity is a complex problem that needs to be tackled in a meaningful, coordinated and collaborative manner. Deep reforms attacking the structural weaknesses of the global food systems need to be introduced. This paper analyses the broad economic and regulatory measures that affect food insecurity with specific focus on agricultural productivity, subsidies and safety nets, surge in biofuel demand and variations in foodgrains stocks-to-use ratio. It is important for the world community to understand that many of the shocks and stresses to which the hungry are exposed are caused by their actions and thus the need for them to participate in formulation of agenda to enhance food security. Unfortunately, the developed world and international organizations focus narrowly on production, information and mechanisms to provide food security, rather than on the broader economic and regulatory measures that affect food security, viz. an appropriate biofuel policy and the desirability of maintaining an adequate stock-to-use ratio. It is in this context, that policy recommendations are proposed.
Simrit Kaur, Harpreet Kaur

Chapter 8. Food Security and Food Price Volatility

How to manage food price volatility has re-emerged as a hotly debated question. Much of this new interest is related to limitations of safety nets that became apparent in the 2005-food crisis in the Sahel and the failure of the global food system to prevent the food price spikes of 2007–2008 and 2010–2011 from impairing food security.
Jörg Mayer

The Road to Energy Sustainability—Towards Third Industrial Revolution


Chapter 9. Third Industrial Revolution and India’s Approach to Sustainable Energy Development

The productive forces of the first and the second industrial revolution were triggered essentially by the discovery and development of fossil fuel energy resources of coal followed by hydro carbons and their later transformation into electricity. The development of concerned new energy technologies converged upon newly emerging technology of transport and communication which had radically transformed human society by reducing spatial distance and effecting wide diffusion of knowledge, information and technology. However, fossil fuel based economic development has given rise to the alarmingly large accumulation of unabsorbed wastes and pollution in the ecosystems of the earth resulting in global climate change and many other adverse consequences. The need for transforming the global economy and society to control climate change and clean up the environment at local and global level has led to the development of the vision of a new era of Third Industrial Revolution. It is being envisaged that the third revolution would revolve around the development of renewables and hydrogen to replace fossil fuel in the electricity and the transport sector. The development of IT on the other hand would lead to the emergence of technology of both way flows of energy and information between the source of generation and consumption of energy, so that energy can be widely shared through an energy internet of smart grid of power and the efficiency of the energy system can be vastly enhanced. The paper outlines the vision of the third revolution and describes how this remains still an important but distant goal for G-20 countries particularly of India as of today. It focuses on the current energy scenario of India with reference to energy efficiency and fuel mix and discusses the potential of her renewable resources and the state of its cumulative realization as of now. It also gives in this context some long run projections of how far India’s economic growth can become low carbon by utilizing such opportunities in the time frame of 2031–32. Finally, the paper points out the major challenges that India and the global community will have to face in order to make the apparent distant goal of the Third Revolution realizable in a shorter time horizon and what kind of responsibilities would be involved upon G-20 forum to facilitate such transition to the new revolutionary era.
Ramprasad Sengupta

Reforming the Global Financial System—Implications for Long Term Investment Finance


Chapter 10. Financial Regulatory Reform: A Mid-term Assessment from an Emerging Market Perspective

The recent global financial crisis initiated the most far-reaching and comprehensive reform of financial regulation in advanced economies since the days of the Great Depression. The international initiative under the aegis of the G20 was supplemented by major national level initiatives in major jurisdictions. The paper discusses the progress of what it considers to be the core reforms of Basel III, shadow banking, ring-fencing and financial institutions deemed too big to fail. It goes on to discuss the impact and relevance of these reforms in emerging markets who, while willing participants in the reform process, have so far not been actively engaged in the global debate, perhaps since their financial systems are fundamentally different.
Alok Sheel, Meeta Ganguly

Chapter 11. Cross-Border Spillovers of Financial Stress Shocks: Evidence and Policy Implications

The global financial crisis of 2007–09 has promoted a renewed interest in cross-border spillovers of financial stress shocks. Financial stress is a serious disruption to the proper functioning of financial markets that has adverse effects on real economic activity. The US subprime mortgage crisis developed into a full-blown financial crisis, spreading the financial stress quickly to the rest of the world. The underlying cause of the crisis was the combination of excessive risk taking by private sectors and the failure of public sectors to address systemic risks arising from market failures. In response to the crisis, internationally coordinated efforts have been made to increase the resilience of global financial systems by promoting a range of regulatory reforms. However, the question remains as to whether the global financial systems will become much more resilient by the ongoing reforms.
Wang Chen, Takuji Kinkyo

Trade and Protectionism: The Emerging Role for G20


Chapter 12. Trade and Protectionism—The Emerging Role for G20

In 2008, there was a real risk of an upsurge in trade and investment protectionist measures, as governments sought to protect their economies from being ravaged by the financial crisis.
Anwarul Hoda

Chapter 13. G-20, Multilateralism and Emerging Mega-trade Blocs: Options for India and Asian Developing Countries

G-20 has consistently supported ‘open, rules-based, transparent and non-discriminatory WTO-based trading system’. It also called for successful outcome of the 9th WTO Ministerial Conference in Bali in December 2013.
Nagesh Kumar

Chapter 14. Global Production Sharing and Asian Trade Patterns: Implications for the Regional Comprehensive Economic Partnership (RCEP)

This paper documents and analyzes emerging trade patterns in Asia, with special reference to the implications of global production sharing with a view to informing the policy debate on forming the Regional Comprehensive Economic Partnership (RCEP). The analysis reveals that the degree of dependence of RCEP countries on this new form of global division of labour is much larger compared to Europe and North America. Global production sharing has certainly strengthened economic interdependence among the countries in the region, but the dynamism of the regional cross-border production networks depends inexorably on global, rather than regional, trade in final goods. The findings of this paper make a strong case for a global, rather than a regional, approach to trade and investment policy making.
Prema-chandra Athukorala

Growth and Employment


Chapter 15. The Growth Experience in India: Is There a Hidden Model?

The growth performance of the Indian economy since the economic reforms of 1991 has been widely acclaimed as a validation of the benefits of shifting from a controlled economy to a market-driven one.
Pronab Sen
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