By Biswajit Dhar | Briefing Paper # 62 | July 7, 2023
One of the more significant tasks before the G20 countries is to find a lasting solution to the problem of external debt in developing countries, in particular low-income countries, whose vulnerabilities have exacerbated since the onset of the COVID-induced downturn. At the urgings of the World Bank and the International Monetary Fund (IMF), the Finance Ministers and Central Bank Governors of the grouping took their first initiative to address the problem of debt vulnerabilities in low-income countries during their…
By Kavaljit Singh | Briefing Paper # 61 | June 2, 2023
The G20 must address the unfinished agenda of advancing fundamental reforms of the International Monetary Fund’s resources, governance, and policy frameworks. These reforms are becoming increasingly urgent, as the global economy faces multiple challenges, from a global economic slowdown to growing debt burdens and climate change. At several international forums, including the G20, India has consistently pushed for the IMF’s quota and governance reforms. Therefore, India could make a significant contribution in this policy area under its G20 presidency.
By Kavaljit Singh | Briefing Paper # 60 | May 9, 2023
On May 1, 2023, U.S. regulators seized troubled First Republic Bank (FRB) and promptly sold all of its deposits and most of its assets to the country’s biggest bank, JPMorgan Chase, in a bid to stem further turmoil in the banking sector. Despite obtaining a $30 billion lifeline from 11 of the country’s largest banks in mid-March, the FRB failed.
Founded in 1985 and based in San Francisco, the FRB was the 14th largest U.S. bank with total assets of…
By Myriam Vander Stichele | Guest Blog | March 27, 2023
All around the world, people are increasingly using their phones or other mobile devices for payments and other personal financial activities. The digitalised provision of specific financial services is referred to as “fintech” and makes use of innovative software and technologies, mobile devices, the Internet, and various other technologies. Fintech has brought about new business models and is claimed to be causing a paradigm shift. However, citizens are hardly aware of the possible hazards for their finances and privacy,…
In its seven and a half decades of existence, questions regarding the legitimacy and democratic credibility of the multilateral trading system have often been asked on two fundamental grounds. The first stems from the questions regarding its internal legitimacy, essentially the transparency and inclusiveness of its decision-making processes. Questions regarding transparency have become more louder in recent decades, while issues regarding inclusiveness, especially from the point of view of the majority of its members, the developing countries have been…
