Global Cooperation Among G20 Countries: Responding to the Crisis and Restoring Growth View Full Text


Ontology type: schema:Chapter     


Chapter Info

DATE

2014

AUTHORS

Michael Callaghan , Chetan Ghate , Stephen Pickford , Francis Rathinam

ABSTRACT

Since the unfolding of the 2008 global financial crisis, the G20 has played a major role in coordinating macroeconomic policies of major economies and reviving the world economy. As the world’s primary forum for international economic cooperation, its objectives have been to ensure more sustainable and balanced growth, achieve economic and financial stability and reform the prevailing international financial architecture. In the wake of the crisis, there was a sense of urgency and strong agreement to enact extraordinary policy measures to fend off the collapse of the real sector because of the “collapse of confidence” in the financial sector. The G20 performed spectacularly in this regard: global gross domestic product (GDP) contracted less than expected in 2009 and rebounded faster than expected in 2010. These coordinated actions were widely credited for forestalling a second Great Depression, with the G20 declaring victory at their third summit at Pittsburgh in September 2009 (“It worked”). More... »

PAGES

1-21

Book

TITLE

Global Cooperation Among G20 Countries

ISBN

978-81-322-1658-2
978-81-322-1659-9

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/978-81-322-1659-9_1

DOI

http://dx.doi.org/10.1007/978-81-322-1659-9_1

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1011607639


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