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Think Tank 20: New Challenges for the Global Economy, New Uncertainties for the G-20

Think Tank 20, Brookings Institution | September 2012

The Brookings Institution, along with its think tank partners, has published the fourth edition of Think Thank 20 entitled "New Challenges for the Global Economy, New Certainties for the G20," which was written in anticipation of this year's G-20 summit in Mexico. This edition provides a compendium of essays with the aim of explaining the stakes of the meeting by academics and practitioners hailing from 17 of the G-20 countries and from the EU.

As the introduction of the report notes, there is a mixed sense of pessimism and optimism among G-20 leaders given the current economic backdrop. Those that are more hopeful point to the United States' rapid economic growth in output and employment, while others less moved argue that despite the recent modest progress, it will take a decade until the US reaches its pre-crisis levels. Across the Atlantic, the prospects for Europe certainly look bleak, as the Union witnessed another year of zero growth. What all agree to is that the renewed fears of recession and slow economic recovery has spread beyond Europe and the US, hitting most (if not all) of the countries.

Given the impact that the US economy has on the rest of the world and the systematic woes within the European Union, most of the contributions found in this edition focus on debates in the US and EU. Several essays are based on the experiences of the authors with the banking crisis and sovereign debt, taking more of a historical look into the world economy and showing how not all problems, as in the case of Southern Spain, are entirely new, while signifying, at the same time, that drawing historical parallels might be problematic. Others discuss the need to not lose sight of the long-term vision of implementing energy efficient and low-carbon growth models when responding to the crisis. A number of essays warn of countries resorting to "beggar-thy-neighbor" policies with regards to exchange rates, regulatory arbitrage, monetary policy, among other methods to restore growth.

Read full paper here.

This edition of Think Tank 20 includes contributions from IIzak Atiyas, Suman Bery, Kemal Dervis, Peter Drysdale, Claudio R. Frischtak, Paolo Guerrieri, Sergei Guriev, James Haley, E. Fuat Keyman, Homi Kharas, Miguel Kiguel, Donald Kohn, Wonhyuk Lim, Jacques Mistral, Yoshio Okubo, Guillermo Ortiz, Jean Pisani-Ferry, Mattia Romani, Parthasarathi Shome, Nicholas Stern, Aleh Tsyvinski, Peter Wolff, and Qiao Yu.



Tags: | G-20 | Mexico | Economic crisis | Fear |

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