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Reforming Governance of International Financial Regulation

Have the G-20 Done Enough?

Stephany Griffith-Jones, Kevin Young

  • Overview
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In the wake of the 2007-2008 financial crisis—the worst crisis in a generation—the effectiveness of regulation of international finance has been called into question. The global institutions which provide the international standards and rules for the world had also been profoundly undemocratic through their exclusion of developing countries. Following the crisis, and the Group of Twenty’s (G-20) reaction to it, significant reforms have taken place to include members from developing countries for the first time in regulatory financial bodies. In the following sections we will examine these reforms and suggest further improvements that would not only improve governance but also serve to make financial regulation more effective for the future.

About the Authors

Stephany Griffith-Jones
Financial Markets Program Director
Initiative for Policy Dialogue

Stephany Griffith-Jones is Financial Markets Program Director at IPD, as well as an economist whose areas of expertise include global capital flows to emerging markets and international financial reform; macro-economic management of capital flows in Latin America, Eastern Europe and sub-Saharan Africa; and international financial reform with special emphasis on regulation (Basel II, hedge funds and derivatives). Prior to joining IPD, Professor Griffith-Jones was Professorial Fellow at the Institute of Development Studies at University of Sussex and served as Senior Official at the United Nations Department of Economic and Social Affairs and the Economic Commission of Latin America (ECLAC), and as Head of International Finance at the Commonwealth Secretariat. She has acted as senior consultant to governments in Eastern Europe and Latin America and to many international agencies, including the World Bank, the Inter-American Development Bank, and the United Nations (especially UNDP and ECLAC). She began her career at the Central Bank of Chile and since then has published many articles and books including International Finance and Development with Jose Antonio Ocampo and Jan Kregel. She received the Association of Latin American Financial Institutions prize for best essay on Latin America's international finance.

Kevin Young
Fellow in Government & Global Politics
London School of Economics