Global Economic Leadership and the Group of SevenThe decline of the dollar, the Mexican crisis, and sluggish global growth reveal the failure of the Group of Seven industrial nations to provide effective management of the world economy. The G-7 once played this crucial role effectively, and must do so again if future crises are to be averted and global prosperity to be promoted. This study assesses the G-7's record and the reasons for its demise. It outlines an action program that includes reforming the exchange rate regime, creating a new financial facility at the IMF to deal with crises sparked by private capital flows, and instituting an early warning system to prevent serious new disruptions in the world economy |
Contents
Summary and Conclusions | 1 |
The Role and Record of the G7 | 13 |
The Decline of the G7 | 27 |
Copyright | |
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Global Economic Leadership and the Group of Seven C. Fred Bergsten,C. Randall Henning No preview available - 1996 |
Common terms and phrases
active adjustment adopted agreement American arrangements billion Bretton Woods bubble economy budget deficits central bank governors central banks chapter consensus countercyclical crises crisis currency current account decline deutsche mark dollar domestic economic policy effective efforts Europe European European Union exchange rate external failure finance ministers fiscal policy fixed exchange rates flexible Fred Bergsten Fund G-7 cooperation G-7 countries G-7 members G-7 summits Germany governments growth Hence imbalances important inflation initiatives Institute for International interest rates international economic International Financial International Financial Statistics international monetary intervention issues Japan Japanese John Williamson late leadership Louvre Accord Maastricht Maastricht treaty macroeconomic major market error membership merchandise trade balance Mexico monetary policy officials overvalued participate period policy coordination political postwar problems proposed recent reform regime regional responsibility role Russia stability substantial surplus target zones tion trade policy unemployment United world economy