Acta Oeconomica Pragensia 2010, 18(5):3-19 | DOI: 10.18267/j.aop.314

Impact of the Current Economic Crisis on the Institutional Layout of Global Economy

Martina Jiránková, Pavel Hnát
Vysoká škola ekonomická v Praze, Katedra světové ekonomiky (martina.jirankova@vse.cz, pavel.hnat@vse.cz).

Even though the efforts to foster global economic governance have been a longstanding issue of global economic policies, their effectiveness has been questioned by the current crisis. The crisis has revealed many systemic issues that would require global solutions on the one hand, but on the other hand, these solutions are more difficult to achieve. Based on an analysis of basic systemic issues of global trade and finance, the aim of this paper is to explore whether the current crisis leads to fostering supranational features in global economic governance. The issue is first studied at the theoretical level the outcomes of which are subsequently applied to recent evolutions in global governance, which seems to be the most appropriate level to face global systemic issues. According to the authors, more supranational features should be reflected namely in a more effective and intensive coordination of macroeconomic policies of systemically important countries in order to keep the global economic system stable. In the conclusion, the authors try to make a specific recommendation for the eventuality that the hypothesis on stronger supranational coordination cannot be fully confirmed.

Keywords: Global Governance, Financial Globalization, Global Imbalances, IMF, G20
JEL classification: F02, F32, F33, F59

Published: August 1, 2010  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Jiránková, M., & Hnát, P. (2010). Impact of the Current Economic Crisis on the Institutional Layout of Global Economy. Acta Oeconomica Pragensia, 18(5), 3-19. doi: 10.18267/j.aop.314
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. BALAAM, D.; VESETH, M. 2008. Introduction to International Political Economy. 4th ed. New Persey : Pearson Education, 2008. ISBN 978-0-13-514322-3.
    2. BRAKMAN, S.; GARRETSEN, H.; VAN MARREWIJK, CH.; VAN WITTELOOSTUIJN, A. 2008. Nations and Firms in the Global Economy. An Introduction to International Economics and Business. 3rd ed. Cambridge : Cambridge University Press, 2008. ISBN978-0-521-54057-5.
    3. ČNB. 2010. Vztahy k MMF. [on line]. [cit. 2010-07-30]. www.cnb.cz/cs/mezinarodni_vztahy/vztahy_ mmf_sb.
    4. DAVIS, B. 2010. G-20 focuses on paring debt. The Wall Street Journal. 2010, vol. XXVIII, no. 102, s. 1-8. ISSN 0921-99.
    5. DIETER, H. 2004. The Stability of International Financial Market: A Global Public Goods? In SCHIRM, S. A. (ed.) New Rules for Global Markets: Public and Private Governance in the World Economy. 1st ed. Basingstoke : PalgraveMacMillans, 2004, s. 23-43. Go to original source...
    6. DUNAWAY S. 2009. Global Imbalances and the Financial Crisis. Council on Foreign Relations. Special Report No. 44.
    7. ECB. 2008. A Framework for Assessing Global Imbalances [Occasional Paper No. 78].
    8. ECB. 2010. Reverse Causality in Global Current Accounts [Working Paper No. 1208].
    9. FSB. 2010. FSB. [on line]. [cit. 2010-07-30]. www.financialstabilityboard.org.
    10. GILPIN, R. 2001. Global Political Economy: Understanding the International Economic Order. 1st ed. Princeton : Princeton University Press, 2001. ISBN 0-691-08677-X. Go to original source...
    11. G-20. 2009. Declaration on Strengthening the Financial System. [on line]. [cit. 2010-07-30]. www.G-20.org/Documents/Fin_Deps_Fin_Reg_Annex_020409_-_1615_final.pdf.
    12. G-20. 2010a. FAQ. [on line]. [cit. 2010-07-30]. www.G-20.org/about_faq.aspx.
    13. G-20. 2010b. The G - 20 Toronto Summit Declaration. [on line]. 2010-06-27. [cit. 2010-07-13]. www.G-20. org/Documents/G-20_declaration_en.pdf.
    14. G-20. 2010c. What is the G - 20 about? [on line]. [cit. 2010-06-22]. www.G-20.org/about_what_is_G-20.aspx.
    15. G-20: zatím žádná revoluce. [on line]. 09-09-25. [cit. 2010-06-22]. www.euractiv.cz/ekonomika-a-euro/ clanek/G-20-zatim-zadna-revoluce-006542.
    16. HNÁT, P 2009. Dopad současné finanční a hospodářské krize na obchod a jeho governance [Working Papers Fakulty mezinárodních vztahů, č. 13]. Praha : VŠE, Nakladatelství Oeconomica, 2009. ISBN 978-80-245-1617-2.
    17. IMF 2003. IMF Borrowing Arrangements: GAB and NAB. [on line]. březen 2003. [cit. 2010-07-30]. www. imfsite.org/operations/fact1.html.
    18. IMF 2009a. IMF Annual Report 2009: Fighting the Global Crisis. [on line]. [cit. 2010-07-30]. www.imf. org/external/pubs/ft/ar/2009/eng/pdf/ar09_eng.pdf.
    19. IMF 2009b. "Istanbul Decisions" to Guide IMF as Countries Shape Post-Crisis World. [on line]. 09-10-06. [cit. 2010-07-30]. www.imf.org/external/pubs/ft/survey/so/2009/NEW100609A.htm.
    20. IMF. 2009c. Global Imbalances: In Midstream? IMF Staff Position Note. Go to original source...
    21. JIRÁNKOVÁ, M. 2010. Národní státy v globálních ekonomických procesech. Praha : Professional Publishing, 2010. ISBN 978-80-7431-025-6.
    22. KRUGMAN, P R.; OBSTFELD, M. 2006. International Economics. Theory and Policy. 7th ed. New York : Pearson Addison Wesley, 2006. ISBN 0-321-31154-X.
    23. LAVIČKA, V. 2010. V Davosu tlačí mocní bankéři na politiky. [on line]- 2010-01-28- [cit. 2010-07-13]. http://hn.ihned.cz/c1-40214510-v-davosu-tlaci-mocni-bankeri-na-politiky.
    24. MAKIN, A. 2010. Global Imbalances, Exchange Rates and Stabilization Policy. Houndmills : Palgrave Macmillan, 2010. Go to original source...
    25. MONGELLI, F; WYPLOSZ, Ch. 2008. The euro at ten - lessons and challenges. ECB, 2008.
    26. NIEDERMAYER, L. 2010. G-20: Každý sám za sebe. Hospodářské noviny. 8. 7. 2010, č. 131, s. 9. ISSN 0862-9587.
    27. O'BRIEN, R.; WILLIAMS, M. 2007. Global Political Economy. 2nd ed. Houndmills, Basingstoke, Hampshire : Palgrave Macmillan, 2007. ISBN 978-0-230-00669-0.
    28. OECD. 2009. Keeping Markets Open at Times of Economic Crisis. Paříž, duben 2009.
    29. OECD. 2010. Balance of Payments. [on line]. [cit. 2010-07-28]. www.oecd-ilibrary.org/docserver/ download/fulltext/3010061ec027.pdf?expires=1280305665&id=0000&accname=freeContent&-checksum = 143302003725D95714EF322F1AAB5AFF.
    30. PAYNE, A. 2005. Governance in Global Political Economy. In PHILLIPS, Nicola (ed.). Globalizing International Political Economy. Houndmills : Palgrave Macmillan, 2005. Go to original source...
    31. Quarterly External Debt Database. http://www.imf.org.
    32. SIEBERT, H. 2009. Rules for the Global Economy. Princeton : Princeton University Press, 2009. ISBN 978-0-691-13336-2.
    33. SKIDELSKY, R. 2010. Velká náprava bank. [on line]. 2010-02-19. [cit. 2010-07-13]. www.project -syndicate.org/commentary/skidelsky26/Czech.
    34. ŠINDEL, J.; ŠAROCH, S. 2008. Politická ekonomie kursové politiky ve střední a východní Evropě - odvětvový přístup. Politická ekonomie. 2008, roč. LVI, č. 1, s. 17-39. Go to original source...
    35. TRUMAN, E. 2010. The International Monetary System and Global Imbalances. Peterson Institute for International Economics, 2010.
    36. UNCTAD. 2009. UNCTAD Handbook of Statistics. http://stats.uncatd.org/handbook.
    37. WALTER, A.; SEN, G. 2009. Analyzing the Global Political Economy. Princeton : Princeton University Press, 2009. ISBN 978-0-691-13959-3.

    This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content