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Cooperation between countries to ensure global economic growth: a role for the G20?

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  • David Vines
Abstract
The global economic recovery is on course but remains weak. Many analysts and policymakers - including those from emerging markets - have recently called for international cooperation in the setting of macroeconomic policies. A global growth target has been adopted by the G20 to aid such cooperation. But advanced counties are unwilling to abandon fiscal policies which are driven by austerity, monetary policy is incapacitated, and demand in emerging markets economies is not growing rapidly enough. As a result, cooperation in the promotion of growth appears elusive. However microeconomic reforms have been added to the G20 policy mix: reforms which, for example, promote competition, liberalise trade, and support increased investment in infrastructure. A new form of cooperative process is thereby emerging. Countries have been asked to pursue such reforms, in ways which both promote the growth of productive potential and encourage the growth of aggregate demand. The aim is to create a global environment of 'concerted unilateral reform'. Beneath the umbrella of a global growth target, counties are being encouraged to embrace reform, and to expand demand, in the light of the opportunities which are created by the pursuit of similar reforms elsewhere. This is a valuable experiment in international economic cooperation, and a successful outcome will be of particular value to emerging-market economies.
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  • David Vines, 2015. "Cooperation between countries to ensure global economic growth: a role for the G20?," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 29(1), pages 1-24, May.
    • Handle: RePEc:bla:apacel:v:29:y:2015:i:1:p:1-24
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    Cited by:

    1. Adam John Triggs & Warwick James McKibbin, 2021. "Global implications of a US‐led currency war," The World Economy, Wiley Blackwell, vol. 44(6), pages 1484-1508, June.
    2. Iwan J Azis, 2016. "Four-G Episode and the elevated risks," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 30(2), pages 3-32, November.
    3. Trunin, Pavel (Трунин, Павел) & Bozhechkova, Alexandra (Божечкова, Александра) & Petrova, Diana (Петрова, Диана) & Chaikina, Anastasiia (Чайкина, Анастасия) & Nikanorov, Ivan (Никаноров, Иван), 2018. "Analysis of Approaches to Studying the Problem of Long-Term Stagnation in Modern Economies [Анализ Подходов К Изучению Проблемы Долговременной Стагнации В Современных Экономиках]," Working Papers 031810, Russian Presidential Academy of National Economy and Public Administration.
    4. Vines, David, 2016. "Chinese leadership of macroeconomic policymaking in a multipolar world," China Economic Review, Elsevier, vol. 40(C), pages 286-296.
    5. Christopher Allsopp & David Vines, 2015. "Monetary and fiscal policy in the Great Moderation and the Great Recession," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 31(2), pages 134-167.

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    More about this item

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F30 - International Economics - - International Finance - - - General
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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