The Project | Call for Proposals | The Global Governance Dimension | Country Case Studies



The Global governance dimension assesses the role of the International Financial Architecture (IFA) in facilitating financial transactions arising from demographic asymmetries across countries. More specifically, the main goals are (1) to analyze the role of demographic-driven financial flows between emerging and rich countries undergoing different demographic states; (2) to assess the suitability of existing IFA to provide effective governance for financial transactions motivated by demographic asymmetries. Two thematic papers will cover these issues.

Thematic paper #1

Title: Flaws in international finance and global imbalances

Abstract: The document will address the issues from a policy-oriented perspective, trying to identify reforms of the global financial governance that are conducive to (a) facilitating international capital flows that take advantage of unexploited opportunities to promote growth complementarities between developed and emerging countries associated with demography; (b) developing more efficient mechanisms for emerging countries to hedge against global financial shocks, creating a better environment for the demand to absorb the expansion in the supply of risky assets that are required to take advantage of global growth opportunities; and (c) discouraging non-cooperative strategies, such as financial protectionism and self-insurance while ensuring the consistency between the IFA and the DFA.

Author: José Antonio Ocampo. Director of the Economic and Political Development Concentration at and a fellow of the Committee on Global Thought at Columbia University. Ocampo served in a number of positions in the United Nations and the Government of Colombia, most notably as United Nations Under-Secretary General for Economic and Social Affairs; Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC); Minister of Finance and Public Credit, Chairman of the Board of Banco del República (Central Bank of Colombia); Director, National Planning Department (Minister of Planning); Minister of Agriculture and Rural Development, and Executive Director of FEDESARROLLO.

Webpage: http://www.sipa.columbia.edu/academics/directory/jao2128-fac.html

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Thematic paper #2

Title: Demographic asymmetries and international financial flows

Abstract: The document will contain an analysis of the role of demographic-driven financial flows between rich and developing countries undergoing different demographic stages and its relation with the so-called global imbalances, with a special focus on G20 countries.

Author: Richard N. Cooper. Richard N. Cooper is Maurits C. Boas Professor of International Economics at Harvard University. He has written extensively on questions of international economic policy, including The Economics of Interdependence (1968), Economic Policy in an Interdependent World (1986), The International Monetary System (1987), Can Nations Agree? (with others, 1989), Economic Stabilization and Debt in Developing Countries (1992), and Boom, Crisis, and Adjustment: Macroeconomic Management in Developing Countries (with others, 1993. In 1990-92 he was chairman of the Federal Reserve Bank of Boston. He has served on several occasions in the U.S. government, as Chairman of the National Intelligence Council (1995-97), and Under-Secretary of State for Economic Affairs (1977-1981.

Webpage: http://www.economics.harvard.edu/faculty/cooper