By Eswar Prasad
The worldwide financial crisis has dramatically shown how globalisation has linked together the fates of economies around the globe. The benefits of multilateralism on economic matters have become evident. But so has the potential for globalisation to cause collateral damage. Even as the G7 economies are pulling back from the edge of the precipice, many emerging markets are at the risk of tipping over.
By Alberto Alesina and Francesco Giavazzi
A “new Bretton Woods” is the name given to a summit next month of leaders of the world’s top economies to map out a response to the global financial crisis.
The New York meeting received this label because it aims to reconsider the structure and the role of international economic institutions such as the G7, the International Monetary Fund and the Financial Stability Forum.
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