Power Shift in Global Financial Governance – Developing Countries’ Perspective (Academic Panel)

Until the financial crises of the 1990s the governance of the international financial and monetary system was dominated by a narrow group of development countries. Yet since then, due to rapid economic growth and resulting from it rising political power, some of the developing countries have become a driving force behind an ongoing transformation of the world economy away from the Western-dominated system towards a multipolar one. Growing interdependence of new economic powers with international financial markets results not only in deepened integration between these countries and global economy but also influences functioning of capital and money markets at the regional and global level. Most emerging economies support reform of the international monetary system and pledge for a new international currency which could substitute for the US dollar as a reserve currency. Their involvement in the reform of global financial and monetary order is apparent through the G20 activities, membership in the Financial Stability Board and the Basel Committee, or establishment of the New Development Bank. The aim of the panel is to analyse the possible long-term impact of selected developing countries on global financial institutions and monetary order. It will address such issues as integration of the emerging economies (especially the BRICS) with global financial markets, regulation of international finance from the developing countries perspective, role of foreign exchange reserves and monetary policy in these countries as well as their involvement in activities of international financial institutions.

Dr. Karina Jędrzejowska, University of Warsaw