Shift in Global Financial Governance: Global and Local Perspectives
Defect in global financial governance was one of the major causes for the outbreak and spread of global financial crisis. Although global financial governance has been improved to a certain extent since the crisis, global stock markets fluctuated drastically recently, and large amount of capital out flowed from developing countries causing their currencies to depreciate and demonstrating that global financial governance requires further reform. We have to understand explicitly: What is the current status of global financial governance? What is its possible trend of evolvement in the future? What kinds of impact will the shifts in monetary policies of developed countries bring to developing countries? How should developing countries cope with the spillover effects? What is the role that the G20 can play in this process?