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Coordinated Fiscal Stimulus 2.0: What G20 Can Do to Counter the Global Economic Slowdown?

As the world is facing an economic downturn aggravated by the coronavirus pandemic, the creation of multilateral mechanisms of mitigating the consequences of such crises is once again on the agenda. G20 is the appropriate platform to discuss such mechanisms, in particular, dealing with the fiscal stimuli. Limiting the coordinated fiscal response solely to the country level significantly restricts the scale of resources that may be devoted to fiscal stimulus at the global level. There is an urgent need for a mechanism that allows for a coordinated response across all layers of the Global Financial Safety Net and the use of an entire array of reserves and resources to deliver the stimulus. These layers should include that of regional integration arrangements and regional development institutions, whose resources have become a significant part of the Global Financial Safety Net.

This coordinated stimulus exercise should improve upon the previous effort, undertaken in 2008-2009, through focusing more on the composition of fiscal spending with greater priority accorded to human capital development, most notably healthcare. Apart from targeting short-term exigencies, the stimulus should also address longer term vulnerabilities, including the undersupply of healthcare services on a global scale. Another important aspect of the economic stimulus is the possibility of amplifying the effects of fiscal spending at the national level with added momentum coming from the regional development banks and other regional institutions that need to work closely with global organizations such as the World Bank, WTO and the World Health Organization.

Policy Briefs
Ensuring Progress on SDGs Through Digital Transformation and Financial Inclusion
Riatu Mariatul Qibthiyyah - Institute for Economic and Social research, Faculty of Economics and Business, University of Indonesia (LPEM-UI), Cahyo Prihadi - Program Management Office (PMO) of Kartu Prakerja, Romora Edward Sitorus - Program Management Office of Kartu Prakerja, The Coordinating Ministry for Economic Affairs of the Republic of Indonesia, Yogi Pambudi - Project Management Office of Kartu Prakerja, Guntur Syafiqi Adidarmawan - Project Management Office of Kartu Prakerja, Hanna Rosuliyana - Project Management Office of Kartu Prakerja
Global Public Investment for Global Challenges
Simon Reid-Henry - Public Interest and Research Professor, Christoph Benn - Joep Lange Institute
The Environmental and Ethical Challenges of Artificial Intelligence
Alejandro Garofali Acosta - Sweden, Shaun Riordan - European Institute for International Studies, Mario Torres Jarrín - the Pontifical University of Salamanca
The G20’s Response to Debt Distress: The Case of Sri Lanka
Aditya Gowdara Shivamurthy - Strategic Studies Programme
A Framework for Enhancing International Climate Finance Flows
Manish Kumar Shrivastava - Earth Science and Climate Change Division, Heiner Lupke - DIW, Samantha Keen - Strengthening National Climate Policy Implementation (SNAPFI) project, Karsten Neuhoff - German Institute for Economic Research (DIW Berlin), David Rusnok - Strengthening National Climate Policy Implementation (SNAPFI) project
A Framework to Enhance Financing Capacity and Incentivise Preservation of Natural Assets
Alexander Ryota Keeley - Urban Institute, Alin Halimatussadiah - The Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia, Bambang Brodjonegoro - University of Indonesia, Matthew Agarwala - Bennett Institute for Public Policy, University of Cambridge; Tobin Center for Economic Policy, Yale University, Muhammad Adriansyah - Institute for Economic and Social Research, Robert Smith - International Institute for Sustainable Development, Robi Kurniawan - SDGs Hub, Roes Ebara Gikami Lufti - Institute for Economic and Social Research Faculty of Economics and Business, Shunsuke Managi - Urban Institute, Shutaro Takeda - Urban Institute, Teuku Riefky - University of Indonesia (LPEM FEB UI)
Net-Zero Portfolio Targets for DFIs: Challenges and Solutions
Sam Fankhauser - Smith School of Enterprise and the Environment, Sugandha Srivastav - University of Oxford, Ingrid Sundvor - University of Oxford, Stephanie Hirmer - University of Oxford, Gireesh Shrimali - University of Oxford
Greening Public Financial Institutions: Lessons From the G20
Swasti Raizada - International Institute for Sustainable Development, Natalie Jones - International Institute for Sustainable Development
Harnessing Philanthropy for Climate Action
Sukhreet Bajwa - Community Resilience and Climate Action, Deepa Gopalakrishnan - Sandbox Grants
A Long-Term Development Investment Framework for LMICs
Alin Halimatussadiah - The Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia, Bambang Brodjonegoro - University of Indonesia, Fukunari Kimura - Keio University, ERIA, Muhammad Adriansyah - Institute for Economic and Social Research, Muhamad Chatib Basri - University of Indonesia, Teuku Riefky - University of Indonesia (LPEM FEB UI), Wing Thye Woo - University of California
The Green Development and Investment Accelerator: Promoting Investable Green Infrastructure Projects
Uday Khemka - The Nand & Jeet Khemka Foundation, Aaran Patel - Climate, Katherine Stodulka - Blended Finance Taskforce
Beyond GDP: Measuring the Value of Wellbeing
Krishna Kumar - Research and Information System for Developing Countries (RIS), Pramod Kumar Anand - Research and Information System for Developing Countries (RIS), Arpit Barman - Research and Information System for Developing Countries, Sameera Altuwaijri - Population and Development, Igor Makarov - Laboratory for Climate Change Economics, Sedat Alataş - Laboratory for Climate Change Economics, Beena Pandey - Research and Information System for Developing Countries, Rohit Saini - Research and Information System for Developing Countries, P. Srinivasa Rao - Research and Information System for Developing Countries, Basma Altuwaijri - ASBAR Think Tank, Anand Pratap Singh - Gautam Buddha University
Multisectoral Investments in Early Childhood Development for Sustained and Inclusive Economic Growth in India
Soumen Bagchi - United Nations Children’s Fund, Hyun Hee Ban - United Nations Children’s Fund India, T.R. Dilip - International Institute of Population Sciences, Srinivas Goli - International Institute of Population Sciences, K.S. James - International Institute of Population Sciences, Urvashi Kaushik - Monitoring and Evaluation Specialist, Udaya Shankar Mishra - International Institute of Population Sciences, Subhasree Ray - Reliance Industries Limited, Shoba Suri - Observer Research Foundation
Reducing Financial Inclusion Gaps: A Policy Roadmap for Developing Economies
Pami Dua - Delhi School of Economics, Deepika Goel - Aryabhatta College, Neeraj Kumar - DepartmentofEconomicAffairs, Neha Verma - KiroriMalCollege
Building Resilience to External Shocks in G20 Economies
Pami Dua - Delhi School of Economics, Divya Tuteja - Economics Division
Fiscal Reform in the Digital Era: Implementation of OECD Pillar One
Adrianto Dwi Nugroho - Faculty of Law, Riatu Mariatul Qibthiyyah - Institute for Economic and Social research, Faculty of Economics and Business, University of Indonesia (LPEM-UI), Christine Tjen - Tax Education and Research Center, Faculty of Economics and Business, University of Indonesia, Syahda Sabrina - Institute for Economic and Social Research, Faculty of Economics and Business, University of Indonesia
Policy Actions for Alleviating Debt Distress and Debt Sustainability Risks in the Global South
John Beirne - Asian Development Bank Institute, Tokyo (Japan), Ashfaque H. Khan - National University of Sciences and Technology, Pakistan, Agnes Surry - ADBI, Partha Pratim Mitra - Awareness Foundation, India, Pradeep Panthi - ADBI
Looking for a Possible Locomotive to Lead International Trade
Daehee Jeong - Korea Development Institute
Sharpening The Profile And Scope Of The Global Financial Safety Net For Better Performance And Governance Of The Financial Sector
Evgeny Vinokurov - Eurasian Fund for Stabilization and Development, Artem Levenkov - Eurasian Fund for Stabilization and Development, Gennady Vasiliev - Eurasian Fund for Stabilization and Development
Digital Payments And Cross-Border Capital Flows: Policy Actions To Safeguard Macrofinancial Stability
John Beirne - Asian Development Bank Institute, Tokyo (Japan), Teuku Riefky - University of Indonesia (LPEM FEB UI)
Digital Payments, Decentralised Finance And The Design Of A New Normal For Financial Stability
Jose Siaba Seerrate - Argentine Council For International Relations
ESG Investing: Beyond The Standards
Claude Lopez - Milken Institute
Resolving Debt Crises In Developing Countries: How Can The G20 Contribute To Operationalising The Common Framework?
Kathrin Berensmann - German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE), Christopher Heitzig - Africa Growth Initiative (AGI), Brookings Institution, Aloysius Ordu - Africa Growth Initiative (AGI), Brookings Institution, Lemma W Senbet - University of Maryland and Brookings AGI Distinguished Advisory Group
Debt Relief For A Green And Inclusive Recovery
Shamshad Akhtar - Pakistan Stock Exchange, Jörg Haas - Heinrich Böll Foundation, Ulrich Volz - SOAS University of London
Policy Proposals For External Debt Management And Sustainability In Developing And Low-Income Countries
Fernando Lorenzo - Centro de Investigaciones Economicas, Luis Miguel Galindo - Universidad Nacional Autonoma de México, Ramiro Albrieu - CIPPEC, Dionisio Borda - Centro de Analisis y Difusién de la Economia Paraguaya, Paul Lakuma - Economic Policy Research Centre, Alemayehu Geda - Addis Ababa University,
Supporting Energy Transitions And COVID-19 Recovery: The Role Of International Financial Institutions
Rishikesh Ram Bhandary - Research Fellow, Center for International Environment and Resource Policy, The Fletcher School, Tufts University, Daniela Staicu - The Bucharest University of Economic Studies, Zdenka Myslikova - The Fletcher School, Tufts University, Najeeb Ullah - University of Engineering and Applied Science, Swat
International Standardization of Institutional Framework of Fintech
Daehee Jeong - Korea Development Institute, Deok Ryong Yoon - Korea Development Institute
For an African Stability Mechanism
KY Amoako - African Centre for Economic Transformation, Daniel Cohen - Finance for Development Lab, Paris School of Economics, Sebastien Villemot - Finance for Development Lab, Paris School of Economics, Brendan Harnoys-Vannier - Finance for Development Lab, Paris School of Economics
International Financing Framework To Bridge The Climate Financing Gap Between Developed And Developing Countries
Alvin Ulido Lumbanraja - Northwestern University, Kellogg School of Management, Teuku Riefky - University of Indonesia (LPEM FEB UI)
Inclusive Economic Development Principles for Integrating Central Bank Digital Currencies in G20 Countries
Ronney Ncwadi - School of Economics, Development and Tourism, Nelson Mandela University, David Wen - Zhejiang University International Business School, Yuwen Dai - Zhejiang University International Business School
Addressing The Needs Of Tax Incentive Reform Under Pillar Two – Global Minimum Tax Model Rules
Riatu Mariatul Qibthiyyah - Institute for Economic and Social research, Faculty of Economics and Business, University of Indonesia (LPEM-UI), Christine Tjen - Tax Education and Research Center, Faculty of Economics and Business, University of Indonesia, Syahda Sabrina - Institute for Economic and Social Research, Faculty of Economics and Business, University of Indonesia
Enabling Pragmatic Policies: Leveraging ESG Frameworks Towards A Just Transition
Jitendra Roychoudhury - King Abdullah Petroleum Studies and Research Center (KAPSARC), Sara Lechtenberg-Kasten - King Abdullah Petroleum Studies and Research Center (KAPSARC), Puneet Kamboj - Council on Energy, Environment and Water
The Role of The IMF in Facilitating Green Energy Transitions
Rishikesh Ram Bhandary - Research Fellow, Center for International Environment and Resource Policy, The Fletcher School, Tufts University, Aasheerwad Dwivedi - Center for Social and Economic Progress (CSEP), New Delhi (India), Daniel Titelman - United Nations Economic Commission for Latin America and the Caribbean, Laveesh Bhandari - Center for Social and Economic Progress (CSEP), New Delhi (India), Noel Perez - Economic Commission for Latin America and the Caribbean (ECLAC), Marilou Uy - Intergovernmental Group of Twenty-Four (G24), Sara Ahmed - The Vulnerable 20 Group, Amar Bhattacharya - Brookings Institution
Turning Sustainable Finance into Mainstream Finance
José Siaba Serrate - Argentine Council for International Relations CARI
Monetary Policy and Financial System Resilience
Claude Lopez - Milken Institute, Franco Bruni - Bocconi University Milan
Central Banks and the G20 Agenda: Ensuring Policy Coherence
José Siaba Serrate - Argentine Council for International Relations CARI
Strengthening the International Monetary Fund for Stability and Sustainable Development
Haihong Gao - Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS), Kevin P. Gallagher - Global Development Policy Center, Boston University, USA
The Macroprudential Policy Framework Needs to Be Global
Claude Lopez - Milken Institute, Franco Bruni - Bocconi University Milan
Global Monetary Policy Coordination Meetings
Antonio Villafranca - ISPI, Franco Bruni - Bocconi University Milan, José Siaba Serrate - Argentine Council for International Relations CARI
Creating Credit from De Facto Collateral Rights
Steven L. Schwarcz - Duke University School of Law, Durham (USA)
Scaling Development Finance for Our Common Future
Kevin P. Gallagher - Global Development Policy Center, Boston University, USA, José Siaba Serrate - Argentine Council for International Relations CARI
Addressing Excessive Risk-Taking in the Financial Sector: A Corporate Governance Approach
Steven L. Schwarcz - Duke University School of Law, Durham (USA),
Strengthening the Global Financial Safety Net
Haihong Gao - Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS), Pavel Trunin - Gaidar Institute for Economic Policy, Sergey Drobyshevsky - GAIDAR Institute for Economic Policy
Beyond Financial Regulation: the Need For a Broader and More Coordinated Capital Flow Management Strategy
José Siaba Serrate - Argentine Council for International Relations CARI,
Resilience and Inclusive Growth
Christian Kastrop - Global Solutions Initiaitve,
Countercyclical sovereign financing mechanism for EM economies post Covid-19 recovery: opportunities for multilateral action by the G20
Teuku Riefky - University of Indonesia (LPEM FEB UI), Alvin Lumbanraja - Kellogg School of Management, Northwestern University, Evanston IL (USA), Andry Asmoro - Bank Mandiri, Jakarta (Indonesia)
Resetting the global financial safety net for the Covid-19 recovery
Haihong Gao - Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS), José Antonio - Ocampo School of International and Public Affairs (SIPA), Columbia University, New York (USA), Ulrich Volz - SOAS University of London, William N. Kring - Pardee School of Global Studies, Boston University
Policies for managing a wave of sovereign debt crises
Patrick Bolton - Columbia University, New York (USA), Mitu Gulati - Duke University School of Law, Durham (USA), Ugo Panizza - Fondazione Luigi Einaudi, Turin (Italy)
Mitigating and managing the effects of climate change on macro-financial stability and sovereign risk
John Beirne - Asian Development Bank Institute, Tokyo (Japan), Nuobu Renzhi - Capital University of Economics and Business (CUEB), Beijing (China), Ulrich Volz - SOAS University of London
Exiting the Covid Global Recession: Policy Proposals
Nuno Cassola - CefES University of Milano-Bicocca (Italy); CEMAPRE University of Lisbon (Portugal), Claudio Morana - CefES University of Milano-Bicocca (Italy), Patrizio Tirelli - University of Pavia (Italy); Griffith University, Brisbane (Australia),
Addressing governance in the token tconomy
Alejandro Garofali - Pica European Institute of International Studies (EIIS), Stockholm (Sweden), Jonathan Violante - Pica European Institute of International Studies (EIIS), Stockholm (Sweden)
A world recovery fund to overcome developing countries post-Covid debt woes?
Alicia García Herrero - Bruegel, Hong Kong University of Science and Technology, and NATIXIS.
Using risk securitization to ensure against pandemic-related risk
Steven L. Schwarcz - Duke University School of Law, Durham (USA)
The need for a development-centred climate change policy at the International Monetary Fund
Laveesh Bhandari - Center for Social and Economic Progress (CSEP), New Delhi (India), Rishikesh Ram - Bhandary Global Development Policy Center, Boston University (USA), Amar Bhattacharya - Brookings Institution, Kevin P. Gallagher - Global Development Policy Center, Boston University, USA, Toby Melissa C. Monsod - University of the Philippines and Financial Futures Center, Manila (Philippines), Marilou Uy - Intergovernmental Group of Twenty-Four (G24)
The emergence of new monies and the need to prepare the financial system for the digital age
José Siaba Serrate - Argentine Council for International Relations CARI, Claude Lopez - Milken Institute
International standards and the role of central banks in global financial governance
Daniel Bradlow - Centre for Human Rights, University of Pretoria (South Africa), Stephen Park - University of Connecticut (USA)
Ensuring ESG impact: Four actionable recommendations for a dependable path
Claude Lopez - Milken Institute, José Siaba Serrate - Argentine Council for International Relations CARI
Expanding the global financial safety net
Kevin P. Gallagher - Global Development Policy Center, Boston University, USA, Haihong Gao - Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS), Ulrich Volz - SOAS University of London, José Antonio Ocampo - School of International and Public Affairs, Columbia University, William N. Kring - Pardee School of Global Studies, Boston University
Covid-19 crisis: How should the G20 support heavily indebted low-income countries?
Kathrin Berensmann - German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE), Abebe Shimeles - African Economic Research Consortium (AERC), Njuguna Ndung’u - African Economic Research Consortium (AERC), Aloysius Uche Ordu - SAfrica Growth Initiative, Brookings Institution,
Assessing the impact of stablecoins on the international monetary system: G20 and IMF to study the impac of Facebook’s libra project
Bertrand Rioux - King Abdullah Petroleum Studies and Research Center (KAPSARC), Eiji Ogawa - Tokyo Keizai University, Fatima Yousef Al Sabaie - Bahrain Center for Strategic International and Energy Studies, José Siaba Serrate - Argentine Council for International Relations CARI
Time to implement a tech-driven sovereign debt transparency initiative: Concept, design, and policy actions
Rym Ayadi - Euro-Mediterranean Network for Economic Studies (EMNES), CASS Business School, Emilios Avgouleas - School of Law, University of Edinburgh
Monitoring countrie’s commitment against illicit financial flows
Aitor Pérez - Elcano Royal Institute, Gerardo Rodríguez - Universidad de las Américas Puebla
Digital money is here: G20 (Thinking) must go digital. A systemic agenda is necessary to steer the risky transition process and reap long-term benefits
José Siaba Serrate - Argentine Council for International Relations CARI, Claude Lopez - Milken Institute, Halit Ünver - Research Institute for Applied Knowledge Processing, University of Ulm, Sergey Drobyshevsky - GAIDAR Institute for Economic Policy, Pavel Trunin - Gaidar Institute for Economic Policy
Bigtech companies: An inclusive and global regulatory framework is needed
Claude Lopez - Milken Institute, José Siaba Serrate - Argentine Council for International Relations CARI
Monetary policies, strategies, and the Covid-19 crisis
Franco Bruni - Bocconi University Milan, José Siaba Serrate - Argentine Council for International Relations CARI
Coordinated and comprehensive fiscal and monetary stimulus for tackling the Covid-19 crisis
Naoyuki Yoshino - Financial Research Centre, FSA Institute, Jean Dong - Australia-China Belt and Road Initiative, Nella Sri Hendriyetty - Center for Regional and Bilateral Policy, Ministry of Finance Indonesia, Peter J. Morgan - Asian Development Bank Institute (ADBI)
Digital Money Is Here: G20 (‘s Thinking) Has To Go Digital, Too
José Siaba Serrate - Argentine Council for International Relations CARI, Claude Lopez - Milken Institute, Halit Ünver - Research Institute for Applied Knowledge Processing, University of Ulm, Sergey Drobyshevsky - GAIDAR Institute for Economic Policy, Pavel Trunin - Gaidar Institute for Economic Policy
Commentaries and Articles
T20 Recommendations Report: International Financial Architecture for Stability and Development
Compiled by Dennis Görlich (IfW Kiel), Katharina Lima de Miranda (IfW Kiel) and Juliane Stein-Zalai (IfW Kiel)
A Coordinated, Unlimited and Flexible Insurance Policy to Respond to the Pandemic
By Gonzalo García-Andrés (Elcano Royal Institute)
Supply and Demand Shocks in the COVID-19 Pandemic: An Industry and Occupation Perspective
By Anton Pichler, François Lafond, J. Doyne Farmer, R. Maria del Rio-Chanona, Penny Mealy (University of Oxford – Institute for New Economic Thinking)
Realizing the low-carbon future – Global Solutions Journal
Green finance in emerging markets – Global Solutions Journal
Vas-Y: Public-privatepartnership model for unlocking private investment for fragile states – Global Solutions Journal
EU solidarity in exceptional times: Corona transfers instead of Coronabonds
By Daniel Gros (CEPS)
This is what the economic fallout from coronavirus could look like
By Nouriel Roubini (Stern School of Business)
The economic, political and moral case for a European fiscal policy response to COVID-19
By Thorsten Beck (Cass Business School)
The Greater Trade Collapse of 2020: Learnings from the 2008-09 Great Trade Collapse
By Richard Baldwin (Graduate Institute Geneva)
Report: Staying Sane in a Crumbling World
Valdai Discussion Club
COVID-19 and global capital flows
OECD Policy Responses to Coronavirus (COVID-19)

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