Contents -- Contributors -- Chapter 1. Introduction -- Chapter 2. Financial Reform after the Crisis -- 1 Introduction -- 2 The Dynamics of Financial Reform -- 2.1 The G20 -- 2.2 The IMF and the FSB -- 2.3 Individual jurisdictions -- 2.4 Crisis-induced shifts -- 3 Challenges and Outlook -- 3.1 Ongoing crisis management -- 3.2 Macroprudential approaches -- 3.3 Regulating multinational financial firms -- 3.4 Consistent implementation of global standards -- 3.5 Financial systems and growth -- References -- Chapter 3. Did WTO Rules Restrain Protectionism During the Recent Systemic Crisis? -- 1 Introduction -- 2 Twenty-First Century Protectionism During a Systemic Financial Crisis: Some Preliminary Considerations -- 3 The Resort to Discrimination Against Foreign Commercial Interests Since the First Crisis-Era G20 Summit in November 2008 -- 4 An Assessment of the Impact of WTO Rules During the Recent Systemic Crisis -- 5 Concluding Remarks -- Appendix: Estimates of Total Trade Covered by Jumbo Measures -- References -- Chapter 4. The International Monetary System after the Financial Crisis -- 1 The Global Reserve System -- 2 The Emergency Provision of Liquidity -- 3 Regulating Capital Flows -- 4 The Role of the IMF -- 5 Conclusion -- References -- Chapter 5. The Group of 20: Trials of Global Governance in Times of Crisis -- 1 Benefits from International Coordination: Reviewing the Arguments -- 2 A Narrative of the G20 in Times of Crisis -- 2.1 Washington (November 2008) -- 2.2 London (April 2009) -- 2.3 Pittsburgh (September 2009) -- 2.4 Toronto and Seoul (June and November 2010) -- 2.5 Cannes (November 2011) -- 3 Scoreboards of Success -- 4 Taking Stock and Looking Forward -- References -- Chapter 6. Emerging Markets in the Aftermath of the Global Financial Crisis -- 1 Introduction -- 2 Rising Prominence of EMEs -- 3 The Distribution of World Growth.

4 What Explains the Resilience of Emerging Markets? -- 5 Global Public Debt and Implications for the Growth Gap -- 6 Risks -- 7 Concluding Remarks -- References -- Chapter 7. Challenges for Emerging Asia -- 1 Introduction: Asia's Recovery from the Global Financial Crisis -- 2 Transition from Exports to Domestic Demand -- 3 Killing the Inflation Dragon -- 4 Risk of the Middle Income Trap -- 5 The Rise of China and the Future of Regional Cooperation -- 6 Conclusion -- References -- Chapter 8. Long-Term Challenges for the Advanced Economies: Reducing Government Debt -- 1 Introduction -- 2 Projected Paths of Government Debt -- 2.1 General government primary balances -- 2.2 Size of economies (GDP) -- 2.3 Interest rates -- 2.4 Baseline debt projections -- 2.5 The optimistic and pessimistic health care cost scenarios -- 2.6 Two interest rate scenarios -- 2.7 The optimistic growth scenario -- 2.8 The pessimistic growth scenario -- 2.9 Implications of net debt projections -- 3 The Burden of Debt and Fiscal Limits -- 3.1 Effect of debt on interest rates and interest payments -- 3.2 The limits of debt -- 3.3 Fiscal crises -- 4 Paths to Safety -- 4.1 Gradual (early) adjustment -- 4.2 Abrupt (delayed) adjustment -- 4.3 Benefits of early and gradual adjustment -- 5 Conclusion -- References -- Index.