Emerging Markets Perspectives on G-20 Led Financial Reforms

  • Ashima GoyalEmail author
  • Akhilesh Verma


The chapter examines progress as well as continuing concerns in G-20 led financial reforms, with particular emphasis on emerging markets (EMs). Although risks remain they are of a lower order of magnitude compared to those in the pre global crisis period. But progress is slowest in areas of concern to EMs. Question marks over liquidity in markets as quantitative easing is withdrawn are echoed in EMs, which also face risk-off outflows and volatile exchange rates in this period. Leverage is high in some EMs after a period of low global interest rates and risk-on inflows in search of yields. But EMs are largely left to handle volatility themselves. Even the advice given to them or its understanding in policy circles or markets is not sufficiently nuanced. There are arguments for and against financial tightening as the best response to achieve financial stability. These are examined in the context of experiences in some specific EMs. Implications are drawn for G-20 policies and for its advice to EMs.


G-20 Financial reforms Emerging markets 

JEL Codes

F42 F53 G15 



Some of these ideas were presented at the 10th Annual International G20 Conference at ICRIER. We thank the participants for useful feedback and Reshma Aguiar for secretarial assistance.


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Copyright information

© Indian Council for Research on International Economic Relations (ICRIER) 2019

Authors and Affiliations

  1. 1.Indira Gandhi Institute of Development ResearchMumbaiIndia

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