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Cooper, Andrew F. and Thakur, Ramesh, The Group of Twenty (G20) (New York: Routledge, 2012). Pp. 200, Price US$28.

«The Group of Twenty» is an informal forum for international cooperation between the leading developed states, the largest developing countries and emerging market economies. The article explores the key strategic approaches and governance decisions related to the main directions of international macroeconomic and financial regulation elaborated during the Russian chairmanship in the G-20 (December 2012 – December 2013) which culminated in the St. Petersburg summit. The author makes attempt to estimate viability of discussed approaches and decisions against the background of the actual problems of global economy. The author pays special attention to the St. Petersburg summit's approaches to the problems of providing favorable conditions for strong and sustainable economic growth and of addressing unemployment. The point is how to achieve an acceptable compromise between the purposes of fiscal and monetary policies, on the one part, and providing balanced state budgets, as well as price stability, on the other part. Also, the importance of a wide range of radical structural reforms is stressed. The author argues that Russia proposed to vital themes to discuss at G-20 summit: long-term financing for investment as a foundation for economic growth and improvement of public debt management practices. The article describes the principal provisions of the Declaration and the Action plan related to various aspects of the reconstruction of financial and monetary system, including: tackling tax avoidance; implementing the Basel-3 standards, dealing with the adequacy of the bank's capital; ending «too big to fail» problem; reforming over-the-counter (OTC) derivatives market; reducing reliance on the credit rating agencies; addressing potential risks for financial stability posed by the shadow banking; increasing financial inclusion, financial education and strengthening financial consumer protection; eliminating the international misbalances through broad based rebalancing of global demand; resisting of all forms of protectionism and promoting liberalization of global trade and investment; moving towards exchange rate flexibility to avoid persistent exchange rate misalignment; transforming the International Monetary Fund and Financial Stability Board. The author points to significant achievements of G-20 as a coordinating body for economic crisis management and, at the same time, discloses obstacles complicating its activities and development.

The Group of Twenty (G-20) deserves credit for opening up of the "top table" of global governance to a wider representation of countries on a geographic basis in general and Asia in particular. As both a crisis committee in terms of the reverberations from the 2008 financial crisis and a potential global steering committee for a wider set of economic/developmental issues the summit process includes not only the association of leading association of leading emerging economies referred to as BRICS (Brazil, Russia, India, the Republic of China, and South Africa), but key middle powers such as the Republic of Korea. Yet, as a growing body of literature attests, it is clearly the contested nature of the G-20 that has come to the fore. This paper examines both the strengths and weaknesses of the G-20 from the perspective of input and output legitimacy. Notwithstanding some initial successes the constraints with respect to "output" d; have become more acute. Moreover, the "input" legitimacy of the G-20 has been eroded by the absence of the United Nations in the design and representational gaps. On the basis of this analysis the paper examines the debates and makes specific policy recommendations by which regionalism, the engagement of small states (through the role of Singapore and the 3-G coalition), and the expansion of the agenda can be utilized as a dynamic of reform for the G-20 without eroding the core strengths in terms of informality and issue-specific focus of the forum.

This article is devoted to the process of reforming the global financial system and world economic organizations since the foundation of the International Monetary Fund at the Bretton Woods Conference in 1944 to present time. Special attention is given to results of cooperation of the IMF and the "Group of Twenty"in the context of the world financial crisis 2008-2009. This article mentions the key benchmarks of the historical development of world economy: foundation of the Bretton Woods financial system, rejection of the gold standard at the Jamaica Conference, transition to the floating exchange rates, the wave of crises in the 1990-s, the world financial crisis of 2008-2009. The process of evolution of the IMF within the framework of these global events is considered here. The cooperation of EU, IMF and "Group of Twenty" is considered. The reforms of the IMF and their results are analyzed. The policy of the IMF at different historical stages of its evolution is estimated. As well as it results, the article also deals with the formation and development of the "Group of Twenty". The increasing role of the "Group of Twenty" in the global economic governance and reforming the IMF is considered. Especially is marked the necessity of the further reforms of the IMF and increasing of participation of the "G-20" in the world economic and politic system.

This paper studies the economic growth of the countries in the Group of Twenty (G20) in the period 1970&ndash ; 2018. It presents dynamic models for the world&rsquo ; s most important national economies, including for the first time several economies which are not highly developed. Additional care has been devoted to the number of years needed for an accurate short-term prediction of future outputs. Integer order and fractional order differential equation models were obtained from the data. Their output is the gross domestic product (GDP) of a G20 country. Models are multi-input ; GDP is found from all or some of the following variables: country&rsquo ; s land area, arable land, population, school attendance, gross capital formation (GCF), exports of goods and services, general government final consumption expenditure (GGFCE), and broad money (M3). Results confirm the better performance of fractional models. This has been established employing several summary statistics. Fractional models do not require increasing the number of parameters, neither do they sacrifice the ability to predict GDP evolution in the short-term. It was found that data over 15 years allows building a model with a satisfactory prediction of the evolution of the GDP.

This study is intended to assess Ethiopia's trade flow determinants and trade potential with G20 countries whether it was overtraded or there is/are trade potential by using trade gravity model. The sources of panel data used were IMF, WDI, United Nations population division, The Heritage Foundation, Washington's No. 1 think tank online website database, online distance calculator and others for the duration of 2010 to 2019 for 10 consecutive years. The empirical data analyzing tool used was Random effect model (REM) which is effective in estimation of time-invariant data. The empirical data analyzed using STATA software result indicates that Ethiopia has a trade potential with seven countries of G20, whereas Ethiopia overtrade with 12 countries and EU region. The Ethiopia's and G20 countries/region bilateral trade flow statistically significant/ p<0.05/determinants were the population of G20 countries, growth domestic products of G20 countries, growth domestic products of Ethiopia, geographical distance between Ethiopia and G20 countries. The top five G20 countries exported to Ethiopia were china, United State of America, European Union, India and South Africa, whereas, the top five G20 countries imported from Ethiopia were EU, China, United State of America, Saudi Arabia and Germany respectively. Finally, the policy implication were Ethiopia has to Keep the consistence of trade flow with overtraded countries and improve with under traded countries through trade policy revision and secondly, focusing on the trade determinants to improve trade flow is recommended.