International Financial Governance under Stress: Global Structures versus National Imperatives

doi:10.1017/CBO9780511492525

Persistent episodes of global financial crises have placed the existing system of international monetary and financial governance under stress. The resulting economic turmoil provides a focal point for rethinking the norms and institutions of global financial architecture and the policy options of public and private authorities at national, regional and transnational levels. This volume moves beyond analysis of the causes and consequences of recent financial crises and concentrates on issues of policy. Written by distinguished scholars, it focuses on the tension between global market structures and national policy imperatives. Accessible to both specialists and general readers, the analysis is coherent across a broad range of theoretical and empirical cases. Offering a series of reasoned policy responses to financial integration and crises, the volume grapples directly with the institutional and often-neglected normative dimensions of international financial architecture. The volume thus constitutes required reading for scholars and policy-makers.

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vii
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List of figures
pp viii-viii
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List of tables
pp ix-ix
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List of contributors
pp x-xi
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Acknowledgements
pp xii-xiv
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Introduction: global market integration, financial crises and policy imperatives
pp 1-18
- By Geoffrey R. D. Underhill, Professor of International Governance Department of Political Science and the Amsterdam School for Social Science Research of the University of Amsterdam, Xiaoke Zhang, Research Fellow Amsterdam School for Social Science Research of the University of Amsterdam
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I - Financial globalisation and policy responses: concepts and arguments
pp 19-20
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1 - Reform of the international financial architecture: what has been written?
pp 21-40
- By Jonathan Story, Shell Fellow in Economic Transformation and Professor of International Political Economy INSEAD
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2 - Costs and benefits of financial globalisation: concepts, evidence and implications
pp 41-59
- By John Williamson, Senior Fellow Institute for International Economics, Washington, DC
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3 - Capital controls: the neglected option
pp 60-76
- By Benjamin J. Cohen, Professor of International Political Economy Department of Political Science, University of California, Santa Barbara
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4 - Global structures and political imperatives: in search of normative underpinnings for international financial order
pp 77-98
- By Geoffrey R. D. Underhill, Professor of International Governance Department of Political Science and the Amsterdam School for Social Science Research of the University of Amsterdam, Xiaoke Zhang, Research Fellow Amsterdam School for Social Science Research of the University of Amsterdam
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II - Globalisation, financial crises and national experiences
pp 99-100
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5 - Crisis consequences: lessons from Thailand
pp 101-118
- By Pasuk Phongpaichit, Professor in the Faculty of Economics Chulalongkorn University, Bangkok, Chris Baker, Independent researcher and writer Bangkok
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6 - The politics of financial reform: recapitalising Indonesia's banks
pp 119-139
- By Richard Robison, Professor of Political Economy Institute of Social Studies, the Hague
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7 - South Korea and the Asian crisis: the impact of the democratic deficit and OECD accession
pp 140-159
- By Stephen L. Harris, Associate Professor Department of Public Policy, National University of Singapore
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8 - Currency crises in Russia and other transition economies
pp 160-181
- By Vladimir Popov, Professor Institute of European and Russian Studies, Carleton University, Ottawa Academy of National Economy, Moscow
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9 - Capital account convertibility and the national interest: has India got it right?
pp 182-202
- By Vijay Joshi, Reader Department of Economics and Merton College, Oxford University
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10 - Learning to live without the Plan: financial reform in China
pp 203-222
- By Shaun Breslin, Reader Department of Politics and International Studies, University of Warwick
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11 - The Asian financial crisis and Japanese policy reactions
pp 223-240
- By Masayuki Tadokoro, Professor of International Relations Keio University, Japan
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III - Private interests, private–public interactions and financial policy
pp 241-242
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12 - Private capture, policy failures and financial crisis: evidence and lessons from South Korea and Thailand
pp 243-262
- By Xiaoke Zhang, Research Fellow Amsterdam School for Social Science Research of the University of Amsterdam, Geoffrey R. D. Underhill, Professor of International Governance Department of Political Science and the Amsterdam School for Social Science Research of the University of Amsterdam
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13 - Governance, markets and power: the political economy of accounting reform in Indonesia
pp 263-282
- By Andrew Rosser, Research Fellow Institute of Development Studies, University of Sussex
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14 - The private sector, international standards and the architecture of global finance
pp 283-302
- By George Vojta, President Financial Services Forum, New York, Marc Uzan, Executive Director Reinventing Bretton Woods Committee, New York
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IV - Building the new financial architecture: norms, institutions and governance
pp 303-304
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15 - The legitimacy of international organisations and the future of global governance
pp 305-323
- By Jean-Marc Coicaud, Senior Academic Officer Peace and Governance Programme, United Nations University, Tokyo, Luiz A. Pereira da Silva, Visiting Scholar Institute for Fiscal and Monetary Policy, Tokyo
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16 - The G-7 and architecture debates: norms, authority and global financial governance
pp 324-342
- By Andrew Baker, Lecturer Institute of European Studies, the Queen's University of Belfast
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17 - Bail-outs, bail-ins, and bankruptcy: evolution of the new architecture
pp 343-359
- By Manmohan S. Kumar, Advisor in the Research Department International Monetary Fund, Marcus Miller, Professor of Economics and Co-Director Center for the Study of Globalisation and Regionalisation, University of Warwick
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Conclusion: towards the good governance of the international financial system
pp 360-383
- By Geoffrey R. D. Underhill, Professor of International Governance Department of Political Science and the Amsterdam School for Social Science Research of the University of Amsterdam, Xiaoke Zhang, Research Fellow Amsterdam School for Social Science Research of the University of Amsterdam
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Index
pp 384-395
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International Financial Governance under Stress

Global Structures versus National Imperatives

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