William W. Grimes
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0006
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The Global Financial Crisis has severely weakened the legitimacy of the US-led global financial system. This has not only led to efforts to remake the global system through the G20 and related ...
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The Global Financial Crisis has severely weakened the legitimacy of the US-led global financial system. This has not only led to efforts to remake the global system through the G20 and related process but has also aroused interest in regional alternatives to the global architecture. Considerable attention has understandably been focused on Europe, but the global crisis also has profound implications for East Asia. Clichés about the ‘rise of East Asia’ obscure the very real contest now being fought over the shape of regional financial cooperation in East Asia, particularly through the ASEAN + 3. This chapter investigates the impact of two variables that theories predict will be of particular importance going forward: (a) the increasing desire of East Asian neighbors to contain Chinese influence in the region and (b) the increased number of ASEAN + 3 participants that have also become official participants in the global-level discussions due to the formation of the G20. The chapter concludes that these changes are likely to increase the tensions inside ASEAN + 3, even as the demand for regionalist solutions increases.Less
The Global Financial Crisis has severely weakened the legitimacy of the US-led global financial system. This has not only led to efforts to remake the global system through the G20 and related process but has also aroused interest in regional alternatives to the global architecture. Considerable attention has understandably been focused on Europe, but the global crisis also has profound implications for East Asia. Clichés about the ‘rise of East Asia’ obscure the very real contest now being fought over the shape of regional financial cooperation in East Asia, particularly through the ASEAN + 3. This chapter investigates the impact of two variables that theories predict will be of particular importance going forward: (a) the increasing desire of East Asian neighbors to contain Chinese influence in the region and (b) the increased number of ASEAN + 3 participants that have also become official participants in the global-level discussions due to the formation of the G20. The chapter concludes that these changes are likely to increase the tensions inside ASEAN + 3, even as the demand for regionalist solutions increases.
Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park (eds)
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199660957
- eISBN:
- 9780191748981
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660957.001.0001
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
This book aims to analyse the impact of the global financial crisis of 2007–09 on Asian economies, to assess the policy responses to the crisis in terms of their effectiveness and sustainability, and ...
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This book aims to analyse the impact of the global financial crisis of 2007–09 on Asian economies, to assess the policy responses to the crisis in terms of their effectiveness and sustainability, and to draw lessons about how best to avoid and/or mitigate future crises and to identify structural policy recommendations that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in future, and thereby create a basis for sustainable and inclusive growth. The book is organized into four parts. Part 1 discusses the motivation of the book, provides an overview of the major issues, and presents some policy recommendations. Part 2 includes two chapters that review the crisis in the US and its transmission to Europe. Part 3 focuses on the impacts of the global financial crisis on Asian economies, policy responses and growth strategies. And finally, Part 4 deals with lessons of the crisis for emerging markets. The main inference of the book is that Asian economies have recovered strongly from the global financial crisis, reflecting their aggressive moves to ease monetary and fiscal policy as well as the underlying fundamental strength of their economies. However, Asia as a whole needs to transform itself into a large consumer market while maintaining its competitiveness, by rebalancing sources of growth away from excessive dependence on extra-regional to domestic and regional demand. This growth rebalancing effort requires closer policy coordination in Asia in order to pursue structural adjustment, integration of regional markets, and socially inclusive and environmentally sustainable growth.Less
This book aims to analyse the impact of the global financial crisis of 2007–09 on Asian economies, to assess the policy responses to the crisis in terms of their effectiveness and sustainability, and to draw lessons about how best to avoid and/or mitigate future crises and to identify structural policy recommendations that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in future, and thereby create a basis for sustainable and inclusive growth. The book is organized into four parts. Part 1 discusses the motivation of the book, provides an overview of the major issues, and presents some policy recommendations. Part 2 includes two chapters that review the crisis in the US and its transmission to Europe. Part 3 focuses on the impacts of the global financial crisis on Asian economies, policy responses and growth strategies. And finally, Part 4 deals with lessons of the crisis for emerging markets. The main inference of the book is that Asian economies have recovered strongly from the global financial crisis, reflecting their aggressive moves to ease monetary and fiscal policy as well as the underlying fundamental strength of their economies. However, Asia as a whole needs to transform itself into a large consumer market while maintaining its competitiveness, by rebalancing sources of growth away from excessive dependence on extra-regional to domestic and regional demand. This growth rebalancing effort requires closer policy coordination in Asia in order to pursue structural adjustment, integration of regional markets, and socially inclusive and environmentally sustainable growth.
Kevin P. Gallagher
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0007
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The Global Financial Crisis has triggered a transformation in thinking and practice regarding the role of government in managing international capital flows. This chapter traces and evaluates the ...
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The Global Financial Crisis has triggered a transformation in thinking and practice regarding the role of government in managing international capital flows. This chapter traces and evaluates the reemergence of capital controls as legitimate tools to promote financial stability. Whereas capital controls were seen as orthodox in the neoliberal era that began in the late 1970s, there is now an emerging consensus that capital controls can play a legitimate role in promoting financial stability. From 2009 to early 2011, a number of developing nations resorted to capital controls to halt the appreciation of their currencies, and to pursue independent monetary policies to cool asset bubbles and inflation. This chapter evaluates he effectiveness of these controls is conducted for the cases of Brazil, South Korea, and Taiwan. This analysis suggests that Brazil and Taiwan have been relatively successful in deploying controls, though South Korea’s success has been more modest. The fact that capital controls continue to yield positive results is truly remarkable given the fact that there has been little (or contrary) support for global coordination, and that many nations lack the necessary institutions for effective policies. The chapter concludes by pointing to the need for more concerted global and national efforts to manage global capital flows for stability and growth.Less
The Global Financial Crisis has triggered a transformation in thinking and practice regarding the role of government in managing international capital flows. This chapter traces and evaluates the reemergence of capital controls as legitimate tools to promote financial stability. Whereas capital controls were seen as orthodox in the neoliberal era that began in the late 1970s, there is now an emerging consensus that capital controls can play a legitimate role in promoting financial stability. From 2009 to early 2011, a number of developing nations resorted to capital controls to halt the appreciation of their currencies, and to pursue independent monetary policies to cool asset bubbles and inflation. This chapter evaluates he effectiveness of these controls is conducted for the cases of Brazil, South Korea, and Taiwan. This analysis suggests that Brazil and Taiwan have been relatively successful in deploying controls, though South Korea’s success has been more modest. The fact that capital controls continue to yield positive results is truly remarkable given the fact that there has been little (or contrary) support for global coordination, and that many nations lack the necessary institutions for effective policies. The chapter concludes by pointing to the need for more concerted global and national efforts to manage global capital flows for stability and growth.
T.N. Srinivasan
- Published in print:
- 2011
- Published Online:
- September 2012
- ISBN:
- 9780198076384
- eISBN:
- 9780199080854
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198076384.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter covers the period 2009–11. It addresses the global financial crisis, its possible determinants, and the ongoing recovery that seems as yet (in early 2011) to be faltering globally. It ...
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This chapter covers the period 2009–11. It addresses the global financial crisis, its possible determinants, and the ongoing recovery that seems as yet (in early 2011) to be faltering globally. It explores the impact of the crisis and India's relatively swift recovery compared to the developed countries. As China experienced a greater slowdown and also faster recovery as compared to the developed countries, the discussion compares China's response to the crisis with India's. It emphasizes that India's growth slowdown had started prior to the financial crisis for structural reasons, and that recovery from the impact of the crisis alone would not be adequate for addressing the structural causes of the growth slowdown. It also argues that much of the talk of a so-called ‘stimulus’ expenditure in India in 2008–9 was misplaced. Finally, it reviews empirical studies on accounting of India's growth and discusses future growth prospects.Less
This chapter covers the period 2009–11. It addresses the global financial crisis, its possible determinants, and the ongoing recovery that seems as yet (in early 2011) to be faltering globally. It explores the impact of the crisis and India's relatively swift recovery compared to the developed countries. As China experienced a greater slowdown and also faster recovery as compared to the developed countries, the discussion compares China's response to the crisis with India's. It emphasizes that India's growth slowdown had started prior to the financial crisis for structural reasons, and that recovery from the impact of the crisis alone would not be adequate for addressing the structural causes of the growth slowdown. It also argues that much of the talk of a so-called ‘stimulus’ expenditure in India in 2008–9 was misplaced. Finally, it reviews empirical studies on accounting of India's growth and discusses future growth prospects.
Stephany Griffith-Jones, José Antonio Ocampo, and Joseph E. Stiglitz (eds)
- Published in print:
- 2010
- Published Online:
- February 2010
- ISBN:
- 9780199578801
- eISBN:
- 9780191723285
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199578801.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Financial Economics
The financial crisis, which originated in developed country financial markets, has spread to developing countries and has turned into a global financial meltdown. Governments and Central Banks—though ...
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The financial crisis, which originated in developed country financial markets, has spread to developing countries and has turned into a global financial meltdown. Governments and Central Banks—though taking many and costly measures—seem powerless to stop the crisis. In light of this major global crisis that is hurting economies across the globe, this highly topical book will focus on a) the transparency and regulatory measures that become desirable after the current crisis; b) the implications of both the crisis and regulatory discussions for developing and developed economies; and c) reforms in the global financial architecture that might make the global financial system more stable and more equitable. Given the depth of the current financial crisis, the world economy is in unchartered territory. As a consequence, this book aims to systematically understand current major problems, both in the financial system, its governance, and in its links to global economic imbalances. It will try to explain how both market actors and regulators behave, as well as the prevailing ideology of extreme financial liberalization without sufficient regulation that contributed to the financial crisis. The book will present radical, but specific and hopefully politically feasible, proposals to try to ensure a more stable, equitable and growing world economy.Less
The financial crisis, which originated in developed country financial markets, has spread to developing countries and has turned into a global financial meltdown. Governments and Central Banks—though taking many and costly measures—seem powerless to stop the crisis. In light of this major global crisis that is hurting economies across the globe, this highly topical book will focus on a) the transparency and regulatory measures that become desirable after the current crisis; b) the implications of both the crisis and regulatory discussions for developing and developed economies; and c) reforms in the global financial architecture that might make the global financial system more stable and more equitable. Given the depth of the current financial crisis, the world economy is in unchartered territory. As a consequence, this book aims to systematically understand current major problems, both in the financial system, its governance, and in its links to global economic imbalances. It will try to explain how both market actors and regulators behave, as well as the prevailing ideology of extreme financial liberalization without sufficient regulation that contributed to the financial crisis. The book will present radical, but specific and hopefully politically feasible, proposals to try to ensure a more stable, equitable and growing world economy.
Leo F. Goodstadt
- Published in print:
- 2011
- Published Online:
- September 2011
- ISBN:
- 9789888083251
- eISBN:
- 9789882207349
- Item type:
- book
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888083251.001.0001
- Subject:
- Economics and Finance, South and East Asia
The 2007–2009 global financial crisis was predictable and avoidable, but American and British regulators chose not to intervene. They failed to implement their own policies because of an ...
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The 2007–2009 global financial crisis was predictable and avoidable, but American and British regulators chose not to intervene. They failed to implement their own policies because of an Anglo-American “regulatory culture” of non-intervention that dominated financial regulation worldwide. Hong Kong—the international financial center of an increasingly prosperous China—defied world opinion and made stability its priority. This policy has ensured Hong Kong's robust performance over the last 15 years, and it made possible Hong Kong's impressive contributions to financing China's economic take-off and to the modernization of its financial institutions. This book is a scathing indictment of regulatory inertia in the West. It provides original insights into the causes of financial crises and pays special attention to China's attempts at reform and Hong Kong's place in China's financial modernization.Less
The 2007–2009 global financial crisis was predictable and avoidable, but American and British regulators chose not to intervene. They failed to implement their own policies because of an Anglo-American “regulatory culture” of non-intervention that dominated financial regulation worldwide. Hong Kong—the international financial center of an increasingly prosperous China—defied world opinion and made stability its priority. This policy has ensured Hong Kong's robust performance over the last 15 years, and it made possible Hong Kong's impressive contributions to financing China's economic take-off and to the modernization of its financial institutions. This book is a scathing indictment of regulatory inertia in the West. It provides original insights into the causes of financial crises and pays special attention to China's attempts at reform and Hong Kong's place in China's financial modernization.
Wyn Grant and Graham K. Wilson (eds)
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.001.0001
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The ...
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The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.Less
The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.
Claus D. Zimmerman
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780199680740
- eISBN:
- 9780191760686
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199680740.003.0006
- Subject:
- Law, Public International Law, Company and Commercial Law
Like earlier crises, the Global Financial Crisis has triggered a restructuring of the international financial architecture. The G-20 was revived to provide a forum for the leaders of the world’s ...
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Like earlier crises, the Global Financial Crisis has triggered a restructuring of the international financial architecture. The G-20 was revived to provide a forum for the leaders of the world’s largest economies to agree on reforms intended to promote global economic and financial stability. The Financial Stability Forum was re-established with increased responsibilities and an extended membership as the Financial Stability Board. The IMF increased its efforts to assess the financial sectors of its members and of their compliance with financial standards and codes. Finally, in order to increase the IMF’s legitimacy and effectiveness, the IMF’s membership has undertaken the largest-ever overhaul of the IMF’s governance structure. This chapter takes a succinct look at the key aspects of these reform avenues and assesses whether the experience of the Global Financial Crisis has prompted states to substantially change the way they exercise their sovereign powers in monetary and financial matters.Less
Like earlier crises, the Global Financial Crisis has triggered a restructuring of the international financial architecture. The G-20 was revived to provide a forum for the leaders of the world’s largest economies to agree on reforms intended to promote global economic and financial stability. The Financial Stability Forum was re-established with increased responsibilities and an extended membership as the Financial Stability Board. The IMF increased its efforts to assess the financial sectors of its members and of their compliance with financial standards and codes. Finally, in order to increase the IMF’s legitimacy and effectiveness, the IMF’s membership has undertaken the largest-ever overhaul of the IMF’s governance structure. This chapter takes a succinct look at the key aspects of these reform avenues and assesses whether the experience of the Global Financial Crisis has prompted states to substantially change the way they exercise their sovereign powers in monetary and financial matters.
Stephany Griffith‐Jones, Ocampo José Antonio, and Joseph E. Stiglitz
- Published in print:
- 2010
- Published Online:
- February 2010
- ISBN:
- 9780199578801
- eISBN:
- 9780191723285
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199578801.003.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Financial Economics
This introductory chapter lays out the premise for the rest of the volume, which draws from the analysis of the current crisis to make a fairly comprehensive and ambitious set of policy proposals in ...
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This introductory chapter lays out the premise for the rest of the volume, which draws from the analysis of the current crisis to make a fairly comprehensive and ambitious set of policy proposals in the fields of national and global regulation, national macroeconomic management, and reform of the world monetary system. At the time of sending the book to the press, debates on national and global policy responses to the crisis were quite active. Some interesting initiatives have been put forth, such as the renewed issuance of Special Drawing Rights (SDRs), and steps towards better international regulation. However, many concerns remained as to the adequacy of the fiscal stimulus throughout the world and the unsettled position of banks in industrial countries, but particularly in the United States.Less
This introductory chapter lays out the premise for the rest of the volume, which draws from the analysis of the current crisis to make a fairly comprehensive and ambitious set of policy proposals in the fields of national and global regulation, national macroeconomic management, and reform of the world monetary system. At the time of sending the book to the press, debates on national and global policy responses to the crisis were quite active. Some interesting initiatives have been put forth, such as the renewed issuance of Special Drawing Rights (SDRs), and steps towards better international regulation. However, many concerns remained as to the adequacy of the fiscal stimulus throughout the world and the unsettled position of banks in industrial countries, but particularly in the United States.
Ho-fung Hung
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780231164184
- eISBN:
- 9780231540223
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231164184.003.0007
- Subject:
- Political Science, Asian Politics
China's development has been darkened by an increasing imbalance between consumption and investment and the subsequent accumulation of non-performing loans, and such imbalance originates from the ...
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China's development has been darkened by an increasing imbalance between consumption and investment and the subsequent accumulation of non-performing loans, and such imbalance originates from the social political institutions underlying the China boom. China's economic imbalance is a source of the global economic imbalance that eventually fostered a global financial collapse in 2008. China is far from a solution to the global economic turmoil.Less
China's development has been darkened by an increasing imbalance between consumption and investment and the subsequent accumulation of non-performing loans, and such imbalance originates from the social political institutions underlying the China boom. China's economic imbalance is a source of the global economic imbalance that eventually fostered a global financial collapse in 2008. China is far from a solution to the global economic turmoil.
D. Hugh Whittaker and Simon Deakin (eds)
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199563630
- eISBN:
- 9780191721359
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199563630.001.0001
- Subject:
- Business and Management, Corporate Governance and Accountability, HRM / IR
The chapters in this book address the state of Japanese corporate governance and managerial practice at a critical moment. They are based on detailed and intensive fieldwork in large Japanese ...
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The chapters in this book address the state of Japanese corporate governance and managerial practice at a critical moment. They are based on detailed and intensive fieldwork in large Japanese companies and interviews with investors, civil servants, and policy makers in the period following the adoption of significant corporate law reforms in the early 2000s up to the months just before the global financial crisis of 2008. At the start of the decade, the time seemed right for Japan to move to a shareholder value‐driven, “Anglo‐American” system of corporate governance. Instead, an adjustment and renewal of the postwar model of the large Japanese corporation has taken place. Japanese managers have adapted to and reshaped corporate governance norms, using them to reform internal decision‐making structures. The board's role is seen in terms of strategic planning rather than monitoring, and external directors are viewed as advisers, not as representatives of the shareholders. Companies have responded to the threat of hostile takeovers by putting poison pills in place and have rebuffed hedge fund activists' demands for higher dividends and share buybacks. Although shareholder influence is more extensive than it was, central aspects of the Japanese “community firm” ‐ in particular, managerial autonomy and a commitment to stable or “lifetime” employment for core of employees ‐ largely remain in place. The Japanese experience suggests that there are limits to the global convergence of company law systems, and that the widespread association of Anglo‐American practices with the “modernization” of corporate governance may have been misplaced.Less
The chapters in this book address the state of Japanese corporate governance and managerial practice at a critical moment. They are based on detailed and intensive fieldwork in large Japanese companies and interviews with investors, civil servants, and policy makers in the period following the adoption of significant corporate law reforms in the early 2000s up to the months just before the global financial crisis of 2008. At the start of the decade, the time seemed right for Japan to move to a shareholder value‐driven, “Anglo‐American” system of corporate governance. Instead, an adjustment and renewal of the postwar model of the large Japanese corporation has taken place. Japanese managers have adapted to and reshaped corporate governance norms, using them to reform internal decision‐making structures. The board's role is seen in terms of strategic planning rather than monitoring, and external directors are viewed as advisers, not as representatives of the shareholders. Companies have responded to the threat of hostile takeovers by putting poison pills in place and have rebuffed hedge fund activists' demands for higher dividends and share buybacks. Although shareholder influence is more extensive than it was, central aspects of the Japanese “community firm” ‐ in particular, managerial autonomy and a commitment to stable or “lifetime” employment for core of employees ‐ largely remain in place. The Japanese experience suggests that there are limits to the global convergence of company law systems, and that the widespread association of Anglo‐American practices with the “modernization” of corporate governance may have been misplaced.
Mark S. Copelovitch
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199674930
- eISBN:
- 9780191753046
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199674930.003.0003
- Subject:
- Political Science, International Relations and Politics
The Great Recession has triggered a wave of new proposals calling for reform of the rules and institutions of global financial governance, including the International Monetary Fund (IMF), the Group ...
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The Great Recession has triggered a wave of new proposals calling for reform of the rules and institutions of global financial governance, including the International Monetary Fund (IMF), the Group of Twenty (G-20), and the Financial Stability Board (FSB). However, actual progress has been quite modest. What explains this relative lack of successful international cooperation in the wake of the global financial crisis? The chapter argues that reform presents policymakers with a set of difficult trade-offs, and that choices over these trade-offs are determined primarily by political rather than economic factors. These factors – including relative power, collective action, bargaining and enforcement problems, and domestic politics – are the most critical variables shaping international cooperation. This point has been largely overlooked in the current reform debate, which has been dominated by economists and has placed too little emphasis on the politics of global financial governance.Less
The Great Recession has triggered a wave of new proposals calling for reform of the rules and institutions of global financial governance, including the International Monetary Fund (IMF), the Group of Twenty (G-20), and the Financial Stability Board (FSB). However, actual progress has been quite modest. What explains this relative lack of successful international cooperation in the wake of the global financial crisis? The chapter argues that reform presents policymakers with a set of difficult trade-offs, and that choices over these trade-offs are determined primarily by political rather than economic factors. These factors – including relative power, collective action, bargaining and enforcement problems, and domestic politics – are the most critical variables shaping international cooperation. This point has been largely overlooked in the current reform debate, which has been dominated by economists and has placed too little emphasis on the politics of global financial governance.
Jacqui True
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199755929
- eISBN:
- 9780199979516
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199755929.003.0006
- Subject:
- Political Science, International Relations and Politics
Chapter 6 examines how the liberalization of the global financial system, particularly international development loans, and the collapse of credit in the United States and Europe, which brought about ...
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Chapter 6 examines how the liberalization of the global financial system, particularly international development loans, and the collapse of credit in the United States and Europe, which brought about the global financial crisis in 2007, have accentuated women's poverty and inequality, further exacerbating sexual and gender-based violence. This chapter consists of two main parts. The first part examines the practices of international financial institutions and their development lending as part of the problem rather than the solution to ending violence against women. High levels of domestic violence have been reported in the wake of the financial crisis in many countries as the crisis spills over into housing mortgage foreclosures, job losses, stress, and poverty. The second part analyzes the neoliberal financial logic of boom and bust and how these economic cycles affect gendered relations in societies facing economic crisis and escalate the risk factors for heightened violence against women.Less
Chapter 6 examines how the liberalization of the global financial system, particularly international development loans, and the collapse of credit in the United States and Europe, which brought about the global financial crisis in 2007, have accentuated women's poverty and inequality, further exacerbating sexual and gender-based violence. This chapter consists of two main parts. The first part examines the practices of international financial institutions and their development lending as part of the problem rather than the solution to ending violence against women. High levels of domestic violence have been reported in the wake of the financial crisis in many countries as the crisis spills over into housing mortgage foreclosures, job losses, stress, and poverty. The second part analyzes the neoliberal financial logic of boom and bust and how these economic cycles affect gendered relations in societies facing economic crisis and escalate the risk factors for heightened violence against women.
Ben Clift
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0011
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
This chapter analyzes French responses to the financial crisis, arguing that a ‘post-dirigiste’ interpretation predicated on an expansive notion of the state as actor in and enactor of markets best ...
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This chapter analyzes French responses to the financial crisis, arguing that a ‘post-dirigiste’ interpretation predicated on an expansive notion of the state as actor in and enactor of markets best captures the qualitative shift in French state/market relations. Post-dirigisme incorporates how influential institutional and ideational legacies of the French dirigiste tradition continue to influence outcomes by generating anticipation of state action to shape the market. These distinctive traits leave footprints on French institutions and market structures, and the evolutionary trajectory of French capitalism. In analyzing the French political economy in the wake of the financial crisis in terms of ‘new state activism’, this chapter explores the French state as a ‘midwife’ of change in banking and the automobile industry. It uses post-dirigisme to explain French state responses to the financial crisis, noting how state actors, in concert with the elites, actively facilitated dominant market positions of French international champions.Less
This chapter analyzes French responses to the financial crisis, arguing that a ‘post-dirigiste’ interpretation predicated on an expansive notion of the state as actor in and enactor of markets best captures the qualitative shift in French state/market relations. Post-dirigisme incorporates how influential institutional and ideational legacies of the French dirigiste tradition continue to influence outcomes by generating anticipation of state action to shape the market. These distinctive traits leave footprints on French institutions and market structures, and the evolutionary trajectory of French capitalism. In analyzing the French political economy in the wake of the financial crisis in terms of ‘new state activism’, this chapter explores the French state as a ‘midwife’ of change in banking and the automobile industry. It uses post-dirigisme to explain French state responses to the financial crisis, noting how state actors, in concert with the elites, actively facilitated dominant market positions of French international champions.
Xiaoyu Pu
- Published in print:
- 2019
- Published Online:
- May 2019
- ISBN:
- 9781503606838
- eISBN:
- 9781503607866
- Item type:
- chapter
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9781503606838.003.0006
- Subject:
- Political Science, Comparative Politics
This chapter analyzes China’s strategic spinning during the global financial crisis. Facing two types of global audiences (the global South and the West), China sometimes highlights its profile as an ...
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This chapter analyzes China’s strategic spinning during the global financial crisis. Facing two types of global audiences (the global South and the West), China sometimes highlights its profile as an emerging great power and other times downplays its profile by emphasizing its developing country status. A developing country status serves multiple purposes for China. Targeting the West, signaling a developing country status sends a reassuring message, and it allows China to shirk greater international responsibilities. Targeting the global South, signaling a developing country status plays the solidarity card. The tension between China’s great power status and its identity of developing country is bound to increase as China seeks a new role in the twenty-first century.Less
This chapter analyzes China’s strategic spinning during the global financial crisis. Facing two types of global audiences (the global South and the West), China sometimes highlights its profile as an emerging great power and other times downplays its profile by emphasizing its developing country status. A developing country status serves multiple purposes for China. Targeting the West, signaling a developing country status sends a reassuring message, and it allows China to shirk greater international responsibilities. Targeting the global South, signaling a developing country status plays the solidarity card. The tension between China’s great power status and its identity of developing country is bound to increase as China seeks a new role in the twenty-first century.
Cathie Jo Martin
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0010
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The global meltdown prompted minimal challenges to the welfare state and governmental controls in Scandinavia, even while spurring a resurgence of enthusiasm for the touchstones of neoliberal thought ...
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The global meltdown prompted minimal challenges to the welfare state and governmental controls in Scandinavia, even while spurring a resurgence of enthusiasm for the touchstones of neoliberal thought within Liberal countries. This chapter suggests that nations’ differential responses to the crisis reflect, in part, the varying societal capacities of countries to develop and to enact new solutions to economic malaise. Organized social partners — acting in conjunction with state leaders — have differing collective capacities for policymaking; for example, Scandinavian employers participate much more strongly in policymaking forums concerning human capital investment and industrial relations. While one might expect the institutions of managed capitalism to be most threatened by the crisis, strong state‐society relations have persisted and the social partners have jointly struggled to articulate nonzero-sum solutions that secure greater social solidarity. The case highlights the importance of processes of collective political engagement in shaping policy responses to seismic economic transformations.Less
The global meltdown prompted minimal challenges to the welfare state and governmental controls in Scandinavia, even while spurring a resurgence of enthusiasm for the touchstones of neoliberal thought within Liberal countries. This chapter suggests that nations’ differential responses to the crisis reflect, in part, the varying societal capacities of countries to develop and to enact new solutions to economic malaise. Organized social partners — acting in conjunction with state leaders — have differing collective capacities for policymaking; for example, Scandinavian employers participate much more strongly in policymaking forums concerning human capital investment and industrial relations. While one might expect the institutions of managed capitalism to be most threatened by the crisis, strong state‐society relations have persisted and the social partners have jointly struggled to articulate nonzero-sum solutions that secure greater social solidarity. The case highlights the importance of processes of collective political engagement in shaping policy responses to seismic economic transformations.
Assaf Razin
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780262028592
- eISBN:
- 9780262327701
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262028592.001.0001
- Subject:
- Economics and Finance, International
This book aims at parsing and explaining some key forces that feature in every one of the global and regional financial crises and monetary crises that erupted in the world economy over the past ...
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This book aims at parsing and explaining some key forces that feature in every one of the global and regional financial crises and monetary crises that erupted in the world economy over the past decades. The text presents historical accounts of the recent major financial crises and then proceeds to present and explain the main streams of theories on the financial crises that featured in these historical episodes: banking crises and panics; credit frictions and market freezes; currency regime crises, births and bursts of asset bubbles, and conflicting forces behind the volatility of international capital flows. The book also deals with the emergence of a new paradigm: the development of the late twentieth- and early twenty-first-century macroeconomic analytical framework from the pre-2008 paradigm of modern macroeconomic thinking that served as the workhorse of policy making. The old model had been used to provide the theoretical underpinning for monetary and fiscal policy making in the period known as the Great Moderation. But, as part of the intellectual awakening after the 2008 global crisis, there is a surge of remodeling efforts aimed at the development of an analytical framework that can underpin monetary and fiscal policy making in the era of the Great Recession.Less
This book aims at parsing and explaining some key forces that feature in every one of the global and regional financial crises and monetary crises that erupted in the world economy over the past decades. The text presents historical accounts of the recent major financial crises and then proceeds to present and explain the main streams of theories on the financial crises that featured in these historical episodes: banking crises and panics; credit frictions and market freezes; currency regime crises, births and bursts of asset bubbles, and conflicting forces behind the volatility of international capital flows. The book also deals with the emergence of a new paradigm: the development of the late twentieth- and early twenty-first-century macroeconomic analytical framework from the pre-2008 paradigm of modern macroeconomic thinking that served as the workhorse of policy making. The old model had been used to provide the theoretical underpinning for monetary and fiscal policy making in the period known as the Great Moderation. But, as part of the intellectual awakening after the 2008 global crisis, there is a surge of remodeling efforts aimed at the development of an analytical framework that can underpin monetary and fiscal policy making in the era of the Great Recession.
Craig Berry
- Published in print:
- 2011
- Published Online:
- July 2012
- ISBN:
- 9780719084881
- eISBN:
- 9781781701850
- Item type:
- book
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9780719084881.001.0001
- Subject:
- Political Science, UK Politics
The ‘globalisation’ concept has become ubiquitous in British politics, as it has in many countries of the world. This book examines discourse on foreign economic policy to determine the impact of ...
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The ‘globalisation’ concept has become ubiquitous in British politics, as it has in many countries of the world. This book examines discourse on foreign economic policy to determine the impact of globalisation across the ideological landscape of British politics. It critically interrogates the assumption that the idea of globalisation is derivative solely of neo-liberal ideology by profiling the discourse on globalisation of five political groups involved in making and contesting British foreign economic policy between 1997 and 2009: New Labour, International Financial Services London, the Liberal Democrats, Oxfam and the Socialist Workers Party. In addition to the relationship between neo-liberalism and globalisation, the book also explores the core meaning of the idea of globalisation, the implications for the principle of free trade, the impact on notions of the state, nation-state and global governance, and whether globalisation means different things across the ideological spectrum. Topically, it examines how the responses to the global financial crisis have been shaped by globalisation discourse and the value of ideology as an analytical concept able to mitigate debates on the primacy of material and ideational explanations in political economy.Less
The ‘globalisation’ concept has become ubiquitous in British politics, as it has in many countries of the world. This book examines discourse on foreign economic policy to determine the impact of globalisation across the ideological landscape of British politics. It critically interrogates the assumption that the idea of globalisation is derivative solely of neo-liberal ideology by profiling the discourse on globalisation of five political groups involved in making and contesting British foreign economic policy between 1997 and 2009: New Labour, International Financial Services London, the Liberal Democrats, Oxfam and the Socialist Workers Party. In addition to the relationship between neo-liberalism and globalisation, the book also explores the core meaning of the idea of globalisation, the implications for the principle of free trade, the impact on notions of the state, nation-state and global governance, and whether globalisation means different things across the ideological spectrum. Topically, it examines how the responses to the global financial crisis have been shaped by globalisation discourse and the value of ideology as an analytical concept able to mitigate debates on the primacy of material and ideational explanations in political economy.
Lucia Quaglia
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199674930
- eISBN:
- 9780191753046
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199674930.003.0004
- Subject:
- Political Science, International Relations and Politics
The global financial crisis, which began in 2007 with the collapse of the US sub-prime mortgage market, delivered a major shock to the existing architecture for financial services regulation and ...
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The global financial crisis, which began in 2007 with the collapse of the US sub-prime mortgage market, delivered a major shock to the existing architecture for financial services regulation and supervision. The European Union (EU) was one of the jurisdictions most severely hit by the crisis, prompting an intense debate on the revision of existing rules and the adoption of new regulatory measures. This chapter examines the main issues faced by the EU during the crisis, its short-term response (crisis management), and its medium-term regulatory response. Finally, it teases out the main cross-border externalities and collective action problems evidenced by the crisis and the EU response to it, asking whether the EU is now ‘governance ready’ to face future financial crises.Less
The global financial crisis, which began in 2007 with the collapse of the US sub-prime mortgage market, delivered a major shock to the existing architecture for financial services regulation and supervision. The European Union (EU) was one of the jurisdictions most severely hit by the crisis, prompting an intense debate on the revision of existing rules and the adoption of new regulatory measures. This chapter examines the main issues faced by the EU during the crisis, its short-term response (crisis management), and its medium-term regulatory response. Finally, it teases out the main cross-border externalities and collective action problems evidenced by the crisis and the EU response to it, asking whether the EU is now ‘governance ready’ to face future financial crises.
Juliet Johnson
- Published in print:
- 2016
- Published Online:
- August 2016
- ISBN:
- 9781501700224
- eISBN:
- 9781501703751
- Item type:
- chapter
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9781501700224.003.0007
- Subject:
- Political Science, Political Economy
This chapter views the entire transplantation experience through the lens of the global financial crisis, which fundamentally challenged the central banking model that the transnational community had ...
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This chapter views the entire transplantation experience through the lens of the global financial crisis, which fundamentally challenged the central banking model that the transnational community had just spent two decades intensively promoting to the postcommunist world. Leading central banks were forced to adopt unconventional monetary policies to address the challenges of the crisis and to rethink their basic mandates and operations. In addition to defending against inflation, central bankers were now to expand their monetary policy toolbox, engage in macroprudential regulation, and take a stronger role in micro-level financial sector regulation and supervision. These wider mandates, in turn, undermined the predominant rationale for central bank independence because they demanded increasing cooperation with other government agencies and more overtly engaged political questions of regulation and distribution.Less
This chapter views the entire transplantation experience through the lens of the global financial crisis, which fundamentally challenged the central banking model that the transnational community had just spent two decades intensively promoting to the postcommunist world. Leading central banks were forced to adopt unconventional monetary policies to address the challenges of the crisis and to rethink their basic mandates and operations. In addition to defending against inflation, central bankers were now to expand their monetary policy toolbox, engage in macroprudential regulation, and take a stronger role in micro-level financial sector regulation and supervision. These wider mandates, in turn, undermined the predominant rationale for central bank independence because they demanded increasing cooperation with other government agencies and more overtly engaged political questions of regulation and distribution.
