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Governance of Global Financial Markets
The recent financial crisis proved that pre-existing arrangements for the governance of global markets were flawed. With reform underway in the USA, the EU and elsewhere, Emilios Avgouleas explores some of the questions associated with building an effective governance system and analyses the evolution of existing structures. By critiquing the soft law structures dominating international financial regulation and examining the roles of financial innovation and the neo-liberal policies in the expansion of global financial markets, he offers a new epistemological reading of the causes of the global financial crisis. Requisite reforms leave serious gaps in cross-border supervision, in the resolution of global financial institutions and in the monitoring of risk originating in the shadow banking sector. To close these gaps and safeguard the stability of the international financial system, an evolutionary governance system is proposed that will also enhance the welfare role of global financial markets.
eBook
Explaining Foreign Support for China's Global Economic Leadership
We analyze the factors that increase the likelihood that other nations will follow China's global economic leadership. While our theoretical framework incorporates the conventional argument that China pulls in followers with economic benefits, we focus on grievances with the current global order that have the effect of pushing countries toward the rising new leader. We find that grievances about global financial instability are particularly important push factors. Our results show that countries that have experienced more financial crises, more variable capital account policies, more volatile portfolio capital outflows, and more social unrest during IMF programs are more likely to support China's global leadership than leaders of nations that have been less exposed to these problems. We find no evidence that grievances about global governance, or grievances about discriminatory US trade policies, are related to foreign support for China's global economic leadership. Overall, our evidence is consistent with the interpretation that leaders want to reform and preserve the WTO and the IMF, which have worked reasonably well for them under US leadership. At the same time, they have incentives to follow China's economic leadership on global capital flows, emphasizing long-term infrastructure and development finance over short-term flows which, under the current order, have imposed large costs on many economies.
Journal Article
International Institutions and National Policies
The proliferation of international institutions and their impact has become a central issue in international relations. Why do countries comply with international agreements and how do international institutions influence national policies? Most theories focus on the extent to which international institutions can wield 'carrots and sticks' directly in their relations with states. Xinyuan Dai presents an alternative framework in which they influence national policies indirectly by utilizing non-state actors (NGOs, social movements) and empowering domestic constituencies. In this way, even weak international institutions that lack 'carrots and sticks' may have powerful effects on states. Supported by empirical studies of environmental politics, human rights and economic and security issues, this book sheds fresh light on how and why international institutions matter. It will be of interest to students, scholars and policymakers in both international relations and international law.
eBook
Controlling Institutions
How is the United States able to control the IMF with only 17 per cent of the votes? How are the rules of the global economy made? This book shows how a combination of formal and informal rules explains how international organizations really work. Randall W. Stone argues that formal rules apply in ordinary times, while informal power allows leading states to exert control when the stakes are high. International organizations are therefore best understood as equilibrium outcomes that balance the power and interests of the leading state and the member countries. Presenting a new model of institutional design and comparing the IMF, WTO, and EU, Stone argues that institutional variations reflect the distribution of power and interests. He shows that US interests influence the size, terms, and enforcement of IMF programs, and new data, archival documents, and interviews reveal the shortcomings of IMF programs in Mexico, Russia, Korea, Indonesia, and Argentina.
eBook
The Emergence of International Society in the 1920s
Chronicling the emergence of an international society in the 1920s, Daniel Gorman describes how the shock of the First World War gave rise to a broad array of overlapping initiatives in international cooperation. Though national rivalries continued to plague world politics, ordinary citizens and state officials found common causes in politics, religion, culture and sport with peers beyond their borders. The League of Nations, the turn to a less centralized British Empire, the beginning of an international ecumenical movement, international sporting events and audacious plans for the abolition of war all signaled internationalism's growth. State actors played an important role in these developments and were aided by international voluntary organizations, church groups and international networks of academics, athletes, women, pacifists and humanitarian activists. These international networks became the forerunners of international NGOs and global governance.
eBook
Who Elected the Bankers?
A former banker and staff member of the International Monetary Fund, Louis W. Pauly explains why people are deeply concerned about the emergence of a global economy and the increasingly integrated capital markets at its heart. In nations as diverse as France, Canada, Russia, and Mexico, the lives of citizens are disrupted when national policy falls out of line with the expectations of international financiers. Such dilemmas, ever more conspicuous around the world, arise from the disjuncture between a rapidly changing international economic system and a political order still constituted by sovereign states. The evolution of global capital markets inspires an understandable fear among people that the governing authorities accountable to them are losing the power to make substantive decisions affecting their own material prospects and those of their children. Pauly points out that today's capital markets resulted from decisions taken over many years by sovereign states, and particularly by the leading industrial democracies, who simultaneously crafted the instrument of multilateral economic surveillance. The effort to build adequate political foundations for global capital markets spans the twentieth century and links the histories of such institutions as the League of Nations, the International Monetary Fund, the European Union, and the Group of Seven.
eBook
The Modern History of Exchange Rate Arrangements: A Reinterpretation
We develop a novel system of reclassifying historical exchange rate regimes. One key difference between our study and previous classifications is that we employ monthly data on market-determined parallel exchange rates going back to 1946 for 153 countries. Our approach differs from the IMF official classification (which we show to be only a little better than random); it also differs radically from all previous attempts at historical reclassification. Our classification points to a rethinking of economic performance under alternative exchange rate regimes. Indeed, the breakup of Bretton Woods had less impact on exchange rate regimes than is popularly believed.
Journal Article
Understanding Global Cooperation
This work is a collection of twenty-five articles previously published in Global Governance - one from each year of the journal's existence - highlighting some of the best work published in the journal, along with an Introduction by the two editors Kurt Mills and Kendall Stiles.
eBook