Debating the Global Financial Architecture

Description

Debating the Global Financial Architecture opens up the contemporary debate surrounding the reform of the "global financial architecture." Economists and political scientists explore the economic and technical content of alternative global financial regimes as well as the political processes through which such changes are negotiated. The contributors, though diverse, jointly fear that rapid removal of the remaining controls on private international financial transactions risks systematic crisis. By initiating a cross-disciplinary discussion, they hope to see the politics of global financial design examined more honestly, yet without discarding or devaluing a solid economic analysis of global money and investment flows.

Acknowledgments

Tables

Introduction

I. Core Questions and Mental Categories

1. The Terms of the Debate: What's Democracy Got to Do with It?
Leslie Elliott Armijo

II. Leadership and the Politics of Global Finance

2. Global Financial Architecture and Hegemonic Leadership in the New Millennium
Mark R. Brawley

3. Capital Controls: Why Do Governments Hesitate?
Benjamin J. Cohen

4. Reforming the International Financial Institutions: Dueling Experts in the United States
C. Fred Bergsten

III. Stability, Equity, and the Economics of Global Finance

5. The Economic Case against Free Capital Mobility
David Felix

6. The Redesign of the International Financial Architecture from a Latin American Perspective: Who Pays the Bill?
Eduardo Fernández-Arias and Ricardo Hausmann

7. Reform Proposals from Developing Asia: Finding a Win-Win Strategy
Ashima Goyal

IV. The Conundrum of Multilateral Reform

8. Japan and the New Financial Order in East Asia: From Competition to Cooperation
Henry Laurence

9. Reform without Representation? The International and Transnational Dialogue on the Global Financial Architecture
Tony Porter and Duncan Wood

10. The European Monetary Union as a Response to Globalization
Erik Jones

Afterword: Of Bubbles and Buildings: Financial Architecture in a Liberal Democratic Era
Laurence Whitehead

Contributors

List of Titles, SUNY series in Global Politics

Index

Sujets

• International relations
• Political economy
• Central
• National

Informations

• Publié par: State University of New York Press
• Date de parution: 01 février 2012
• Nombre de lectures: 0
• EAN13: 9780791488225
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Debating the Global Financial Architecture

SUNY Series in Global Politics James N. Rosenau, editor

DEBATING THE GLOBAL FINANCIAL ARCHITECTURE

Edited by Leslie Elliott Armijo

State University of New York Press

Published by State University of New York Press, Albany

© 2002 State University of New York

All rights reserved

Printed in the United States of America

No part of this book may be used or reproduced in any manner whatsoever without written permission. No part of this book may be stored in a retrieval system or transmitted in any form or by any means including electronic, electrostatic, magnetic tape, mechanical, photocopying, recording, or otherwise without the prior permission in writing of the publisher.

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Library of Congress Cataloging-in-Publication Data

Debating the global financial architecture / edited by Leslie Elliott Armijo. p. cm. — (SUNY series in global politics) Includes index. ISBN 0-7914-5449-5 (alk. paper). — ISBN 0-7914-5450-9 (pbk. : alk. paper) 1. International finance. I. Armijo, Leslie Elliott. II. Series.

HG3881.D3434 2002 332'.042—dc21

2002017743

For Kaizad, Zubin, and Chitra

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Acknowledgments Tables Introduction

CONTENTS

I. Core Questions and Mental Categories 1. The Terms of the Debate: What’s Democracy Got to Do with It?—Leslie Elliott Armijo

II. Leadership and the Politics of Global Finance 2. Global Financial Architecture and Hegemonic Leadership in the New Millennium—Mark R. Brawley 3. Capital Controls: Why Do Governments Hesitate?—Benjamin J. Cohen 4. Reforming the International Financial Institutions: Dueling Experts in the United States—C. Fred Bergsten

III. Stability, Equity, and the Economics of Global Finance 5. The Economic Case against Free Capital Mobility—David Felix 6. The Redesign of the International Financial Architecture from a Latin American Perspective: Who Pays the Bill?—-Eduardo Fernández-AriasandRicardo Hausmann 7. Reform Proposals from Developing Asia: Finding a Win-Win Strategy—Ashima Goyal

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2

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9

3

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184

IV. The Conundrum of Multilateral Reform 8. Japan and the New Financial Order in East Asia: From Competition to Cooperation—Henry Laurence214

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Contents

9. Reform without Representation? The International and Transnational Dialogue on the Global Financial Architecture—Tony Porter and Duncan Wood 10. The European Monetary Union as a Response to Globalization—Erik Jones

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257

Afterword Of Bubbles and Buildings: Financial Architecture in a Liberal Democratic Era—Laurence Whitehead282 Contributors 295 List of Titles, SUNY series in Global Politics 298 Index 301

Chapter Title

ACKNOWLEDGMENTS

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Chapter 1 contains some material from Leslie Elliott Armijo, “The Politi- cal Geography of World Financial Reform: Who Wants What and Why?” which appeared inGlobal Governance: A Review of Multilateralism and International Organizations7, no. 4 (2001), copyright by Lynne Rienner Publishers. Permis- sion to reprint is gratefully acknowledged. Chapter 3 is a slightly revised version of Benjamin J. Cohen, “Capital Controls: Why Do Governments Hesitate?” which appeared inRevue Économique 52, no. 2 (2001). Permission to reprint is gratefully acknowledged. We thank the Institute for International Economics, which retains the copyright to the material in chapter 4, for permission to include it in this volume. Chapter 10 was first published as “Motivation: Insulation and the Welfare State” in Erik Jones,The Politics of Economic and Monetary Union (Lanham, MD: Rowman and Littlefield Publishers, 2002). Reprinted by permission.

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