9781137397560

Power and Imbalances in the Global Monetary System A Comparative Capitalism Perspective

by
  • ISBN13:

    9781137397560

  • ISBN10:

    113739756X

  • Format: Hardcover
  • Copyright: 2014-10-17
  • Publisher: Palgrave Macmillan

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Summary

Over the past few years the global monetary system was destabilized by the eruption of the global financial crisis and Eurozone debt crisis. Mattias Vermeiren examines the indirect macroeconomic roots of these crises: the escalation of global trade imbalances between the US and China and regional trade imbalances in the Eurozone. Drawing on the insights of the IPE literature on international monetary power and CPE literature on comparative capitalisms, he shows that understanding the sources and dynamics of these imbalances requires an analytical focus on the distribution of international monetary power between the US, the Eurozone countries and China and on the domestic institutions of their distinctive national models of capitalism. The author demonstrates the heuristic value of conjoining these two strands of literature, providing new insights into the sources and dynamics of power and instability in the contemporary global monetary system.

Author Biography

Mattias Vermeiren is a Researcher in International Political Economy at the Ghent Institute of International Studies, Ghent University, Belgium. His research focuses on the political economy of international monetary relations and has been published in journals such as the Review of International Studies, New Political Economy, Journal of International Relations and Development and International Politics.

Table of Contents

1. Introduction
2. The IPE Of Imbalances And Monetary Instability
3. A Comparative Capitalism Perspective On International Monetary Power
4. Scope And Structure Of The Book
PART I: INTERNATIONAL MONETARY POWER: A COMPARATIVE CAPITALISM PERSPECTIVE
5. The Political Economy Of International Monetary Power
6. International Monetary Power: Concepts And Definitions
7. International Monetary Power And Currency Internationalization
8. Shortcomings Of Prevailing Interpretations
9. The Domestic Purpose Of International Monetary Power: A Comparative Capitalism Perspective
10. Varieties Of Capitalism And Domestic Political-Economic Institutions
11. Challenging The Prevailing International Monetary Power Interpretations
PART II: THE GLOBAL IMBALANCES AND THE INSTABILITY OF US MONETARY HEGEMONY
12. The Domestic Purpose Of US Monetary Power
13. Global Imbalances And The Conceptualization Of US Monetary Hegemony
14. The Political-Economic Anatomy Of The US Finance-Led Growth Regime
15. US Monetary Power, Finance-Led Growth And Global Imbalances
16. US Monetary Policy And Finance-Led Growth
17. Finance-Led Growth And US Monetary Hegemony
PART III: RISING IMBALANCES AND MONETARY POWER IN THE EUROZONE
18. EMU And The Diverging Purpose Of European Monetary Power
19. EMU And The Quest For European Macroeconomic Autonomy
20. The Politico-Economic Anatomy Of Diverging Growth Regimes In The Eurozone
21. Diverging Growth Regimes And Monetary Power In The Eurozone
22. The ECB's Monetary Policy And Diverging Competitiveness
23. External Financing Through Eurozone Banks And The ECB
PART IV: RESERVE ACCUMULATION AND THE ENTRAPMENT OF CHINESE MONETARY POWER
24. The Domestic Purpose Of Chinese Monetary Power
25. Interpreting China's Dollar Accumulation
26. The Political-Economic Anatomy Of China's Investment-Led Growth Regime
27. Investment-Led Growth And The Entrapment Of Chinese Monetary Power
28. Export Dependency And Rising Internal Imbalances
29. External Monetary Dependence And Internal Financial Repression
PART V: INTERNATIONAL MONETARY POWER AND GLOBAL MACROECONOMIC ADJUSTMENT
30. Macroeconomic Adjustment And US Monetary Power After The Crisis
31. The Deleveraging The US Economy
32. The Fed's Unconventional Policies And US Monetary Power
33. Macroeconomic Adjustment And European Monetary Power After The Cri-Sis
34. The Institutional Resolution Of The Eurozone Debt Crisis
35. EMU's Reformed Governance Regime And European Monetary Power
36. Macroeconomic Adjustment And Chinese Monetary Power After The Crisis
37. Addressing China's External Monetary Vulnerability
38. Domestic Financial Reform And Chinese Monetary Power
39. Conclusion
40. Power And Imbalances In The Global Monetary System
41. A Comparative Capitalism Perspective: Overview Of Main Arguments
42. The Future Of The Global Monetary System

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