International Financial Governance under Stress: Global Structures versus National Imperatives

by Edited by Geoffrey R. D. Underhill , Xiaoke Zhang

• ISBN13: 9780521036375
• ISBN10: 0521036372
• Edition: 1st
• Format: Paperback
• Copyright: 2007-05-07
• Publisher: Cambridge University Press

Summary

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.

Table of Contents

List of figures

List of tables

List of contributors

Acknowledgements

Introduction: global market integration, financial crises and policy imperatives

Financial Globalisation and Policy Responses: Concepts and Arguments

Reform of the international financial architecture: what has been written?

Costs and benefits of financial globalisation: concepts, evidence and implications

Capital controls: the neglected option

Global structures and political imperatives: in search of normative underpinnings for international financial order

Globalisation, Financial Crises and National Experiences

Crisis consequences: lessons from Thailand Pasuk Phongpaichit

The politics of financial reform: recapitalising Indonesia's banks

South Korea and the Asian crisis: the impact of the democratic deficit and OECD accession

Currency crises in Russia and other transition economies

Capital account convertibility and the national interest: has India got it right?

Learning to live without the Plan: financial reform in

The Asian financial crisis and Japanese policy reactions

Private Interests, Private-Public Interactions and Financial Policy

Private capture, policy failures and financial crisis: evidence and lessons from South Korea and Thailand

Governance, markets and power: the political economy of accounting reform in Indonesia

The private sector, international standards and the architecture of global finance

Building the New Financial Architecture: Norms, Institutions and Governance

The legitimacy of international organisations and the future of global governance

The G-7 and architecture debates: norms, authority and global financial governance

Bail-outs, bail-ins and bankruptcy: evolution of the new architecture

Conclusion: towards the good governance of the international financial system

Index

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