International Financial Governance under Stress: Global Structures versus National Imperatives

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

• ISBN13: 9780521817325
• ISBN10: 0521817323
• Format: Hardcover
• Copyright: 2003-04-28
• 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 page	viii
List of tables	ix
List of contributors	x
Acknowledgements	xii
Introduction: global market integration, financial crises and policy imperatives	1	(20)
GEOFFREY R. D. UNDERHILL AND XIAOKE ZHANG
I Financial globalisation and policy responses: concepts and arguments
1 Reform of the international financial architecture: what has been written?	21	(20)
JONATHAN STORY
2 Costs and benefits of financial globalisation: concepts, evidence and implications	41	(19)
JOHN WILLIAMSON
3 Capital controls: the neglected option	60	(17)
BENJAMIN J. COHEN
4 Global structures and political imperatives: in search of normative underpinnings for international financial order	77	(24)
GEOFFREY R. D. UNDERHILL AND XIAOKE ZHANG
II Globalisation, financial crises and national experiences
5 Crisis consequences: lessons from Thailand	101	(18)
PASUK PHONGPAICHIT AND CHRIS BAKER
6 The politics of financial reform: recapitalising Indonesia's banks	119	(21)
RICHARD ROBISON
7 South Korea and the Asian crisis: the impact of the democratic deficit and OECD accession	140	(20)
STEPHEN L. HARRIS
8 Currency crises in Russia and other transition economies	160	(22)
VLADIMIR POPOV
9 Capital account convertibility and the national interest: has India got it right?	182	(21)
VIJAY JOSHI
10 Learning to live without the Plan: financial reform in China	203	(20)
SHAUN BRESLIN
11 The Asian financial crisis and Japanese policy reactions	223	(20)
MASAYUKI TADOKORO
III Private interests, private-public interactions and financial policy
12 Private capture, policy failures and financial crisis: evidence and lessons from South Korea and Thailand	243	(20)
XIAOKE ZHANG AND GEOFFREY R. D. UNDERHILL
13 Governance, markets and power: the political economy of accounting reform in Indonesia	263	(20)
ANDREW ROSSER
14 The private sector, international standards and the architecture of global finance	283	(22)
GEORGE VOJTA AND MARC UZAN
IV Building the new financial architecture: norms, institutions and governance
15 The legitimacy of international organisations and the future of global governance	305	(19)
JEAN-MARC COICAUD AND LUIZ A. PEREIRA DA SILVA
16. The G-7 and architecture debates: norms authority and global financial governance	324	(19)
ANDREW BAKER
17. Bail-outs, bail-ins, and bankruptcy: evolution of the new architecture	343	(41)
MANMOHAN S. KUMAR AND MARCUS MILLER
Conclusion: towards the good governance of the international financial system
GEOFFREY R. D. UNDERHILL AND XIAOKE ZHANG
Index	384