Suchergebnisse

The purpose of the paper is to explain the process of policy change that occurred within the IMF during the 1990s in the area of capital account liberalization. Specifically, the paper compares the policies pursued in the aftermath of the Mexican crisis (1994-95) with the policies pursued after the Asian crisis (1997-98) supporting a constructivist political economy explanation of policy change. Showing the influence of economic ideas on the policies pursued by the IMF, the argument is that the governance of the international financial regime has shifted from a system of centralized cooperation to a system decentralized cooperation. Whereas the former revolved around the role of an intergovernmental organization such as the IMF, the latter builds upon the cooperation of states & non-state actors within the framework of a public-private partnership. Adapted from the source document.

Sketches the development & implications of the euro as the new international currency for the EU on 1 Jan 2002, focusing on its relationship with the US dollar. Events leading to the decision to adopt one currency are traced to the early 1990s, when a monetary crisis hit many European currencies. Determined fiscal & monetary control efforts by governments of 15 EU countries -- especially France & Germany -- in the following years culminated in the successful adoption of the euro as mandated in the Treaty of Maastricht, despite the high cost to EU members because of political issues (internal dissention) & economic issues (alignment of several macroeconomic variables). While current lack of cooperation between the US & EU on international & monetary issues has a destabilizing impact, & given that the dollar will remain a key strategic economic value, it is suggested that only coordinated management of the euro's values through proactive long-range planning of European interest rates will help restore confidence. 3 Figures. J. Sadler