International regime complexity in sovereign crisis finance: a comparison of regional architectures
In: Review of international political economy, Band 30, Heft 6, S. 2069-2093
ISSN: 1466-4526
In: Review of international political economy, Band 30, Heft 6, S. 2069-2093
ISSN: 1466-4526
In: Global policy: gp, Band 8, Heft 1, S. 101-106
ISSN: 1758-5899
AbstractRegions of the world have developed an increasing number of financial arrangements to underpin the stability of capital markets and combat crises. But these arrangements vie for influence over international finance with the International Monetary Fund (IMF), as has been dramatically illustrated during the euro crisis, and threatens to fragment global financial governance. This article reviews the regional financial arrangements (RFAs) and their relationships to the IMF, examines the sources of conflict between these institutions, draws lessons from the euro crisis for institutional cooperation, and proposes a set of guidelines and principles to avoid fragmentation of financial governance in the future.
In: The Political and Economic Dynamics of the Eurozone Crisis, S. 167-199
In: C. Randall Henning, "The ECB as a Strategic Actor: Central Banking in a Politically Fragmented Monetary Union," in Europe's Crises: Economic and Political Challenges of the Monetary Union, edited by James A. Caporaso and Martin Rhodes (New York: Oxford University Press, Forthcoming).
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In: The Oxford Handbook of the International Relations of Asia
In: Integrating Regions, S. 170-190
In: Peterson Institute for International Economics Working Paper No. 12-15
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Working paper
In: Peterson Institute for International Economics Working Paper No. 2012-1
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Working paper
This paper examines the extent to which economic crises facilitate the development of more effective regional institutions and whether such institutions can shield regions from crises. It compares six regional economic crises over the last four decades and the institution building—or decay—that followed. The analysis concludes that five conditions are especially important in generating a constructive regional response: (i) a significant degree of regional economic interdependence; (ii) an independent secretariat or intergovernmental body charged with cooperation; (iii) webs of interlocking economic agreements; and, as elements of the multilateral context, (iv) conflict with the relevant international organization (such as the International Monetary Fund [IMF]); and (v) the support of the United States. The paper then reviews three episodes of crises in Europe, concluding that the Economic and Monetary Union (EMU) has deflected balance of payments and currency crises but not crises of other types, such as sovereign debt crises. Asian regionalism would be well served by heads of government taking the lead and delegating tasks to intergovernmental networks and secretariats, central banks and finance ministries retaining substantial collective autonomy in their fields of responsibility, and the use of concentric circles to accommodate countries with different levels of commitment to regionalism.
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In: Policy analyses in international economics
In: Review of international political economy, Band 14, Heft 5, S. 774-799
ISSN: 1466-4526