Financial Openness and National Autonomy: Opportunities and Constraints

ISBN-13: 9780198283645 / Angielski / Twarda / 1992 / 304 str.

Tariq Banuri; Juliet B. Schor

Opis

The previous decade ushered in a globalization of finance and governments abandoned their "Keynesian" responsibility to engage in international financial management. A new doctrine of global neoclassicism arose, based on the premise that regulation of financial markets was futile. This volume rejects that approach, and asks whether national policy autonomy is still possible. The authors address financial openness from a "political economy" perspective, including both general historical and theoretical approaches, as well as case studies of countries such as Australia, Mexico, and Pakistan.

Recenzje

`thanks to the courageous editors and authors, researchers and policy-makers will find the book thought-provoking and controversial' The Economic Journal

Spis treści

Juliet B. Schor: Introduction; Part I: How has the World Changed?: Andrew D. Cosh, Alan Hughes, & Ajit Singh: Openness, financial innovation, changing patterns of ownership, and the structure of financial markets; Robert Zevin: Are world financial markets more open? If so, why and with what effects?; Part II. Why has the World Changed? Bankers and States: Robert Pringle: Financial markets versus governments; Andrew Glyn: Exchange controls and policy autonomy: The case of Australia, 1983-1988; Gerald A. Epstein & Juliet B. Schor: Structural determinants and economic effects of capital controls in OECD countries; Part III. Looking Ahead: Policy Behaviour in an Open World: Gerald A. Epstein & Herbert Gintis: International capital markets and the limits of national economic policy; Jaime Ros: Capital mobility and policy effectiveness under a credit run: The Mexican economy in the 1980s; Tariq Banuri: Black markets, openness, and Central Bank autonomy; References; Index.