A decade of crises has reminded us of the fragility of the international financial system. Conventional wisdom holds that uncertainty is the basic problem of financial governance, and attempts to contain ambiguity have dominated recent financial reform efforts. Jacqueline Best, however, contends that ambiguity can play a valuable role in international political and economic stability. The stability of the postwar era depended, Best suggests, on a carefully maintained balance between coherence and ambiguity. In her view, the collapse of the Bretton Woods exchange-rate regime was caused in...
A decade of crises has reminded us of the fragility of the international financial system. Conventional wisdom holds that uncertainty is the basic pro...
"The IMF and the World Bank have integrated a large number of countries into the world economy by requiring governments to open up to global trade, investment, and capital. They have not done this out of pure economic zeal. Politics and their own rules and habits explain much of why they have presented globalization as a solution to challenges they have faced in the world economy." from the Introduction
The greatest success of the International Monetary Fund and the World Bank has been as globalizers. But at whose cost? Would borrowing countries be better off without the IMF and...
"The IMF and the World Bank have integrated a large number of countries into the world economy by requiring governments to open up to global trade,...
Most economists and political scientists assume that efficiency, the invisible hand, is the preeminent factor in monetary decisions; questions of power and the role it plays in monetary policy are largely neglected. This pathbreaking book redirects attention to monetary power and provides an original framework for assessing its role in relations between sovereign states.
At present, states are the critical players in monetary relations; they control the production and distribution of the money supply, including the provision of international liquidity and the availability of payments...
Most economists and political scientists assume that efficiency, the invisible hand, is the preeminent factor in monetary decisions; questions of p...
Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for a reformed "global financial architecture," a body of consistent rules and institutions to prevent financial crises. Yet regulators have a decidedly mixed record in their attempts to create global standards for the financial system. David Andrew Singer seeks to explain the varying pressures on regulatory agencies to negotiate internationally acceptable rules and suggests that the variation is largely traceable to the different domestic...
Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for...
A decade of crises has reminded us of the fragility of the international financial system. Conventional wisdom holds that uncertainty is the basic problem of financial governance, and attempts to contain ambiguity have dominated recent financial reform efforts. Jacqueline Best, however, contends that ambiguity can play a valuable role in international political and economic stability. The stability of the postwar era depended, Best suggests, on a carefully maintained balance between coherence and ambiguity. In her view, the collapse of the Bretton Woods exchange-rate regime was caused in...
A decade of crises has reminded us of the fragility of the international financial system. Conventional wisdom holds that uncertainty is the basic pro...
"The IMF and the World Bank have integrated a large number of countries into the world economy by requiring governments to open up to global trade, investment, and capital. They have not done this out of pure economic zeal. Politics and their own rules and habits explain much of why they have presented globalization as a solution to challenges they have faced in the world economy." from the Introduction
The greatest success of the International Monetary Fund and the World Bank has been as globalizers. But at whose cost? Would borrowing countries be better off without the IMF and...
"The IMF and the World Bank have integrated a large number of countries into the world economy by requiring governments to open up to global trade,...
The international financial community blamed the Asian crisis of 1997 1998 on deep failures of domestic financial governance. To avoid similar crises in the future, this community adopted and promoted a set of international "best practice" standards of financial governance. The G7 asked specialized public and private sector bodies to set international standards, and tasked the International Monetary Fund and the World Bank with their global dissemination. Non-Western countries were thereby encouraged to emulate Western practices in banking and securities supervision, corporate governance,...
The international financial community blamed the Asian crisis of 1997 1998 on deep failures of domestic financial governance. To avoid similar cris...
Since the Asian Financial Crisis of 1997 98, East Asian economies have sought to make themselves less vulnerable to global financial markets by transforming the regional financial architecture. With Japan as a leading actor, they have introduced initiatives to provide emergency financing to crisis economies, support the development of local-currency bond markets, and better coordinate currency policies.
In Currency and Contest in East Asia, William W. Grimes builds on years of primary research and scores of interviews with participants and policy analysts to provide the most...
Since the Asian Financial Crisis of 1997 98, East Asian economies have sought to make themselves less vulnerable to global financial markets by tra...
In his exceedingly timely and innovative look at the ramifications of the collapse of the U.S. housing market, Herman M. Schwartz makes the case that worldwide, U.S. growth and power over the last twenty years has depended in large part on domestic housing markets. Mortgage-based securities attracted a cascade of overseas capital into the U.S. economy. High levels of private home ownership, particularly in the United States and the United Kingdom, have helped pull in a disproportionately large share of world capital flows.
As events since mid-2008 have made clear, mortgage lenders...
In his exceedingly timely and innovative look at the ramifications of the collapse of the U.S. housing market, Herman M. Schwartz makes the case th...
For half a century, the United States has garnered substantial political and economic benefits as a result of the dollar's de facto role as a global currency. In recent years, however, the dollar's preponderant position in world markets has come under challenge. The dollar has been more volatile than ever against foreign currencies, and various nations have switched to non-dollar instruments in their transactions. China and the Arab Gulf states continue to hold massive amounts of U.S. government obligations, in effect subsidizing U.S. current account deficits, and those holdings are a...
For half a century, the United States has garnered substantial political and economic benefits as a result of the dollar's de facto role as a globa...
