International Financial Governance under Stress: Global Structures versus National Imperatives

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Intensifying global financial liberalization and integration has been accompanied by increased financial volatility over the past two decades. This has been revealed most dramatically by the Asian financial crisis and the more recent crisis in Argentina. These and lesser-known crises in emerging economies have focused attention on determining the most appropriate role for international and national financial institutions to play. This volume offers a wide-ranging overview of the problems and possible policy responses involved in resolving the issues discussed.

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Product Details

  • ISBN-13: 9780521817325
  • Publisher: Cambridge University Press
  • Publication date: 5/1/2003
  • Series: Global Economic Institutions Series , #4
  • Pages: 410
  • Product dimensions: 5.98 (w) x 8.98 (h) x 1.26 (d)

Meet the Author

GEOFFREY R. D. UNDERHILL is Professor of International Governance in the Department of Political Science of the University of Amsterdam.

XIAOKE ZHANG is Research Fellow in the Department of Political Science of the University of Amsterdam.

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Table of Contents

List of figures
List of tables
List of contributors
Introduction: global market integration, financial crises and policy imperatives 1
1 Reform of the international financial architecture: what has been written? 21
2 Costs and benefits of financial globalisation: concepts, evidence and implications 41
3 Capital controls: the neglected option 60
4 Global structures and political imperatives: in search of normative underpinnings for international financial order 77
5 Crisis consequences: lessons from Thailand 101
6 The politics of financial reform: recapitalising Indonesia's banks 119
7 South Korea and the Asian crisis: the impact of the democratic deficit and OECD accession 140
8 Currency crisis in Russia and other transition economies 160
9 Capital account convertibility and the national interest: has India got it right? 182
10 Learning to live without the Plan: financial reform in China 203
11 The Asian financial crisis and Japanese policy reactions 223
12 Private capture, policy failures and financial crisis: evidence and lessons from South Korea and Thailand 243
13 Governance, markets and power: the political economy of accounting reform in Indonesia 263
14 The private sector, international standards and the architecture of global finance 283
15 The legitimacy of international organisations and the future of global governance 305
16 The G-7 and architecture debates: norms, authority and global financial governance 324
17 Bail-outs, bail-ins, and bankruptcy: evolution of the new architecture 343
Conclusion: towards the good governance of the international financial system 360
Index 384
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