International Financial Governance under Stress: Global Structures versus National Imperatives
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.
List of figures; List of tables; List of contributors; Acknowledgements; Introduction: global market integration, financial crises and policy imperatives Geoffrey R. D. Underhill and Xiaoke Zhang; Part I. Financial Globalisation and Policy Responses: Concepts and Arguments: 1. Reform of the international financial architecture: what has been written? Jonathan Story; 2. Costs and benefits of financial globalisation: concepts, evidence and implications John Williamson; 3. Capital controls: the neglected option Benjamin J. Cohen; 4. Global structures and political imperatives: in search of normative underpinnings for international financial order Geoffrey R. D. Underhill and Xiaoke Zhang; Part II. Globalisation, Financial Crises and National Experiences: 5. Crisis consequences: lessons from Thailand Pasuk Phongpaichit and Chris Baker; 6. The politics of financial reform: recapitalising Indonesia's banks Richard Robison; 7. South Korea and the Asian crisis: the impact of the democratic deficit and OECD accession Stephen L. Harris; 8. Currency crises in Russia and other transition economies Vladimir Popov; 9. Capital account convertibility and the national interest: has India got it right? Vijay Joshi; 10. Learning to live without the Plan: financial reform in China Shaun Breslin; 11. The Asian financial crisis and Japanese policy reactions Masayuki Tadokoro; Part III. Private Interests, Private-Public Interactions and Financial Policy: 12. Private capture, policy failures and financial crisis: evidence and lessons from South Korea and Thailand Xiaoke Zhang and Geoffrey R. D. Underhill; 13. Governance, markets and power: the political economy of accounting reform in Indonesia Andrew Rosser; 14. The private sector, international standards and the architecture of global finance George Vojta and Marc Uzan; Part IV. Building the New Financial Architecture: Norms, Institutions and Governance: 15. The legitimacy of international organisations and the future of global governance Jean-Marc Coicaud and Luiz A. Pereira da Silva; 16. The G-7 and architecture debates: norms, authority and global financial governance Andrew Baker; 17. Bail-outs, bail-ins and bankruptcy: evolution of the new architecture Manmohan S. Kumar and Marcus Miller; Conclusion: towards the good governance of the international financial system Geoffrey R. D. Underhill and Xiaoke Zhang; Index.