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Handbook of the International Political Economy of Monetary Relations
This extensive Handbook provides an in-depth exploration of the political economy dynamics associated with the international monetary and financial systems. Leading experts offer a fresh take on research into the interaction between system structure, the self-interest of private firms, the political institutions within which governments make policy, and the ideas that influence beliefs about appropriate policy responses. Crucially they also assess how these factors have shaped the political economy of various facets of monetary and financial systems.
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Critical Acclaim
Contributors
Contents
More Information
This extensive Handbook provides an in-depth exploration of the political economy dynamics associated with the international monetary and financial systems. Leading experts offer a fresh take on research into the interaction between system structure, the self-interest of private firms, the political institutions within which governments make policy, and the ideas that influence beliefs about appropriate policy responses. Crucially they also assess how these factors have shaped the political economy of various facets of monetary and financial systems.
Organized into four comprehensive sections, the Handbook begins with a focus on the international system and explores how the distribution of power in the system shapes its structure and dynamics. The next section then considers the politics of exchange rate regime choice before analyzing current research on financial crises and financial regulation. Key questions are asked, such as: what drives financial crises and why do some economies suffer banking and currency crises while others do not? How does politics shape the central characteristics of the IMF’s approach to crisis management? And how does change in the distribution of power in the international system change the structure of the global monetary and financial systems? The Handbook addresses these concerns and concludes with an examination of international governance, including the IMF and institutional reform in the post-crisis eurozone.
This detailed Handbook brings together original contributions from some of the leading authorities in the field, making it an invaluable resource to academics and students of international relations, governance, and political economy.
Organized into four comprehensive sections, the Handbook begins with a focus on the international system and explores how the distribution of power in the system shapes its structure and dynamics. The next section then considers the politics of exchange rate regime choice before analyzing current research on financial crises and financial regulation. Key questions are asked, such as: what drives financial crises and why do some economies suffer banking and currency crises while others do not? How does politics shape the central characteristics of the IMF’s approach to crisis management? And how does change in the distribution of power in the international system change the structure of the global monetary and financial systems? The Handbook addresses these concerns and concludes with an examination of international governance, including the IMF and institutional reform in the post-crisis eurozone.
This detailed Handbook brings together original contributions from some of the leading authorities in the field, making it an invaluable resource to academics and students of international relations, governance, and political economy.
Critical Acclaim
‘In this book, outstanding political economists provide wide-ranging and accessible essays on the global monetary system and its interaction with dynamic and crisis-prone financial markets. The essays are filled with fresh and well-articulated insights. This timely survey of an increasingly important field deserves a prominent place on the syllabi of graduate and advanced undergraduate courses in international political economy, global governance, and international finance.’
– Louis W. Pauly, University of Toronto, Canada
‘Here is an intellectual feast for anyone interested in the political economy of international monetary and financial systems, served up by an impressive collection of experts. Students and specialists alike can gorge themselves on the many fascinating analyses of core issues and latest debates in the field. Highly recommended for anyone with an appetite to learn more about global money and finance.’
– Eric Helleiner, University of Waterloo, Canada
– Louis W. Pauly, University of Toronto, Canada
‘Here is an intellectual feast for anyone interested in the political economy of international monetary and financial systems, served up by an impressive collection of experts. Students and specialists alike can gorge themselves on the many fascinating analyses of core issues and latest debates in the field. Highly recommended for anyone with an appetite to learn more about global money and finance.’
– Eric Helleiner, University of Waterloo, Canada
Contributors
Contributors: L.E. Armijo, D.H. Bearce, G. Bird, P.G. Cerny, M. Chang, H.-k. Chey, E.M.P. Chiu, S. Cooper, J. Echeverri-Gent, K.A. English, Y.H. Ferguson, J. Grittersová, M.J. Lee, R.W. Mansbach, B. Momani, T. Oatley, T.B. Pepinsky, D. Rowlands, H. Schwartz, W.T. Selmier II, A.C. Sobel, S. Walter, H. Wang, T.D. Willett, W.K. Winecoff, K. Young, E. Yujuico
Contents
Contents:
1. The Political Economy of the International Monetary and Financial Systems
Thomas Oatley and W. Kindred Winecoff
PART I: STRUCTURE, POWER, AND THE GLOBAL FINANCIAL SYSTEM
2. Financial Roots of Hegemony, Cooperation, and Globalization
Andrew C. Sobel
3. Political Economy of Currency Internationalization
Hyoung-kyu Chey
4. The Political Economy of the Contemporary Dollar Standard
Thomas Oatley
5. Global Imbalances and the International Monetary System
Herman Schwartz
6. The Triffin Dilemma, the Lucas Paradox, and Monetary Politics in the 21st Century
W. Kindred Winecoff
7. The Renminbi-Dollar Relationship: Politics and Economics of a Diminishing Issue
Yale H. Ferguson
8. Absolute or Relative Gains? How Status Quo and Emerging Powers Conceptualize Global Finance
Leslie Elliott Armijo and John Echeverri-Gent
PART II: THE POLITICAL ECONOMY OF EXCHANGE RATES
Core Theoretical Perspectives
9. Private Actor Exchange Rate Policy Preferences
Stephanie Walter
10. Domestic Institutions and Exchange Rates
David H. Bearce
Regional Exchange Rate Systems
11. Exchange Rates In Transition Economies
Jana Grittersová
12. Currency Unions in the Developing World
Scott Cooper
13. The Political Economy of Exchange Rates in East Asia
Hongying Wang
PART III: GLOBAL FINANCE: CRISES AND REGULATION
14. Financial Crises and the Politics of Adjustment and Reform
Thomas B. Pepinsky
15. Fixed Exchange Rate Regimes and Financial Markets as Sources of Macroeconomic Discipline
Thomas D. Willett, Eric M.P. Chiu and Stefanie Walter
16. The Politics of Global Financial Regulation
Kevin Young
17. Why Club Goods Proliferated in Investment Finance
W. Travis Selmier II
18. Rethinking Financial Regulation: Risk, Club Goods, and Regulatory Fatigue
Philip G. Cerny
19. The Gnomes of Zurich Meet the Dogs of War: Financial Leadership and Regulation, 1850–2013
Michael Lee
PART IV: INTERNATIONAL MONETARY INSTITUTIONS
20. Financial Governance in a Globalizing World
Richard W. Mansbach
21. IMF Programs: Participation, Implementation, and Effects
Graham Bird and Dane Rowlands
22. In Lieu of an Anchor: The Fund and its Surveillance Function
Bessma Momani and Kevin A. English
23. The EU and the Euro
Michele Chang
24. Our (Gracious?) Benefactors: US, Japan, China and East Asian Monetary Relations
Emmanuel Yujuico
Index
1. The Political Economy of the International Monetary and Financial Systems
Thomas Oatley and W. Kindred Winecoff
PART I: STRUCTURE, POWER, AND THE GLOBAL FINANCIAL SYSTEM
2. Financial Roots of Hegemony, Cooperation, and Globalization
Andrew C. Sobel
3. Political Economy of Currency Internationalization
Hyoung-kyu Chey
4. The Political Economy of the Contemporary Dollar Standard
Thomas Oatley
5. Global Imbalances and the International Monetary System
Herman Schwartz
6. The Triffin Dilemma, the Lucas Paradox, and Monetary Politics in the 21st Century
W. Kindred Winecoff
7. The Renminbi-Dollar Relationship: Politics and Economics of a Diminishing Issue
Yale H. Ferguson
8. Absolute or Relative Gains? How Status Quo and Emerging Powers Conceptualize Global Finance
Leslie Elliott Armijo and John Echeverri-Gent
PART II: THE POLITICAL ECONOMY OF EXCHANGE RATES
Core Theoretical Perspectives
9. Private Actor Exchange Rate Policy Preferences
Stephanie Walter
10. Domestic Institutions and Exchange Rates
David H. Bearce
Regional Exchange Rate Systems
11. Exchange Rates In Transition Economies
Jana Grittersová
12. Currency Unions in the Developing World
Scott Cooper
13. The Political Economy of Exchange Rates in East Asia
Hongying Wang
PART III: GLOBAL FINANCE: CRISES AND REGULATION
14. Financial Crises and the Politics of Adjustment and Reform
Thomas B. Pepinsky
15. Fixed Exchange Rate Regimes and Financial Markets as Sources of Macroeconomic Discipline
Thomas D. Willett, Eric M.P. Chiu and Stefanie Walter
16. The Politics of Global Financial Regulation
Kevin Young
17. Why Club Goods Proliferated in Investment Finance
W. Travis Selmier II
18. Rethinking Financial Regulation: Risk, Club Goods, and Regulatory Fatigue
Philip G. Cerny
19. The Gnomes of Zurich Meet the Dogs of War: Financial Leadership and Regulation, 1850–2013
Michael Lee
PART IV: INTERNATIONAL MONETARY INSTITUTIONS
20. Financial Governance in a Globalizing World
Richard W. Mansbach
21. IMF Programs: Participation, Implementation, and Effects
Graham Bird and Dane Rowlands
22. In Lieu of an Anchor: The Fund and its Surveillance Function
Bessma Momani and Kevin A. English
23. The EU and the Euro
Michele Chang
24. Our (Gracious?) Benefactors: US, Japan, China and East Asian Monetary Relations
Emmanuel Yujuico
Index
