Global Instability: The Political Economy of World Economic Governance

✍ Scribed by John Grieve-Smith, Jonathan Michie

• Publisher: Routledge
• Year: 1999
• Tongue: English
• Leaves: 285
• Series: Routledge Studies in Contemporary Political Economy
• Category: Library

✦ Synopsis

This is a good book introducing the global economics

✦ Table of Contents

Book Cover......Page 1
Half-Title......Page 2
Title......Page 4
Copyright......Page 5
Contents......Page 6
Figures and tables......Page 8
Contributors......Page 10
Preface and acknowledgements......Page 12
Introduction......Page 13
The 1997–1998 Asian crises......Page 14
Global instability......Page 15
A new structure for international payments......Page 16
References......Page 18
Part I The 1997–1998 Asian crises......Page 19
I Introduction......Page 20
II Industrialisation and catch-up in Asia, 1955–1995......Page 22
III The East Asian model......Page 26
IV Causes of the crisis......Page 29
V Evidence on the theories concerning the crisis......Page 31
V.I Fundamentals......Page 32
V.3 Structural factors......Page 35
VI The IMF policy programme and the East Asian crisis......Page 40
VII.1 Analytical conclusions......Page 43
VII.2 Policy implications......Page 44
Notes......Page 45
References......Page 47
Introduction......Page 50
The emergence of the crisis......Page 53
Constrained policy autonomy......Page 55
The crisis of 1997–8: exceptionalism redux......Page 56
Crises in the Asian “miracle economies”......Page 58
Thailand......Page 60
Malaysia......Page 62
Indonesia......Page 63
The Philippines......Page 64
South Korea......Page 65
SINGAPORE......Page 67
Brazil......Page 68
Russia......Page 69
Rejecting exceptionalism......Page 70
Constrained autonomy......Page 71
Increased risk potential......Page 73
Preventing a repeat of the crisis of 1997–8......Page 74
Notes......Page 77
References......Page 79
I Introduction......Page 83
II Causes of the Asian crisis......Page 85
Improving the quality of information......Page 89
Strengthening domestic financial systems......Page 92
Prudent capital account liberalisation......Page 94
National measures......Page 95
International measures......Page 96
The lender of last resort......Page 103
Orderly workouts......Page 105
V Conclusions......Page 108
Notes......Page 110
References......Page 111
Introduction......Page 114
The origins of the east Asian crisis......Page 115
Globalization and the new danger of global deflation......Page 116
Capital mobility and the new problem of capital account governance......Page 119
Changing lender behavior: Tobin taxes, speed bumps and hedging......Page 120
Changing borrower behavior: transparency, openness and labor rights......Page 122
Reasserting domestic monetary control: asset-based reserve requirements, requirements on foreign currency short sales, and Tobin taxes......Page 123
Changing IMF policy: restoring an equitable pro-growth agenda......Page 125
Conclusion: rediscovering imaginative regulation......Page 127
References......Page 128
Part II Global instability......Page 129
I Introduction......Page 130
The context of globalization......Page 132
Foreign direct investment and multinational corporations......Page 134
III The international credit regime and the Multilateral Agreement on Investment......Page 135
Access......Page 136
Enforcement......Page 137
Rolling back the state......Page 138
Investment-enhancing......Page 139
What is the evidence? Capital mobility and state tax competition13......Page 140
V Alternatives to neo-liberal governance of FDI......Page 142
Appendix: a simple model of the effects of the MAI on social welfare......Page 145
Notes......Page 149
References......Page 150
6 World trade liberalisation......Page 152
Increasing scope of the multilateral trading system......Page 153
Stricter enforcement of the obligations......Page 155
Loss of national sovereignty: some caveats......Page 156
II The neo-liberal perspective on global regulation......Page 157
Environmental effects of trade liberalisation......Page 158
Use of trade measures to secure international environmental objectives......Page 159
Process and production methods......Page 160
Article XX as a limited and conditional exception......Page 161
WTO and the global regulation......Page 162
Trade measures for environmental protection......Page 163
Governance through the WTO......Page 164
IV Toward a critique of the governance through the WTO approach......Page 165
Environmental standards......Page 166
Which structures?......Page 167
Notes......Page 168
References......Page 169
Volatility, speculation and the efficiency of foreign exchange markets......Page 170
Tax-raising potential......Page 176
National economic policy autonomy......Page 180
Distortions and feasibility......Page 181
Some concluding remarks......Page 183
Notes......Page 184
References......Page 185
Part III A new structure for international payments......Page 188
Introduction......Page 189
From the mid-1940s to the 1960s: the era of competing regulatory approaches—control, protection and promotion......Page 191
International standards advanced by developing countries......Page 196
International standards advanced at multilateral forums......Page 197
International standards advanced by non-governmental organizations......Page 199
The 1980s and 1990s: the era of promotion and protection......Page 200
Developments at the regional level......Page 202
Developments at the multilateral level......Page 203
Developments at the global level......Page 204
The routes for the development of a global and comprehensive regime for FDI and TNCs......Page 206
Route 1: successful conclusion of the MAI at the OECD and adoption at the WTO......Page 207
Route 3: the initiation of negotiations for an entirely new legal framework at a new international institutional structure regardless of the fate of the MAI at the OECD......Page 208
Conclusion......Page 209
Notes......Page 211
References......Page 215
1......Page 218
2......Page 219
3......Page 222
4......Page 226
5......Page 229
Notes......Page 231
Introduction......Page 233
Alternative models of global central banking......Page 235
Money and economic governance......Page 238
The power of the international bureaucracies......Page 240
Is monetary sovereignty an option in the contemporary global economy?......Page 242
Concluding remarks......Page 245
Notes......Page 246
References......Page 247
Introduction......Page 249
The Asian crisis......Page 250
Lessons of the crisis......Page 253
IMF policy......Page 254
Asset prices......Page 255
Bank regulation......Page 256
A lender of last resort......Page 258
Managing rates......Page 259
Automatic stabilisation......Page 260
A two-tier system......Page 261
Guiding principles......Page 262
The supply of reserve currencies......Page 263
Curbing capital movements......Page 264
Credit insurance......Page 265
Feasibility......Page 266
A world payments strategy......Page 268
Summary and conclusions......Page 270
Notes......Page 272
References......Page 273
Index......Page 274