The political geography of world financial reform: Who wants what and why?

Global Governance

Volumn 7, Issue 4, 2001, Pages 379-396

  Armijo, Leslie Elliott ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0035539983     PISSN: 10752846     EISSN: None     Source Type: Journal    
DOI: 10.1163/19426720-00704004     Document Type: Review

References (72)

1. The essential classics on international regimes include Stephen D. Krasner, ed., International Regimes (Ithaca: Cornell University Press, 1983); Robert O. Keohane, "International Institutions: Two Approaches," International Studies Quarterly 32 (1988): 379-396; Andreas Hasenclever, Peter Mayer, and Volker Rittberger, Theories of International Regimes (Cambridge: Cambridge University Press, 1997); and Peter J. Katzenstein, Robert O. Keohane, and Stephen D. Krasner, eds., Exploration and Contestation in the Study of World Politics (Cambridge: MIT Press, 1999).
2. The essential classics on international regimes include Stephen D. Krasner, ed., International Regimes (Ithaca: Cornell University Press, 1983); Robert O. Keohane, "International Institutions: Two Approaches," International Studies Quarterly 32 (1988): 379-396; Andreas Hasenclever, Peter Mayer, and Volker Rittberger, Theories of International Regimes (Cambridge: Cambridge University Press, 1997); and Peter J. Katzenstein, Robert O. Keohane, and Stephen D. Krasner, eds., Exploration and Contestation in the Study of World Politics (Cambridge: MIT Press, 1999).
3. The essential classics on international regimes include Stephen D. Krasner, ed., International Regimes (Ithaca: Cornell University Press, 1983); Robert O. Keohane, "International Institutions: Two Approaches," International Studies Quarterly 32 (1988): 379-396; Andreas Hasenclever, Peter Mayer, and Volker Rittberger, Theories of International Regimes (Cambridge: Cambridge University Press, 1997); and Peter J. Katzenstein, Robert O. Keohane, and Stephen D. Krasner, eds., Exploration and Contestation in the Study of World Politics (Cambridge: MIT Press, 1999).
4. The essential classics on international regimes include Stephen D. Krasner, ed., International Regimes (Ithaca: Cornell University Press, 1983); Robert O. Keohane, "International Institutions: Two Approaches," International Studies Quarterly 32 (1988): 379-396; Andreas Hasenclever, Peter Mayer, and Volker Rittberger, Theories of International Regimes (Cambridge: Cambridge University Press, 1997); and Peter J. Katzenstein, Robert O. Keohane, and Stephen D. Krasner, eds., Exploration and Contestation in the Study of World Politics (Cambridge: MIT Press, 1999).
5. For more details, see Leslie Elliott Armijo, ed., Debating the Global Financial Architecture (Albany, N.Y.: SUNY Press, forthcoming).
6. Most of Western Europe did not establish free currency convertibility on current account until 1959, fifteen years after their governments signed the Bretton Woods agreement!
7. On tax havens, see Robert T. Kudrle and Lorraine Eden, "The New Attack on Tax Havens: Understanding Politics and Policy," paper presented at the annual meeting of the International Studies Association, Chicago, 21-24 February 2001.
8. For examples of this thinking, see Milton Friedman, Money Mischief: Episodes in Monetary History (New York: Harcourt, Brace, Jovanovitch, 1992); George Shultz, William E. Simon, and Walter B. Wriston, "Who Needs the IMF?" Wall Street Journal, 3 February 1998, p. A22; Karl and Allan H. Meltzer, Money and the Economy: Issues in Monetary Analysis (Cambridge: Cambridge University Press, 1993). For a critique, see C. Fred Bergsten, "Reforming the International Financial Institutions: Dueling Experts in the United States," in Armijo, Debating.
9. For examples of this thinking, see Milton Friedman, Money Mischief: Episodes in Monetary History (New York: Harcourt, Brace, Jovanovitch, 1992); George Shultz, William E. Simon, and Walter B. Wriston, "Who Needs the IMF?" Wall Street Journal, 3 February 1998, p. A22; Karl and Allan H. Meltzer, Money and the Economy: Issues in Monetary Analysis (Cambridge: Cambridge University Press, 1993). For a critique, see C. Fred Bergsten, "Reforming the International Financial Institutions: Dueling Experts in the United States," in Armijo, Debating.
10. For examples of this thinking, see Milton Friedman, Money Mischief: Episodes in Monetary History (New York: Harcourt, Brace, Jovanovitch, 1992); George Shultz, William E. Simon, and Walter B. Wriston, "Who Needs the IMF?" Wall Street Journal, 3 February 1998, p. A22; Karl and Allan H. Meltzer, Money and the Economy: Issues in Monetary Analysis (Cambridge: Cambridge University Press, 1993). For a critique, see C. Fred Bergsten, "Reforming the International Financial Institutions: Dueling Experts in the United States," in Armijo, Debating.
11. For examples of this thinking, see Milton Friedman, Money Mischief: Episodes in Monetary History (New York: Harcourt, Brace, Jovanovitch, 1992); George Shultz, William E. Simon, and Walter B. Wriston, "Who Needs the IMF?" Wall Street Journal, 3 February 1998, p. A22; Karl and Allan H. Meltzer, Money and the Economy: Issues in Monetary Analysis (Cambridge: Cambridge University Press, 1993). For a critique, see C. Fred Bergsten, "Reforming the International Financial Institutions: Dueling Experts in the United States," in Armijo, Debating.
12. For example, James A. Dorn, "Introduction," Special Issue on the Global Financial Architecture, Cato Journal 18, no. 3 (winter 1999).
13. For example, Institute of International Finance, "Involving the Private Sector in the Resolution of Financial Crises in Emerging Markets," report of the Steering Committee on Emerging Markets Finance (Washington, D.C.: IIF, April 1999).
14. Thus, U.S. treasury secretary Paul O'Neill moved rapidly in early 2001 to distance the United States from the OECD's initiative on money laundering in tax haven countries, citing the George W. Bush administration's unwillingness to be associated with the possibility of higher taxes on international financial flows.
15. See Sebastian Edwards, "Abolish the IMF," Financial Times, 13 November 1998.
16. See Group of Twenty-two (G-22), "Report of the Working Group on Transparency and Accountability," "Report of the Working Group on Strengthening Financial Systems," and "Report of the Working Group on Financial Crises," all 1998, and available at www.oecd.org. For a summary, see Barry Eichengreen, Toward a New International Financial Architecture (Washington, D.C.: Institute for International Economics, 1999), pp. 130-132.
17. On Japanese views, see Henry Laurence, "Japan and the New Financial Order in East Asia: From Competition to Cooperation," in Armijo, Debating. For Canada, see Paul Martin, "Speech to the House of Commons Standing Committee on Foreign Affairs and International Trade," and committee responses, Parliament of Canada, 18 May 2000, and Martin, "The International Financial Architecture: The Rule of Law," remarks before the Conference of the Canadian Institute of Advanced Legal Studies, Cambridge, United Kingdom, 12 July 2001, both as cited by Tony Porter and Duncan Wood, "Reform Without Representation: The International and Transnational Dialogue on the Global Financial Architecture," in Armijo, Debating.
18. On Japanese views, see Henry Laurence, "Japan and the New Financial Order in East Asia: From Competition to Cooperation," in Armijo, Debating. For Canada, see Paul Martin, "Speech to the House of Commons Standing Committee on Foreign Affairs and International Trade," and committee responses, Parliament of Canada, 18 May 2000, and Martin, "The International Financial Architecture: The Rule of Law," remarks before the Conference of the Canadian Institute of Advanced Legal Studies, Cambridge, United Kingdom, 12 July 2001, both as cited by Tony Porter and Duncan Wood, "Reform Without Representation: The International and Transnational Dialogue on the Global Financial Architecture," in Armijo, Debating.
19. On Japanese views, see Henry Laurence, "Japan and the New Financial Order in East Asia: From Competition to Cooperation," in Armijo, Debating. For Canada, see Paul Martin, "Speech to the House of Commons Standing Committee on Foreign Affairs and International Trade," and committee responses, Parliament of Canada, 18 May 2000, and Martin, "The International Financial Architecture: The Rule of Law," remarks before the Conference of the Canadian Institute of Advanced Legal Studies, Cambridge, United Kingdom, 12 July 2001, both as cited by Tony Porter and Duncan Wood, "Reform Without Representation: The International and Transnational Dialogue on the Global Financial Architecture," in Armijo, Debating.
20. On Japanese views, see Henry Laurence, "Japan and the New Financial Order in East Asia: From Competition to Cooperation," in Armijo, Debating. For Canada, see Paul Martin, "Speech to the House of Commons Standing Committee on Foreign Affairs and International Trade," and committee responses, Parliament of Canada, 18 May 2000, and Martin, "The International Financial Architecture: The Rule of Law," remarks before the Conference of the Canadian Institute of Advanced Legal Studies, Cambridge, United Kingdom, 12 July 2001, both as cited by Tony Porter and Duncan Wood, "Reform Without Representation: The International and Transnational Dialogue on the Global Financial Architecture," in Armijo, Debating.
21. On Japanese views, see Henry Laurence, "Japan and the New Financial Order in East Asia: From Competition to Cooperation," in Armijo, Debating. For Canada, see Paul Martin, "Speech to the House of Commons Standing Committee on Foreign Affairs and International Trade," and committee responses, Parliament of Canada, 18 May 2000, and Martin, "The International Financial Architecture: The Rule of Law," remarks before the Conference of the Canadian Institute of Advanced Legal Studies, Cambridge, United Kingdom, 12 July 2001, both as cited by Tony Porter and Duncan Wood, "Reform Without Representation: The International and Transnational Dialogue on the Global Financial Architecture," in Armijo, Debating.
22. See Council on Foreign Relations (CFR), Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture, report of an independent task force sponsored by the Council on Foreign Relations (Washington, D.C.: Institute for International Economics, 1999); and Bergsten, "Reforming."
23. See Council on Foreign Relations (CFR), Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture, report of an independent task force sponsored by the Council on Foreign Relations (Washington, D.C.: Institute for International Economics, 1999); and Bergsten, "Reforming."
24. Roberto Chang and Andrés Velasco show that the East Asian financial crisis hit countries that displayed few of the traditional danger signs: See "The 1997-1998 Financial Crisis: Why in Asia? Why Not in Latin America?" paper presented at the Twenty-first International Congress of the Latin American Studies Association, Chicago, 24-26 September 1998.
25. For example, Eichengreen, Financial Architecture, pp. 51-55.
26. See "IMF to East Asia: Oops!" Business Week, 29 May 2000.
27. Actual progress on debt forgiveness has been agonizingly slow. See Adam Lerrick, "The Initiative Is Lacking," Euromoney (September 2000).
28. Jagdish Bhagwati, "The Capital Myth," Foreign Affairs (May-June 1998).
29. C. Fred Bergsten, "How to Target Exchange Rates," Financial Times, 20 November 1998.
30. See James Tobin, "A Proposal for International Monetary Reform," Eastern Economic Journal, no. 4 (1978); Joseph Stiglitz, "Must Financial Crises Be This Frequent and This Painful?" McKay Lecture, Pittsburgh, 23 September 1998, available at www.worldbank.org; Joseph Stiglitz, "The Insider: What I Learned at the World Economic Crisis," National Republic, 17 April 2000; and George Soros, The Crisis of Global Capitalism (New York: Public Affairs Press, 1998).
31. See James Tobin, "A Proposal for International Monetary Reform," Eastern Economic Journal, no. 4 (1978); Joseph Stiglitz, "Must Financial Crises Be This Frequent and This Painful?" McKay Lecture, Pittsburgh, 23 September 1998, available at www.worldbank.org; Joseph Stiglitz, "The Insider: What I Learned at the World Economic Crisis," National Republic, 17 April 2000; and George Soros, The Crisis of Global Capitalism (New York: Public Affairs Press, 1998).
32. See James Tobin, "A Proposal for International Monetary Reform," Eastern Economic Journal, no. 4 (1978); Joseph Stiglitz, "Must Financial Crises Be This Frequent and This Painful?" McKay Lecture, Pittsburgh, 23 September 1998, available at www.worldbank.org; Joseph Stiglitz, "The Insider: What I Learned at the World Economic Crisis," National Republic, 17 April 2000; and George Soros, The Crisis of Global Capitalism (New York: Public Affairs Press, 1998).
33. See James Tobin, "A Proposal for International Monetary Reform," Eastern Economic Journal, no. 4 (1978); Joseph Stiglitz, "Must Financial Crises Be This Frequent and This Painful?" McKay Lecture, Pittsburgh, 23 September 1998, available at www.worldbank.org; Joseph Stiglitz, "The Insider: What I Learned at the World Economic Crisis," National Republic, 17 April 2000; and George Soros, The Crisis of Global Capitalism (New York: Public Affairs Press, 1998).
34. John Kirton, "G7 and Concert Governance in the Global Financial Crisis of 1997-1999," paper presented at the annual meeting of the International Studies Association, Los Angeles, 15-19 March 2000.
35. Erik Jones, "The European Monetary Union as a Response to Globalization," in Armijo, Debating.
36. On the evolution of the debate in Latin America, see José Antonio Ocampo, "Reforming the International Financial Architecture: Consensus and Divergence," Serie temas de coyuntura 1 (Santiago, Chile: CEPAL/ECLAC, April 1999); and Eduardo Fernández-Arias and Ricardo Hausmann, "The Redesign of the International Financial Architecture from a Latin American Perspective: Who Pays the Bill?" in Armijo, Debating. For Asia, see Laurence, "Japan"; and Ashima Goyal, "Reform Proposals from Developing Asia: Finding a Win-Win Strategy," in Armijo, Debating.
37. On the evolution of the debate in Latin America, see José Antonio Ocampo, "Reforming the International Financial Architecture: Consensus and Divergence," Serie temas de coyuntura 1 (Santiago, Chile: CEPAL/ECLAC, April 1999); and Eduardo Fernández-Arias and Ricardo Hausmann, "The Redesign of the International Financial Architecture from a Latin American Perspective: Who Pays the Bill?" in Armijo, Debating. For Asia, see Laurence, "Japan"; and Ashima Goyal, "Reform Proposals from Developing Asia: Finding a Win-Win Strategy," in Armijo, Debating.
38. On the evolution of the debate in Latin America, see José Antonio Ocampo, "Reforming the International Financial Architecture: Consensus and Divergence," Serie temas de coyuntura 1 (Santiago, Chile: CEPAL/ECLAC, April 1999); and Eduardo Fernández-Arias and Ricardo Hausmann, "The Redesign of the International Financial Architecture from a Latin American Perspective: Who Pays the Bill?" in Armijo, Debating. For Asia, see Laurence, "Japan"; and Ashima Goyal, "Reform Proposals from Developing Asia: Finding a Win-Win Strategy," in Armijo, Debating.
39. On the evolution of the debate in Latin America, see José Antonio Ocampo, "Reforming the International Financial Architecture: Consensus and Divergence," Serie temas de coyuntura 1 (Santiago, Chile: CEPAL/ECLAC, April 1999); and Eduardo Fernández-Arias and Ricardo Hausmann, "The Redesign of the International Financial Architecture from a Latin American Perspective: Who Pays the Bill?" in Armijo, Debating. For Asia, see Laurence, "Japan"; and Ashima Goyal, "Reform Proposals from Developing Asia: Finding a Win-Win Strategy," in Armijo, Debating.
40. See Benjamin J. Cohen, "Capital Controls: Why Do Governments Hesitate?" in Armijo, Debating; or Eric Helleiner, "Regulating Capital Flight," Challenge (January-February 2000): 19-34.
41. See Benjamin J. Cohen, "Capital Controls: Why Do Governments Hesitate?" in Armijo, Debating; or Eric Helleiner, "Regulating Capital Flight," Challenge (January-February 2000): 19-34.
42. See Robert A. Blecker, Taming Global Finance: A Better Architecture for Growth and Equity (Washington, D.C.: Economic Policy Institute, 1999); and David Felix, "The Economic Case Against Free Capital Mobility," in Armijo, Debating.
43. See Robert A. Blecker, Taming Global Finance: A Better Architecture for Growth and Equity (Washington, D.C.: Economic Policy Institute, 1999); and David Felix, "The Economic Case Against Free Capital Mobility," in Armijo, Debating.
44. For example, Fernández-Arias and Hausmann, "Redesign"; and Goyal, "Reform Proposals."
45. For example, Fernández-Arias and Hausmann, "Redesign"; and Goyal, "Reform Proposals."
46. For example, Walter Russell Mead and Sherle R. Schwenninger, "A Financial Architecture for Middle-Class-Oriented Development: A Report of the Project on Development, Trade, and International Finance" (New York: Council on Foreign Relations, 2000);
47. or Ricardo Hausmann, Michael Gavin, Carmen Pages-Serra, and Ernesto Stein, "Financial Turmoil and the Choice of Exchange Rate Regime," Working Paper No. 400 (Washington, D.C.: Inter-American Development Bank, Office of the Chief Economist, 1999).
48. See Benjamin J. Cohen, "Life at the Top: International Currencies in the 21st Century" (mimeo, June 2000); or Laurence, "Japan."
49. See Benjamin J. Cohen, "Life at the Top: International Currencies in the 21st Century" (mimeo, June 2000); or Laurence, "Japan."
50. For example, Eduardo Mayobre, ed., G-24: The Developing Countries in the International Financial System (Boulder: Lynne Rienner, 1999).
51. Ocampo, "Reforming."
52. Blecker, Taming, pp. 85-146.
53. Devesh Kapur, "Who Gets to Run the World?" Foreign Policy 121 (November-December 2000): 44-53.
54. For example, see International Forum on Globalization (IFG), "The Global Financial Crisis: Information Packet" (San Francisco: IFG, 1999). For analysis of this trend, see Leslie Elliott Armijo, "Skewed Incentives to Liberalize Trade, Production, and Finance" (Mimeo, 2001); or Stephen J. Kobrin, "'Our Resistance Is as Global as Your Oppression': Globalization, the Protest Movement, and the Future of Global Oppression," paper presented at the annual meeting of the International Studies Association, Chicago, 21-24 February 2001.
55. For example, see International Forum on Globalization (IFG), "The Global Financial Crisis: Information Packet" (San Francisco: IFG, 1999). For analysis of this trend, see Leslie Elliott Armijo, "Skewed Incentives to Liberalize Trade, Production, and Finance" (Mimeo, 2001); or Stephen J. Kobrin, "'Our Resistance Is as Global as Your Oppression': Globalization, the Protest Movement, and the Future of Global Oppression," paper presented at the annual meeting of the International Studies Association, Chicago, 21-24 February 2001.
56. For example, see International Forum on Globalization (IFG), "The Global Financial Crisis: Information Packet" (San Francisco: IFG, 1999). For analysis of this trend, see Leslie Elliott Armijo, "Skewed Incentives to Liberalize Trade, Production, and Finance" (Mimeo, 2001); or Stephen J. Kobrin, "'Our Resistance Is as Global as Your Oppression': Globalization, the Protest Movement, and the Future of Global Oppression," paper presented at the annual meeting of the International Studies Association, Chicago, 21-24 February 2001.
57. See Kobrin, "Our Resistance"; and Peter J. Sprio, "The New Sovereigntists," Foreign Affairs 79, no. 6, pp. 9-15.
58. See Kobrin, "Our Resistance"; and Peter J. Sprio, "The New Sovereigntists," Foreign Affairs 79, no. 6, pp. 9-15.
59. Eichengreen, Financial Architecture; and Blecker, Taming.
60. Eichengreen, Financial Architecture; and Blecker, Taming.
61. Fernández-Arias and Hausmann, "Redesign."
62. Eichengreen, Financial Architecture, p. 3.
63. Ibid., p. 7.
64. See Goyal, "Reform Proposals," for a game theoretic presentation of this argument.
65. Figures as cited in Jeffrey A. Stacey, "Creative Destruction? After the Crisis: Neo-Liberal 'Remodeling' in Emerging Market States," paper presented at the annual meeting of the International Studies Association, Chicago, 21-24 February 2001.
66. See David E. Sanger, "A Grand Trade Bargain," Foreign Affairs 80, no. 1 (January-February 2001): 65-75.
67. Laurence, "Japan."
68. Zanny Minton Beddoes, "Survey on Global Finance: Time for a Redesign?" The Economist, 30 January 1999.
69. For example, Randall D. Germain, "Reforming the International Financial Architecture: The New Political Agenda," paper presented at the annual meeting of the International Studies Association, Chicago, 21-24 February 2001; or Porter and Wood, "Reform."
70. For example, Randall D. Germain, "Reforming the International Financial Architecture: The New Political Agenda," paper presented at the annual meeting of the International Studies Association, Chicago, 21-24 February 2001; or Porter and Wood, "Reform."
71. International Monetary Fund, Annual Report (Washington, D.C.: IMF, 2000).
72. See Mark Brawley, "Global Financial Architecture and Hegemonic Leadership in the New Millennium," in Armijo, Debating.