Normative change from within: The international monetary fund's approach to capital account Liberalization

International Studies Quarterly

Volumn 52, Issue 1, 2008, Pages 129-158

  Chwieroth, Jeffrey M ^a  

^a LONDON SCHOOL OF ECONOMICS   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

AUTONOMY; CAPITAL; ENTREPRENEUR; IMF; LIBERALIZATION;

EID: 42449118903     PISSN: 00208833     EISSN: 14682478     Source Type: Journal    
DOI: 10.1111/j.1468-2478.2007.00494.x     Document Type: Article

References (76)

1. Abdelal, Rawi. 2007. Capital Rules: The Construction of Global Finance. Cambridge: Harvard University Press.
2. Acharya, Amitav. 2004. "How Ideas Spread: Whose Norms Matter? Norm Localization and Institutional Change in Asian Regionalism." International Organization 58(2): 239-278.
3. Barnett, Michael, and Martha Finnemore. 2004. Rules for the World: International Organizations in Global Politics. Ithaca: Cornell University Press.
4. Best, Jacqueline. 2005. The Limits of Transparency: Ambiguity and the History of International Finance. Ithaca: Cornell University Press.
5. Bhagwati, Jagdish. 1998. "The Capital Myth." Foreign Affairs 77(3): 7-12.
6. Bloomfield, Arthur. 1946. "Postwar Control of International Capital Movements." American Economic Review 36(2): 687-709.
7. Blyth, Mark. 2002. Great Transformations: Economics Ideas and Institutional Change in the Twentieth Century. Cambridge: Cambridge University Press.
8. Boughton, James. 2004. The IMF and the Force of History: Ten Events and Ten Ideas that have Shaped the Institution. IMF Working Paper WP/04/75. Washington, D.C.: IMF.
9. Calvo, Guillermo, Leonardo Leiderman, and Carmen M.R einhart. 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors." IMF Staff Papers 40(1): 108-151.
10. Camdessus, Michel. 1995a. "The IMF Way to Open Capital Accounts." Wall Street Journal, 27 September.
11. Camdessus, Michel. 1995b. Luncheon Remarks, Conference on Banking Crises in Latin America, Washington, D.C., 6 October.
12. Camdessus, Michel. 1997. Address to the Board of Governors of the Fund, Hong Kong SAR, 23 September.
13. Camdessus, Michel. 1999. Governments and Economic Development in a Globalized World, Remarks to the 32nd International General Meeting of the Pacific Basin Economic Council, 17 May.
14. Chwieroth, Jeffrey. 2007. "Testing and Measuring the Role of Ideas: The Case of the Neoliberalism in the International Monetary Fund." International Studies Quarterly 51(1): 5-30.
15. De Vries, Margaret G. 1985a,b,c. The International Monetary Fund, 1972-1978, vol. 1, 2, 3. Washington, D.C.: IMF.
16. De Vries, Margaret G. 1986. "The International Monetary Fund: Economists in Key Roles." In Economists in International Agencies: An Exploratory Study, ed. A.W. Coats. New York: Praeger.
17. De Long, J. Bradford, and Barry Eichengreen. 2004. "Between Meltdown and Moral Hazard: The International Monetary and Financial Policies of the Clinton Administration." In American Economic Policy in the 1990s, ed. Jeffrey A. Frankel and Peter R. Orszag. Cambridge: MIT Press, pp. 191-254.
18. Di Maggio, Paul J., and Walter W. Powell. 1983. "The Iron Cage Revisited: Institutionalized Isomorphism and Collective Rationality in Organizational Fields." American Sociological Review 48(2): 147-160.
19. Dooley, Michael P. 1995. A Survey of Academic Literature on Controls over International Capital Transactions. NBER Working Paper 5352. Cambridge: NBER.
20. Dornbusch, Rudiger. 1986. "Special Exchange Rates for Capital Account Transactions." World Bank Economic Review 1(1): 3-33.
21. Edwards, Sebastian, ed. 2000. "Capital Flows, Real Exchange Rates, and Capital Controls: Some Latin American Experiences." In Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies. Chicago: University of Chicago Press.
22. Eichengreen, Barry, and Michael Mussa. 1998. Capital Account Liberalization: Theoretical and Practical Aspects. IMF Occasional Paper No. 172. Washington, D.C.: IMF.
23. Fama, Eugene. 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work." Journal of Finance 25(2): 383-417.
24. Finnemore, Martha, and Kathryn Sikkink. 1998. "International Norm Dynamics and Political Change." International Organization 52(4): 887-918.
25. Frenkel, Jacob. 1983. "Panel Discussion on the Southern Cone." IMF Staff Papers 30(1): 164-172.
26. Friedman, Milton. 1953. "The Case for Flexible Exchange Rates." In Essays in Positive Economics, ed. Milton Friedman. Chicago: University of Chicago Press.
27. Friedman, Milton. 1968. "The Role of Monetary Policy." American Economic Review 58(1): 1-17.
28. Gold, Joseph. 1977. International Capital Movements under the Law of the IMF. Pamphlet Series No. 21. Washington, D.C.: IMF.
29. Goldstein, Morris. 1995. Coping with Too Much of a Good Thing: Policy Responses for Large Capital Inflows in Developing Countries. World Bank Policy Research Working Paper No. 1507. Washington, D.C.: World Bank.
30. Guitian, Manuel. 1995. "Capital Account Liberalization: Bringing Policy in Line with Reality." In Capital Controls, Exchange Rates, and Monetary Policy in the World Economy, ed. Sebastian Edwards. Cambridge: Cambridge University Press.
31. Haas, Peter M. 1992. "Introduction: Epistemic Communities and International Policy Coordination." International Organization 46(1): 1-35.
32. Hall, Peter, ed. 1989. The Political Power of Economic Ideas. Princeton: Princeton University Press.
33. Hawkins, Darren G., David A. Lake, Daniel L. Nielson, and Michael J. Tierney, eds. 2006. "Delegation under Anarchy: States, International Organizations, and Principal-Agent Theory." In Delegation and Agency in International Organizations. Cambridge: Cambridge University Press.
34. Helleiner, Eric. 1994. States and the Reemergence of Global Finance: From Bretton Woods to the 1990s. Ithaca: Cornell University Press.
35. Horsefield, John. 1969a,b. The International Monetary Fund, 1945-1965, Vol. 2, 3. Washington, D.C.: IMF.
36. IEO (Independent Evaluation Office of the International Monetary Fund). 2005. The IMF's Approach to Capital Account Liberalization. Washington, D.C.: IMF.
37. IIF. 1997. Capital Account Convertibility as an IMF Obligation: Background Paper. Unpublished manuscript, Washington, D.C.: Institute of International Finance, 25 November.
38. IIF. 1999. Report of the Working Group on the Liberalization of Capital Movements. Unpublished manuscript, Washington, D.C.: Institute of International Finance, 12 February.
39. IMF. 1974. Documents of the Committee of Twenty. Washington, D.C.: International Monetary Fund.
40. IMF. 1998b. Annual Report. Washington, D.C.: International Monetary Fund.
41. IMF. 1997, 1998a. World Economic Outlook. Washington, D.C.: International Monetary Fund.
42. Jacobsson, Erin. 1979. A Life for Sound Money: Per Jacobsson. Oxford: Clarendon Press.
43. James, Harold. 1995. "Historical Development of the Principle of Surveillance." IMF Staff Papers 42(4): 762-792.
44. Johnston, R. Barry, and Chris Ryan. 1994. The Impact of Control on Capital Movements on the Private Capital Accounts of Countries'Balance of Payments: Empirical Estimates and Policy Implications. IMF Working Paper 94/78. Washington, D.C.: IMF.
45. Kahler, Miles. 1992. "The US and the International Monetary Fund: Declining Influence or Declining Interest?" In The United States and Multilateral Institutions: Patterns of Changing Instrumentality and Influence, ed. Margaret P. Karns and Karen A. Mingst. London: Routledge, pp. 91-114.
46. Kahler, Miles. 2001. Leadership Selection in the Major Multilaterals. Washington, D.C.: Institute for International Economics.
47. Keynes, John Maynard. 1937. "The General Theory of Employment." Quarterly Journal of Economics 51(2): 209-223.
48. Khan, Mohsin S., and Nadeem Ul Haque. 1987. "Capital Flight from Developing Countries." Finance and Development 24(1): 2-5.
49. K rugman, P aul. 1998. "Saving Asia: It's Time to Get Radical." Fortune, 7 September.
50. Legro, Jeffrey W. 2005. Rethinking the World: Great Power Strategies and International Order. Ithaca: Cornell University Press.
51. Levitt, Barbara, and James G. March. 1988. "Organizational Learning." Annual Review of Sociology 14: 319-340.
52. Levy, Jack. 1994. "Learning and Foreign Policy: Sweeping a Conceptual Minefield." International Organization 48(2): 279-312.
53. Lucas, Robert E. 1972. "Expectations and the Neutrality of Money." Journal of Economic Theory 4(2): 103-124.
54. Lucas, Robert E. 1980. "The Death of Keynesian Economics." Issues and Ideas (Winter): 18-19.
55. Mankiw, N.G regory. 2006. The Macroeconomist as Scientist and Engineer. NBER Working Paper No. 12349. Cambridge: NBER.
56. Momami, Bessma. 2005. "Recruiting and Diversifying IMF Technocrats." Global Society 19(2): 167-187.
57. Muth, John. 1961. "Rational Expectations and the Theory of Price Movements." Econometrica 29(3): 313-335.
58. Nurske, Ragnar. 1945. Conditions of Monetary Equilibrium. Princeton Essays in International Finance No. 4. Princeton: Princeton University Department of Economics.
59. Pauly, Louis. 1997. Who Elected the Bankers? Surveillance and Control in the World Economy. Ithaca: Cornell University Press.
60. Quirk, Peter. 1994. Capital Account Convertibility: A New Model for Developing Countries. IMF Working Paper 94/81. Washington, D.C.: IMF.
61. Quirk, Peter, and Owen Evans. 1995. Capital Account Convertibility: Review of Experience and Implications for IMF Policies. IMF Occasional Paper 131. Washington, DC.: IMF.
62. Radelet, Steven, and Jeffrey D. Sachs. 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects." Brookings Papers on Economic Activity 1: 1-90.
63. Rogoff, Kenneth. 2002. "Rethinking Capital Controls: When Should We Keep an Open Mind?" Finance and Development 39(3): 55-56.
64. Rubin, Robert. 1998. Strengthening the Architecture of the International Financial System. Washington, D.C.: Address to the Brookings Institution, 14 April.
65. Samuelson, Paul. 1961. Economics: An Introductory Analysis. 5th edition. New York: McGraw-Hill.
66. Samuelson, Paul, and Robert Solow. 1960. "Analytical Aspects of Anti-Inflationary Policy." American Economic Review 50(2): 177-194.
67. Stiglitz, Joseph. 1998. "What Caused Asia's Crash? Bad Private Sector Decisions." Wall Street Journal, 4 February.
68. Stiglitz, Joseph. 2002. Globalization and its Discontents. New York: W.W. Norton.
69. Stiglitz, Joseph, and Andrew Weiss. 1981. "Credit Rationing in Markets with Imperfect Information." American Economic Review 71(3): 393-410.
70. Tetlock, Philip. 1999. "Theory-driven Reasoning about Possible Paths and Probable Futures: Are We Prisoners of Our Preconceptions?" American Journal of Political Science 43(2): 335-366.
71. Tirole, Jean. 2002. Financial Crises, Liquidity, and the International Monetary System. Princeton: Princeton University Press.
72. Wade, Robert. 1998-1999. "The Coming Fight over Capital Flows." Foreign Policy 113 (Winter): 41-54.
73. Wade, Robert, and Frank Veneroso. 1998. "The Gathering Support for Capital Controls." Challenge 41(6): 14-26.
74. Weaver, Catherine, and Ralf J. Leiteritz. 2005. "'Our Poverty is a World Full of Dreams:'Reforming the World Bank." Global Governance 11(3): 369-388.
75. Willett, Thomas. 2002. "Toward a Broader Public-Choice Analysis of the International Monetary Fund." In Governing the World's Money, ed. David Andrews, C. Randall Henning, and Louis W. Pauly. Ithaca: Cornell University Press.
76. Woods, Ngaire. 2006. The Globalizers: The IMF, the World Bank and their Borrowers. Ithaca: Cornell University Press.