Format:
1 online resource (285 pages)
Edition:
1st ed.
ISBN:
9780415202220
,
9780203165447
Series Statement:
Routledge Studies in Contemporary Political Economy Series
Note:
Book Cover -- Half-Title -- Title -- Copyright -- Contents -- Figures and tables -- Contributors -- Preface and acknowledgements -- Introduction -- Structure of the book -- The 1997-1998 Asian crises -- Global instability -- A new structure for international payments -- Conclusion -- References -- Part I The 1997-1998 Asian crises -- 1 'Asian capitalism' and the financial crisis -- I Introduction -- II Industrialisation and catch-up in Asia, 1955-1995 -- III The East Asian model -- IV Causes of the crisis -- V Evidence on the theories concerning the crisis -- V.I Fundamentals -- V.2 The capital supply shock -- V.3 Structural factors -- VI The IMF policy programme and the East Asian crisis -- VII Analytical conclusions and policy implications -- VII.1 Analytical conclusions -- VII.2 Policy implications -- Notes -- References -- 2 Rejecting exceptionalism -- Introduction -- The Mexican crisis of 1994-5: exceptionalism emerges -- The emergence of the crisis -- Increased risk potential and constrained autonomy in the Mexican crisis -- Constrained policy autonomy -- Increased risk potential -- The crisis of 1997-8: exceptionalism redux -- Crises in the Asian "miracle economies" -- Thailand -- Malaysia -- Indonesia -- The Philippines -- South Korea -- Singapore and Hong Kong: the Southeast Asian crises that never were -- SINGAPORE -- HONG KONG -- Crises elsewhere in 1997-8 -- Brazil -- Russia -- Rejecting exceptionalism -- Increased risk potential and constrained autonomy in the crisis of 1997-8 and the Mexican crisis -- Constrained autonomy -- Increased risk potential -- Preventing a repeat of the crisis of 1997-8 -- Notes -- References -- 3 Stabilizing capital flows to developing countries -- I Introduction -- II Causes of the Asian crisis -- III Crisis prevention -- The IMF proposals -- Improving the quality of information
,
International standards advanced by non-governmental organizations -- The 1980s and 1990s: the era of promotion and protection -- Developments at the regional level -- Developments at the multilateral level -- Developments at the global level -- Prospects for the further evolution of a global framework dealing with FDI and TNCs -- The routes for the development of a global and comprehensive regime for FDI and TNCs -- Route 1: successful conclusion of the MAI at the OECD and adoption at the WTO -- Route 2: the initiation of negotiations for an entirely new legal framework at the WTO regardless of the fate of the MAI at the OECD -- 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 -- Desirable elements in a global framework for FDI and TNCs -- Conclusion -- Notes -- References -- 9 Will the real IMF please stand up -- 1 -- 2 -- 3 -- 4 -- 5 -- 6 -- Notes -- 10 A world central bank? -- Introduction -- Alternative models of global central banking -- Money and economic governance -- The power of the international bureaucracies -- Is monetary sovereignty an option in the contemporary global economy? -- The potential for limited international reserve creation by an enhanced IMF -- Concluding remarks -- Notes -- References -- 11 A new Bretton Woods -- Introduction -- The Asian crisis -- Lessons of the crisis -- IMF policy -- Financial regulation -- Asset prices -- Bank regulation -- A lender of last resort -- Reforming the exchange rate system -- Managing rates -- Automatic stabilisation -- A two-tier system -- Guiding principles -- The supply of reserve currencies -- Curbing capital movements -- Credit insurance -- The Tobin tax -- Feasibility -- Effects on exchange rate volatility -- A world payments strategy -- Summary and conclusions
,
Notes -- References -- Index
,
Strengthening domestic financial systems -- Prudent capital account liberalisation -- Regulating and/or taxing capital inflows -- National measures -- International measures -- IV Crisis management -- The lender of last resort -- Orderly workouts -- V Conclusions -- Notes -- References -- 4 International finance and global deflation -- Introduction -- The origins of the east Asian crisis -- Globalization and the new danger of global deflation -- Capital mobility and the new problem of capital account governance -- Changing lender behavior: Tobin taxes, speed bumps and hedging -- Changing borrower behavior: transparency, openness and labor rights -- Reasserting domestic monetary control: asset-based reserve requirements, requirements on foreign currency short sales, and Tobin taxes -- Changing IMF policy: restoring an equitable pro-growth agenda -- Conclusion: rediscovering imaginative regulation -- Notes -- References -- Part II Global instability -- 5 Creating international credit rules and the Multilateral Agreement on Investment -- I Introduction -- II International capital flows: some stylized facts -- The context of globalization -- Foreign direct investment and multinational corporations -- III The international credit regime and the Multilateral Agreement on Investment -- Access -- Enforcement -- Rolling back the state -- IV Analyzing the MAI -- The benefits of MAI -- Investment creation -- Investment-enhancing -- Rent (or income) redistributing -- What is the evidence? Capital mobility and state tax competition13 -- V Alternatives to neo-liberal governance of FDI -- VI Conclusion -- Appendix: a simple model of the effects of the MAI on social welfare -- Notes -- References -- 6 World trade liberalisation -- I Trade liberalisation and the loss of national autonomy -- Increasing scope of the multilateral trading system
,
The missing clauses and annexes of the WTO Agreement -- Stricter enforcement of the obligations -- Inability of national governments to deal with trade-related problems -- Loss of national sovereignty: some caveats -- II The neo-liberal perspective on global regulation -- Environmental effects of trade liberalisation -- Use of trade measures to secure international environmental objectives -- National environmental regulations and product-related standards -- Process and production methods -- Article XX as a limited and conditional exception -- WTO and the global regulation -- III The northern NGO perspective on global regulation: governance through the WTO -- Environmental effects of trade liberalisation -- Trade measures for environmental protection -- Governance through the WTO -- IV Toward a critique of the governance through the WTO approach -- What standards? -- Labour standards -- Environmental standards -- Which structures? -- Notes -- References -- 7 What role for the Tobin tax in world economic governance? -- Introduction -- Volatility, speculation and the efficiency of foreign exchange markets -- Tax-raising potential -- National economic policy autonomy -- Distortions and feasibility -- Some concluding remarks -- Notes -- References -- Part III A new structure for international payments -- 8 Transnational rules for transnational corporations -- Introduction -- The evolution of an international legal framework dealing with TNCs: the post-World War II period to 1998 -- From the mid-1940s to the 1960s: the era of competing regulatory approaches-control, protection and promotion -- The 1970s: the era of control of TNC conduct -- International standards advanced by developing countries -- International standards advanced by developed countries -- International standards advanced at multilateral forums
Additional Edition:
Print version Grieve-Smith, John Global Instability Oxford : Taylor & Francis Group,c1999 ISBN 9780415202220
Language:
English
Keywords:
Electronic books
URL:
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