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Author: Rawi Abdelal Publisher: Harvard University Press ISBN: 0674261305 Category : Business & Economics Languages : en Pages : 332
Book Description
Listen to a short interview with Rawi AbdelalHost: Chris Gondek | Producer: Heron & Crane The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s--trading foreign stocks and bonds, borrowing in foreign currencies--had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, "managed" globalization. This contest over the character of globalization continues today.
Author: Rawi Abdelal Publisher: Harvard University Press ISBN: 0674261305 Category : Business & Economics Languages : en Pages : 332
Book Description
Listen to a short interview with Rawi AbdelalHost: Chris Gondek | Producer: Heron & Crane The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s--trading foreign stocks and bonds, borrowing in foreign currencies--had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, "managed" globalization. This contest over the character of globalization continues today.
Author: Omar E. Hawthorne Publisher: Lexington Books ISBN: 1498508952 Category : Political Science Languages : en Pages : 167
Book Description
Corruption, often seen as the main hindrance to development and growth in many societies, has led to greater demand for accountability and transparency in how governments conduct their businesses. This text examines the impact of Transparency International’s Corruption Perceptions Index and whether or not the CPI and hence TI matter. It explores three areas: the world’s political and economic responses and Jamaica’s policy responses to the CPI. Jamaica is selected for a case study due to its high CPI rating from TI; Jamaica is a country that has strong anti-corruption laws but, nonetheless, sees its CPI ranking worsen almost yearly. Taking into consideration the importance scholars and policymakers give to corruption’s effect on development, the findings show that the CPI—the most cited corruption index—does not change the behavior of world’s political and economic policymakers. Although the index is published yearly, there is no measured change as it regards political and economic policymakers. Nonetheless, Jamaican policymakers pay significant attention to their performance on TI’s CPI. Transparency International’s CPI is used as the authoritative tool to assess countries’ corruption perceptions scores by both international governments and several international agencies. The use and reference of TI’s CPI does not translate as the main factor in regards to the increase and or decrease of aid flow. Surprisingly, there was no evidence that the CPI affected the credit rating and or investment flow into Jamaica. It did indicate, however, that TI’s CPI is reflective of the global market perceptions of Jamaica’s economy. Research shows that the index does change policy responses in Jamaica as government officials across varying agencies pay attention to the index and the progression and or worsening of the country’s score.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1451965478 Category : Business & Economics Languages : en Pages : 541
Book Description
This paper analyzes the origins, implications, and solutions for the Asian financial crisis. From the perspective of a member of the Executive Board of the IMF, as Asian problems were building, the IMF overlooked weaknesses in bank and corporate balance sheets in much of Asia: the IMF was unaware of the extraordinary leverage of Korean companies, which in some cases reached a ratio of 600/1 debt to equity. The IMF did not focus on the weak accounting and disclosure practices of banks and nonbanks or generous rollovers of banks to their key clients.
Author: William C. Hunter Publisher: Springer Science & Business Media ISBN: 1461551552 Category : Business & Economics Languages : en Pages : 513
Book Description
In the late 1990s, Korea, Thailand, Indonesia and Malaysia experienced a series of major financial crises evinced by widespread bank insolvencies and currency depreciations, as well as sharp declines in gross domestic production. This sudden disruption of the Asian economic `miracle' astounded many observers around the world, raised questions about the stability of the international financial system and caused widespread fear that this financial crisis would spread to other countries. What has been called the Asian crisis followed a prolonged slump in Japan dating from the early 1980s and came after the Mexican currency crisis in the mid-1990s. Thus, the Asian crisis became a major policy concern at the International Monetary Fund as well as among developed countries whose cooperation in dealing with such financial crises is necessary to maintain the stability and efficiency of global financial markets. This book collects the papers and discussions delivered at an October 1998 Conference co-sponsored by the Federal Reserve Bank of Chicago and the International Monetary Fund to examine the causes, implications and possible solutions to the crises. The conference participants included a broad range of academic, industry, and regulatory experts representing more than thirty countries. Topics discussed included the origin of the individual crises; early warning indicators; the role played by the global financial sector in this crisis; how, given an international safety net, potential risks of moral hazard might contribute to further crises; the lessons for the international financial system to be drawn from the Asian crisis; and what the role of the International Monetary Fund might be in future rescue operations. Because the discussions of these topics include a wide diversity of critical views and opinions, the book offers a particularly rich presentation of current and evolving thinking on the causes and preventions of international banking and monetary crises. The book promises to be one of the timeliest as well as one of the most complete treatments of the Asian financial crisis and its implications for future policymaking.
Author: Rawi Abdelal
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Author: Omar E. Hawthorne
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Author: International Monetary Fund
Author: William C. Hunter
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