The topic of international finance is of increasing interest in international relations, especially in our twenty-first century globalizing world. This collection provides information and perspectives on international finance of the past, present and future. It explores the financial shocks and crises from World War Two onwards and the institutions that were created in response to them. This volume addresses the critical questions in the field of international finance by assembling the central scholarship that has defined the area. It answers the key questions and contributes to the ongoing debates in the field of international finance and international political economy more generally. It is a must-read for economists, political scientists, scholars and policymakers alike.
Contents: Introduction; Part I The Evolution of the Field: The politics of international currencies, Susan Strange; Political economy aspects of international monetary reform, Harry G. Johnson; Prolegomena to the choice of an international monetary system, Richard N. Cooper; Historical research on international lending and debt, Barry Eichengreen; Phoenix risen: the resurrection of global finance, Benjamin J. Cohen; The political economy of international monetary relations, J. Lawrence Broz and Jeffry A. Frieden. Part II International Financial Institutions: The legalization of international monetary affairs, Beth A. Simmons; The Asian crisis, the high debt model vs the Wall Street-Treasury-IMF complex, Robert Wade and Frank Veneroso; International institutions for reducing global financial instability, Kenneth Rogoff; The democratic deficit in the institutional arrangements for regulating global finance, Tony Porter. Part III Financial Globalization and State Autonomy: The obsolescence of capital controls?: Economic management in an age of global markets, John B. Goodman and Louis W. Pauly; Capital mobility and state autonomy: toward a structural theory of international monetary relations, David M. Andrews; The dynamics of financial globalization: technology, market structure, and policy response, Philip Cerny; Capital mobility, state autonomy and political legitimacy, Louis W. Pauly. Part IV Policymaking and Policy Co-Ordination: International economic structures, government interests, and international coordination of macroeconomic adjustment policies, Michael C. Webb; Between power and purpose: central bankers and the politics of regulatory convergence, Ethan Barnaby Kapstein; Invested interests: the politics of national economic policies in a world of global finance, Jeffry A. Frieden; Democratic institutions and exchange-rate commitments, William Bernhard and David Leblang. Part V The Political Economy of Monetary Integration: The launching of the EMS: an analysis of change in foreign economic policy, Jonathan Story; Choosing union: monetary politics and Maastricht, Wayne Sandholtz; European governance and the new constitutionalism: economic and monetary union and alternatives to disciplinary neo-liberalism in Europe, Stephen Gill; Name index.