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Global Financial Integration Thirty Years On : From Reform to Crisis - Geoffrey R. D. Underhill

Global Financial Integration Thirty Years On

From Reform to Crisis

By: Geoffrey R. D. Underhill (Editor), Jasper Blom (Editor), Daniel Mugge (Editor)


Published: 1st January 2011
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Early in the new millennium it appeared that a long period of financial crisis had come to an end, but the world now faces renewed and greater turmoil. This volume analyses the past three decades of global financial integration and governance and the recent collapse into crisis, offering a coherent and policy-relevant overview. State-of-the-art research from an interdisciplinary group of scholars illuminates the economic, political and social issues at the heart of devising an effective and legitimate financial system for the future. The chapters offer debate around a series of core themes which probe the ties between public and private actors and the consequences for outcomes for both developed markets and developing countries alike. The contributors argue that developing effective, legitimate financial governance requires enhancing public versus private authority through broader stakeholder representation, ensuring more acceptable policy outcomes.

Review of the hardback: 'Amidst the flurry of commentary provoked by the global financial crisis, this impressive collection of essays stands out for both the breadth of its coverage and the depth of its analysis. The editors have brought together an outstanding group of scholars to address the challenge of financial governance today, with the linked issues of effectiveness and legitimacy taking center stage. The book is a must read.' Benjamin J. Cohen, Louis G. Lancaster Professor of International Political Economy, University of California, Santa Barbara
Review of the hardback: 'Written in the midst of an emergency that nearly brought down the global economy, the chapters in this timely and cohesive book range widely over a vital arena where the legitimacy and effectiveness of key policies are now highly debatable. The editors gathered many of the world's best analysts to set out and critically examine the post-crisis reform agenda. The result will reward the careful attention of scholars, students, and practitioners alike.' Louis W. Pauly, Canada Research Chair in Globalization and Governance and Director of the Centre for International Studies, University of Toronto; Editor, International Organization
Review of the hardback: 'The global financial crisis has demonstrated the weaknesses of international financial governance. The emergence of the G20 is one response, but just a promising beginning. This book offers a wide range of timely lessons from history, political economy and finance to guide us in exploring new paths to a safer international financial system. It is a fine example of how research can inform policy.' Richard Portes, Professor of Economics, London Business School

List of figuresp. viii
List of tablesp. x
Notes on contributorsp. xi
Prefacep. xiii
Acknowledgementsp. xv
List of abbreviationsp. xvii
Introduction: the challenges and prospects of global financial integrationp. 1
History and context: input, output and the current architecture (whence it came)p. 23
Financial governance in historical perspective: lessons from the 1920sp. 25
Between the storms: patterns in global financial governance, 2001-2007p. 42
Deliberative international financial governance and apex policy forums: where we are and where we should be headedp. 58
Finance, globalisation and economic development: the role of institutionsp. 74
Assessing the current financial architecture (how well does it work?)p. 93
Adopting international financial standards in Asia: convergence or divergence in the global political economy?p. 95
The political economy of Basel II in the international financial architecturep. 113
The catalytic approach to debt workout in practice: coordination failure between the IMF, the Paris Club and official creditorsp. 134
Empirical evidence on the new international aid architecturep. 150
Who governs and why? The making of a global anti-money laundering regimep. 172
Brazil and Argentina in the global financial system: contrasting approaches to development and foreign debtp. 187
Global markets, national alliances and financial transformations in East Asiap. 204
Does the future hold? Reactions to the current regime and prospects for progress (where is it going?)p. 221
Changing transatlantic financial regulatory relations at the turn of the millenniump. 223
Monetary and financial cooperation in Asia: improving legitimacy and effectiveness?p. 241
From microcredit to microfinance to inclusive finance: a response to global financial opennessp. 256
Combating pro-cyclicality in the international financial architecture: towards development-friendly financial governancep. 270
Public interest, national diversity and global financial governancep. 287
Conclusion: whither global financial governance after the crisis?p. 304
Referencesp. 316
Indexp. 347
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780521198691
ISBN-10: 0521198690
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 376
Published: 1st January 2011
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 23.4 x 15.9  x 2.7
Weight (kg): 0.75