Capital ideas : the IMF and the rise of financial liberalization / Jeffrey M. Chwieroth.

Format:

Book

Author/Creator:

Chwieroth, Jeffrey M., 1975-

Language:

English

Subjects (All):

Financial services industry--Deregulation.

Financial services industry.

Finance--Government policy.

Finance.

Credit control.

Financial crises.

International Monetary Fund.

Physical Description:

1 online resource (335 p.)

Edition:

Course Book

Place of Publication:

Princeton, NJ : Princeton University Press, c2010.

Language Note:

English

Summary:

The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in 1945. But informally, among the staff inside the IMF, these controls became heresy in the 1980's and 1990's, prompting critics to accuse the IMF of indiscriminately encouraging the liberalization of controls and precipitating a wave of financial crises in emerging markets in the late 1990's. In Capital Ideas, Jeffrey Chwieroth explores the inner workings of the IMF to understand how its staff's thinking about capital controls changed so radically. In doing so, he also provides an important case study of how international organizations work and evolve. Drawing on original survey and archival research, extensive interviews, and scholarship from economics, politics, and sociology, Chwieroth traces the evolution of the IMF's approach to capital controls from the 1940's through spring 2009 and the first stages of the subprime credit crisis. He shows that IMF staff vigorously debated the legitimacy of capital controls and that these internal debates eventually changed the organization's behavior--despite the lack of major rule changes. He also shows that the IMF exercised a significant amount of autonomy despite the influence of member states. Normative and behavioral changes in international organizations, Chwieroth concludes, are driven not just by new rules but also by the evolving makeup, beliefs, debates, and strategic agency of their staffs.

Contents:

Front matter

Contents

Figures and Tables

Preface

Abbreviations

Chapter One. Introduction

Chapter Two. Normative Change From Within

Chapter Three. Capital Ideas and Capital Controls

Chapter Four. Capital Controlled the Early Postwar Era

Chapter Five. The Limits and Hollowness of Keynesianism in the 1960's

Chapter Six. Formal Change and Informal Continuity the Reform Negotiations of the 1970's

Chapter Seven. Capital Freed Informal Change from the 1980's to the Mid-1990's

Chapter Eight. Capital in Crisis Financial Turmoil in the Late 1990's

Chapter Nine. Norm Continuity and Organizational Legitimacy from the Asian Crisis to the Subprime Crisis

Epilogue A Subprime "Crisis" For Capital Freedom?

Index

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on publisher supplied metadata and other sources.

ISBN:

9786612936050

9786612473197

9781282936058

1282936050

9781400833825

1400833825

9781282473195

1282473190

9780691142319

0691142319

9780691142326

0691142327

OCLC:

647843235