Ruling capital : emerging markets and the reregulation of cross-border finance / Kevin P. Gallagher.

Format:

Book

Author/Creator:

Gallagher, Kevin, 1968- author.

Contributor:

Knowledge Unlatched, funder.

Series:

Cornell studies in money.

Cornell studies in money

Language:

English

Subjects (All):

Financial institutions, International--Law and legislation.

Financial institutions, International.

International finance--Political aspects.

International finance.

Physical Description:

1 online resource (248 pages)

Edition:

1st ed.

Place of Publication:

Ithaca, New York : Cornell University Press, 2015.

Language Note:

English

Summary:

In Ruling Capital, Kevin P. Gallagher demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level. Gallagher also shows that some EMDs, particularly the BRICS coalition, were able to maintain or expand their sovereignty to regulate cross-border finance under global economic governance institutions. Gallagher combines econometric analysis with in-depth interviews with officials and interest groups in select emerging markets and policymakers at the International Monetary Fund, the World Trade Organization, and the G-20 to explain key characteristics of the global economy. Gallagher develops a theory of countervailing monetary power that shows how emerging markets can counter domestic and international opposition to the regulation of cross-border finance. Although many countries were able to exert countervailing monetary power in the wake of the crisis, such power was not sufficient to stem the magnitude of unstable financial flows that continue to plague the world economy. Drawing on this theory, Gallagher outlines the significant opportunities and obstacles to regulating cross-border finance in the twenty-first century.

Contents:

Countervailing monetary power

Defending cooperative decentralization

From managing the trilemma to stability supported growth

Let's not get carried away

The politics of re-regulating cross-border finance

Ruling capital: the IMF's new view of the capital account

Good talk, little action: the limits of the G-20

Trading away financial stability

The future of countervailing monetary power.

Notes:

Includes bibliographical references and index.

CC BY-NC-ND

Description based on print version record.

ISBN:

9780801454608

0801454603

9780801454615

0801454611

OCLC:

1056846023

Access Restriction:

Unrestricted online access