International Political Economy, Global Financial Orders and the 2008 Financial Crisis

2013 ◽  
Vol 11 (1) ◽  
pp. 155-166 ◽  
Author(s):  
Daniel W. Drezner ◽  
Kathleen R. McNamara
Keyword(s):  
Political Economy ◽  
Financial Crisis ◽  
Global Economy ◽  
International Political Economy ◽  
Economic Downturn ◽  
Global Finance ◽  
2008 Financial Crisis ◽  
The Great Depression ◽  
The 2008 Financial Crisis ◽  
Social Logics

The 2008 financial crisis triggered the most severe global economic downturn since the Great Depression. The crisis has provoked soul-searching among economists, yet international political economy (IPE) scholars have been relatively sanguine. We argue that IPE has strayed too far away from studying the geopolitical and systemic causes and consequences of the global economy. IPE must explain the generation and transformation ofglobal financial orders.Both the distribution of political power and the content of economic ideas will shape any emergent global financial order. A Kuhnianlife-cycle frameworkof global financial orders permits a systemic approach to global finance that integrates the study of power and social logics into our understanding of markets.

States and the future of global finance

1992 ◽  
Vol 18 (1) ◽  
pp. 31-49 ◽  
Author(s):  
Eric Helleiner
Keyword(s):  
Political Economy ◽  
International Trade ◽  
International Relations ◽  
International Finance ◽  
International Economics ◽  
Global Economy ◽  
International Political Economy ◽  
Financial Sector ◽  
Global Finance ◽  
The Future

One of the central objectives of the field of international political economy (IPE) in the last 20 years has been to introduce insights from the field of international relations into the study of global economic affairs. Although this effort has been largely successful in the study of international trade, much less attention has been focused on the financial sector of the global economy. Seemingly highly technical and arcane, the study of international finance has been left largely to specialists in international economics, financial journalists, and international financial practitioners.

Denmark

2017 ◽  
Author(s):  
John L. Campbell ◽  
John A. Hall
Keyword(s):  
Political Economy ◽  
Financial Crisis ◽  
International Economy ◽  
Nation State ◽  
2008 Financial Crisis ◽  
The Reformation ◽  
National Question ◽  
Social Partnerships ◽  
The 2008 Financial Crisis

This chapter examines Denmark's response to the 2008 financial crisis. It first provides an overview of four legacies of Danish history that created modern Denmark: Lutheranism, statism, the solution of the national question, and the construction of layered homogeneity. It considers how the Reformation of 1536 established Lutheranism as the religion of the Danish monarchy and how Denmark made the transition from empire to nation-state. It then explores Denmark's perceptions of vulnerability as it tries to survive within an increasingly competitive international economy. It shows that Denmark in the early 2000s had a political economy blessed with very thick institutions that were expert-oriented and inclusive and that facilitated negotiation, consensus-making, and social partnerships. The chapter also describes the origins of the 2008 financial crisis and Denmark's response to it in the form of six Bank Packages.

The 2008 Financial Crisis and the Lack of Retaliatory Trade Intervention

2020 ◽  
Author(s):  
Chunding Li ◽  
John Whalley ◽  
Chuantian He ◽  
Chuangwei Lin
Keyword(s):  
Financial Crisis ◽  
2008 Financial Crisis ◽  
Jel Codes ◽  
Simulation Methodology ◽  
Equivalent Models ◽  
The Great Depression ◽  
Trade Retaliation ◽  
The 2008 Financial Crisis ◽  
Optimal Tariff ◽  
Model Structures

Abstract The 2008 financial crisis did not precipitate global retaliatory trade intervention, in seeming contrast to the Great Depression in 1930s. This article discusses the influence of model structure in optimal tariff (OT) calculations in explaining this puzzle. We emphasize how earlier literature reports high OTs in numerical calculation (of a hundred percent) but only uses simple trade models. We use numerical general equilibrium (GE) calibration and simulation methodology to calculate OTs both with and without retaliation in a series of observationally equivalent models and explore the influence of model structures on OT levels. We gradually add more realistic features into the basic GE model, and show sharply declined OTs, which suggests that trade retaliation incentives effectively disappear with the deepening of globalization in 2008 compared to 1930. (JEL codes: F11, C63, F13).

scholarly journals Stability Analysis Of Islamic Banking: Indonesia, Malaysia And Pakistan

2021 ◽  
Vol 10 (1) ◽  
pp. 125-143
Author(s):  
Luqmanulhakim Luqmanulhakim ◽  
Ronald Rulindo ◽  
Saiful Anwar
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Global Economy ◽  
Banking System ◽  
Islamic Banking ◽  
2008 Financial Crisis ◽  
Stability Measurement ◽  
The 2008 Financial Crisis ◽  
The Stability ◽  
The Impact

Following the 2008 financial crisis, the global economy will continue to experience shock in the years to come. Therefore, it is vital to conduct research that can anticipate the impact of fluctuations in financial stability. This research examines the stability of the Islamic banking system in Indonesia, Malaysia, and Pakistan, using Z-Score as a proxy variable for stability measurement and Markov Switching VAR for the method. The objectives are to identify which Islamic banking has better resilience in facing crisis and identify the economic variables that have a significant effect on the stability of Islamic banking. The results showed that the stability of Indonesian Islamic banking was more stable compared to Malaysia and Pakistan. The crisis periods determined from the method show that in 2019 all countries studied entered the beginning of the crisis period, which means the world conditions tend to re-enter the crisis, repeating the 2008 financial crisis.

The “New” Neoclassical International Political Economy of Macroprudential Regulation and Capital Controls: “Style” over “Substance”

2020 ◽  
Vol 52 (4) ◽  
pp. 662-672
Author(s):  
Devin T. Rafferty
Keyword(s):  
Political Economy ◽  
Systemic Risk ◽  
International Political Economy ◽  
Capital Controls ◽  
2008 Financial Crisis ◽  
Macroprudential Regulation ◽  
Ideational Change ◽  
The 2008 Financial Crisis ◽  
Financial Cycles ◽  
The International Monetary Fund

A “new” neoclassical international political economy (NNIPE) emerged from the 2008 financial crisis showing how macroprudential regulation and capital controls (MPR-CC) can eliminate the systemic risk behind endogenous financial cycles. An implication of this is that decentralized capitalism is inherently financially unstable, which appears to make inroads with heterodox traditions. However, this paper demonstrates that NNIPE represents a superficial, rhetorical appearance of theoretical improvement, as represented in its “style,” while the “substance” of its underlying assumptions and mechanisms remain mired in neoclassicism. Moreover, it grew out of ideologically-motivated ideational change at the International Monetary Fund.

Mathematics without Apologies

2017 ◽  
Author(s):  
Michael Harris
Keyword(s):  
Number Theory ◽  
Financial Crisis ◽  
Pop Culture ◽  
First Century ◽  
2008 Financial Crisis ◽  
Dinner Party ◽  
Mathematical Life ◽  
Personal Experiences ◽  
The 2008 Financial Crisis ◽  
Guided Tour

What do pure mathematicians do, and why do they do it? Looking beyond the conventional answers, this book offers an eclectic panorama of the lives and values and hopes and fears of mathematicians in the twenty-first century, assembling material from a startlingly diverse assortment of scholarly, journalistic, and pop culture sources. Drawing on the author's personal experiences as well as the thoughts and opinions of mathematicians from Archimedes and Omar Khayyám to such contemporary giants as Alexander Grothendieck and Robert Langlands, the book reveals the charisma and romance of mathematics as well as its darker side. In this portrait of mathematics as a community united around a set of common intellectual, ethical, and existential challenges, the book touches on a wide variety of questions, such as: Are mathematicians to blame for the 2008 financial crisis? How can we talk about the ideas we were born too soon to understand? And how should you react if you are asked to explain number theory at a dinner party? The book takes readers on an unapologetic guided tour of the mathematical life, from the philosophy and sociology of mathematics to its reflections in film and popular music, with detours through the mathematical and mystical traditions of Russia, India, medieval Islam, the Bronx, and beyond.

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