scholarly journals Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'

2009 ◽  
Vol 33 (4) ◽  
pp. 563-580 ◽  
Author(s):  
J. Crotty
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Critical Assessment ◽  
Financial Architecture ◽  
The Global Financial Crisis

Global Finance after the Crisis: Reform Imperatives and Vested Interests

2011 ◽  
Vol 11 (2) ◽  
pp. 1850228
Author(s):  
Wim Naude
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Global Level ◽  
Reform Initiatives ◽  
Global Finance ◽  
Financial Architecture ◽  
Vested Interests ◽  
Recent Reform ◽  
The Global Financial Crisis ◽  
Made In

The global financial crisis of 2008-09 has stimulated a number of re-assessments of global development. But after two years, not much progress has been made in dealing with the deep causes of the crisis. While it is better understood now why the crisis occurred, more progress is needed in terms of financial reform on the global level in order to prevent future financial crises. A remaining challenge is to strengthen the global financial architecture (GFA). This paper focuses on the GFA and its relationship to the global financial crisis. Recent reform initiatives are discussed. Strong resistance against re-regulation of the financial sector is noted, reflecting the general opposition of vested interests to GFA reform.

Globalism Ascendant, Regionalism Stagnant: Japan’s Response to the Global Financial Crisis

2011 ◽  
Vol 6 (1-2) ◽  
pp. 37-61 ◽  
Author(s):  
Mireya Solís
Keyword(s):  
Financial Crisis ◽  
Regional Integration ◽  
Global Financial Crisis ◽  
Foreign Exchange Rate ◽  
Chiang Mai ◽  
Financial Architecture ◽  
Economic Diplomacy ◽  
The Global Financial Crisis ◽  
Regional Agenda ◽  
Global Initiatives

AbstractJapan’s response to the global financial crisis has emphasized global initiatives and downplayed the regional agenda, in sharp contrast with its approach to the Asian financial crisis. This rebalancing in Japan’s economic diplomacy reflects the greater political space that it has enjoyed at the global level since its long-held views on the benefits of flexible International Monetary Fund (IMF) lending practices and controls on volatile capital flows became mainstream. Meanwhile, at the regional level Japan faces stiff competition from China in shaping the regional integration agenda and unchartered territory in coleading a multilateral Chiang Mai Initiative. Despite its enhanced profile, Japan’s new globalism is uneven: it has made a very significant financial contribution to expand the IMF’s resources and to restore trade financing; but Japan has not played a major role in the debate surrounding the most pressing issues of a future financial architecture, such as tackling global imbalances and promoting foreign exchange-rate cooperation. Japan’s muted voice, despite its large financial commitments, reflects its difficult adaptation to the G20 summitry process, as well as political volatility at home, which prevents it from developing measures to deal with the global downturn.

Toward a Pluripolar Global Financial Architecture? The Bretton Woods Institutions and the New Landscape of Developmental Finance

2018 ◽  
Vol 50 (4) ◽  
pp. 653-659 ◽  
Author(s):  
Ilene Grabel
Keyword(s):  
Financial Crisis ◽  
Regime Change ◽  
Global Financial Crisis ◽  
Financial Architecture ◽  
Bretton Woods ◽  
Financial Governance ◽  
The Global Financial Crisis ◽  
Bretton Woods Institutions ◽  
Governance Architecture

I advance three claims in the paper. First, the Asian and especially the global financial crisis occasioned discontinuities and continuities that are imparting incoherence to the global financial governance architecture and developmental finance. Second, the emergent incoherence is productive of development rather than debilitating. Third, productive incoherence can be understood most fully within a “Hirschmanian mindset,” that is, an understanding of social and regime change informed by Albert O. Hirschman’s key theoretical and epistemic commitments.

scholarly journals Money Impartiality: Panacea for Economic Crisis

2010 ◽  
Author(s):  
Jamal Othman
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Regulatory System ◽  
Debt Financing ◽  
The Political ◽  
Financial Architecture ◽  
Fundamental Factor ◽  
Fiat Money ◽  
The World ◽  
The Global Financial Crisis

This paper overviews the political-economics of FIAT and asset-based money. The paper further highlights the presumably syaria standpoint of the impartial character of money as the fundamental factor that differentiates asset-based money from the FIAT money. It is argued that while it is ideal for asset-based money to make a comeback in the interest of holistic wellbeing (maslahah) of humankind, it is necessary to complement it with an appropriate financial and regulatory system to safeguard its impartiality, i.e. non-tradable, non-interest bearing, and non-debt financing to avoid the recurring pitfalls which are immanent in the conventional financial system. It is hoped this rather concise paper will offer a thought provoking discourse on how syaria principles may present the world a useful ideological construct for a new monetary and financial architecture in light of the global financial crisis.   Keywords: Asset-based money; FIAT money; Syaria perspectives of money; money impartiality; money and sustainable development; money and financial crisis.

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