scholarly journals A emergência de um método de síntese para análise das mudanças na arquitetura financeira internacional / The emergence of a synthesis method for analysis of changes in the international financial architecture

2013 ◽  
Vol 2 (2) ◽  
pp. 352-384
Author(s):  
Marilia Romão Capinzaiki
Keyword(s):  
International Economic ◽  
Critical Theory ◽  
International Political Economy ◽  
Synthesis Method ◽  
Governance Structure ◽  
The United States ◽  
Governance Reform ◽  
Financial Architecture ◽  
International Financial Architecture ◽  
The Imf

O campo da Economia Política Internacional compreende discussões diversas sobre a interdependência e o papel desempenhado pelas instituições, além de questões sobre as relações entre o poder político e o poder financeiro e monetário. Nesse contexto, é correto dizer que instituições como o Banco Mundial e o FMI se encaixam numa Ordem Internacional mais ampla, profundamente influenciada pela potência que emergiu como a principal construtora dessa ordem no período que se seguiu à Segunda Guerra: os EUA. Entretanto, a crise financeira que eclodiu em 2008 impulsionou questionamentos a respeito da estrutura de governança global econômica estabelecida, além de desencadear uma crise de legitimidade em relação ao contexto em que atuam os braços dessa governança. Dessa forma, o presente artigo buscará considerar criticamente a Teoria dos Regimes de Keohane e a Teoria Crítica da Economia Política Internacional, buscando aplicá-las às dinâmicas de mudança na Ordem Econômica Internacional e, especificamente, ao recente projeto de reforma do FMI. O fortalecimento de arranjos fora da institucionalidade tradicional, tais como o recente projeto de criação de um banco dos BRICS e o G20, cuja atuação foi decisiva para a concretização de diversos aspectos da reforma anunciada em 2010, podem ser interpretados como sintomas de uma alteração mais profunda no regime vigente. Ao mesmo tempo, as mudanças nas relações econômicas internacionais podem se inserir numa perspectiva mais ampla, também passível de ser explicada pela interdependência entre capacidades materiais, instituições e ideias, condizente com a Teoria Crítica de Cox. Assim, tem-se como objetivo explorar as possibilidades quanto à elaboração de um método de síntese que possa conduzir a análise das mudanças contemporâneas na arquitetura financeira internacional, da qual o FMI é peça-chave.  The field of International Political Economy comprises several discussions on interdependence and the role of institutions, as well as questions concerning the relationship between political power and financial and monetary power. Considering this context, it is correct to affirm that institutions such as the World Bank and the International Monetary Fund are part of a broader International Order, deeply influenced by the nation that has emerged as its leading builder in the period that followed the Second World War: the United States. However, the financial crisis that erupted in 2008 raised questions about the global economic governance structure, and triggered a legitimacy crisis regarding the environment in which those governance bodies operate. Thus, this article aims to critically consider the Regime Theory elaborated by Keohane, and Cox’s Critical Theory of IPE, seeking to apply them to the dynamics of change in the international economic order and, specifically, to the recent governance reform project carried out by IMF. The strengthening of institutional arrangements outside the traditional order, such as recent initiatives to create a BRICS’ bank and the performance of G20, which was crucial to the materialization of several aspects of the IMF reform announced in 2012, can be interpreted as symptoms of deeper changes in the current economic Regime. Simultaneously, changes in international economic relations can be seen through a broader perspective that could be explained by the interdependence between material capabilities, ideas and institutions, which is consistent with the Critical Theory formulated by Cox. Therefore, the goal is to explore the possibilities regarding the development of a synthesis method for the analysis of contemporary changes in the international financial architecture, from which the IMF is a key institution.

OUT-OF-THE-BOX THOUGHTS ABOUT THE INTERNATIONAL FINANCIAL ARCHITECTURE

2010 ◽  
Vol 01 (01) ◽  
pp. 1-20 ◽  
Author(s):  
BARRY EICHENGREEN
Keyword(s):  
Exchange Rate ◽  
Investment Banking ◽  
Market Maker ◽  
Governance Reform ◽  
Financial Architecture ◽  
International Financial Architecture ◽  
International Transactions ◽  
The Imf

This paper contemplates ambitious reforms of the international financial architecture. It proposes routinising the expansion of IMF quotas and the conduct of exchange rate surveillance. It contemplates an expanded role for the SDR in international transactions, which would require someone — like the IMF — to act as market maker. It considers proposals for reimposing Glass–Steagall-like restrictions on commercial and investment banking, something that will have to be coordinated internationally to be feasible. All this of course presupposes meaningful IMF governance reform so that the institution has the legitimacy and efficiency to assume these additional responsibilities.

Liquidity Swaps between Central Banks, the IMF, and the Evolution of the International Financial Architecture

2019 ◽  
Author(s):  
Pauline Bourgeon ◽  
Jérôme Sgard
Keyword(s):  
New York ◽  
Large Scale ◽  
Central Banks ◽  
Lender Of Last Resort ◽  
International Crisis ◽  
Financial Architecture ◽  
International Financial Architecture ◽  
The Us ◽  
The Rich ◽  
The Imf

The 9/11 terrorist attacks in New York, then the 2008 crisis and the euro crisis have seen a major monetary innovation in the form of large-scale exchanges of liquidity swaps between core central banks. For instance, the US Federal Reserve and the European Central Bank exchanged for a few days or weeks equivalent amounts of their respective currencies, so that the ECB could lend dollars to eurozone commercial banks, and vice versa. At maturity, the swaps were either extended over time or reimbursed. This utterly simple operation thus allows central banks to act collectively as a Fed-led, network-based international lender of last resort. A significant corollary is that the action of the IMF, which used to be the main international crisis manager, now extends only to the developing countries and the (smaller) emerging countries. Conditionality, with its strongly asymmetric dimension, is limited to this latter group, while unconditional swaps are now the key liquidity channel for supporting the rich and powerful countries.

The Political Economy of Hegemony: The (Surprising) Persistence of American Hegemony

2017 ◽  
Author(s):  
Thomas Oatley
Keyword(s):  
International Economic ◽  
Political Economy ◽  
Global Economy ◽  
International Political Economy ◽  
Foreign Debt ◽  
The United States ◽  
Necessary Condition ◽  
American Hegemony ◽  
The Impact ◽  
The U.S

First-generation research in International Political Economy focused considerable attention on the relationship between hegemony and global economic stability. This focus was the result of a confluence of scholarly and policy concerns about the impact that the apparent decline of U.S. hegemony would have on international trade and investment regimes. Interest in this hegemonic stability hypothesis waned, however, as deeper explorations of the theoretical logic indicated that hegemony was not a necessary condition for international economic openness, and as the collapse of the Soviet Union and the consequent “unipolar moment” suggested that American hegemony was hardly in decline. Interest in hegemony resurfaced in the wake of the 2008 financial crisis. The crisis triggered many scholars to proclaim the end of the era of American global hegemony. Scholars argued that the U.S. government’s attachment to a large budget and trade deficits and the resulting growth of foreign debt were likely to weaken foreign confidence in the dollar and encourage the shift to an alternative reserve currency such as the Euro. At the same time, China’s rapid industrialization and emergence as a large creditor nation was creating a new pole in the international economy that constituted a meaningful alternative to a global economy organized around the United States’ economy. Thus, a shift toward a Beijing hegemony was all but inevitable. The predicted decline of American hegemony has yet to materialize. The U.S. economy remains the world’s largest, and the U.S. government continues to play the leading role in system making—creating new rules to govern international economic cooperation—and in privilege taking—manipulating these rules in ways that advantage U.S. public and private sector actors. Moreover, the U.S. government plays this role in all three economic subsystems: finance, knowledge, and production. Empirical scholarship conducted over the last decade encourages one to conclude by paraphrasing Mark Twain: Recent reports of the death of American hegemony are premature.

Financial governance and transnational deliberative democracy

2010 ◽  
Vol 36 (2) ◽  
pp. 493-509 ◽  
Author(s):  
RANDALL GERMAIN
Keyword(s):  
Political Economy ◽  
Public Sphere ◽  
Deliberative Democracy ◽  
International Political Economy ◽  
The Public ◽  
Financial Architecture ◽  
International Financial Architecture ◽  
Financial Governance ◽  
The Public Sphere

AbstractRecent concern with the institutional underpinning of the international financial architecture has intersected with broader debates concerning the possibility of achieving an adequate deliberative context for decisions involving transnational economic governance. Scholars working within traditions associated with international political economy, deliberative democracy, cosmopolitanism and critical theory have informed this broader debate. This article uses this debate to ask whether the structure of financial governance at the global level exhibits the necessary conditions to support deliberative democracy. In particular, it considers the extent to which publicness and a public sphere have become part of the broader structure of financial governance. Although in some ways financial governance is a hard case for this debate, an argument can be made that a public sphere has emerged as an important element of the international financial architecture. At the same time, the analysis of the role of the public sphere in financial governance reveals important lessons which public sphere theorists and deliberative democracy advocates need to consider in order to extend their analysis into the realm of global political economy.

The End of Empire and the Search for Justice

2018 ◽  
Author(s):  
John Linarelli ◽  
Margot E Salomon ◽  
Muthucumaraswamy Sornarajah
Keyword(s):  
United States ◽  
International Economic ◽  
International Law ◽  
International Economic Order ◽  
The United States ◽  
Economic Order ◽  
Global Context ◽  
Neoliberal Ideology ◽  
First Time

This chapter is a study of the themes of the New International Economic Order (NIEO). It begins with the notion of justice that had been constructed in imperial law to justify empire and colonialism. The NIEO was the first time a prescription was made for justice in a global context not based on domination of one people over another. In its consideration of the emergence of a new notion of justice in international law, the chapter discusses the reasons for the origins of the NIEO, and goes on to describe the principles of the NIEO and the extent to which they came into conflict with dominant international law as accepted by the United States and European states. Next the chapter deals with the rise of the neoliberal ideology that led to the displacement of the NIEO and examines the issue of whether the NIEO and its ideals have passed or whether they continue to be or should be influential in international law. Finally, the chapter turns to the ideas of the NIEO alongside new efforts at promoting a fuller account of justice by which to justify and evaluate international law.

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