Debating the Global Financial Architecture: The Perspective of Economic Reforms in ChinaLeslie Elliott Armijo Debating the Global Financial Architecture opens up the contemporary debate surrounding the reform of the global financial architecture. Economists and political scientists explore the economic and technical content of alternative global financial regimes as well as the political processes through which such changes are negotiated. The contributors, though diverse, jointly fear that rapid removal of the remaining controls on private international financial transactions risks systematic crisis. By initiating a cross-disciplinary discussion, they hope to see the politics of global financial design examined more honestly, yet without discarding or devaluing a solid economic analysis of global money and investment flows. |
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actors adjustment American argued Asia Asian crisis Asian Monetary Fund borrowing Bretton Woods capital controls capital flows capital markets central banks contagion cooperation costs creditors currency current account debt deficits democracy democratic developing countries dollar domestic economists Eichengreen emerging markets European exports Fernández-Arias financial crises financial markets Financial Stability financial system fixed exchange rates floating exchange rates foreign exchange global financial architecture gold standard groups growth hegemonic leadership hegemonic stability theory industrial countries inflows integration interest rates international capital international financial architecture International Monetary International Monetary Fund interwar investment investors Japan Japanese laissez-faire liberalizers last resort leaders lender of last liberalization liquidity macroeconomic major ment monetary policy Monetary Union moral hazard multilateral official percent policymakers Political Economy problems reform regime regional regulation relative reserves risk role theories of hegemonic tional trade U.S. dollar United University Press volatility World Bank