Global Financial Integration Thirty Years On
From Reform to Crisis

A policy-relevant 2010 overview of the issues and problems involved in devising an effective global financial system for the future.

Geoffrey R. D. Underhill (Edited by), Jasper Blom (Edited by), Daniel Mügge (Edited by)

9781107406902, Cambridge University Press

Paperback / softback, published 30 August 2012

376 pages
22.9 x 15.2 x 2.1 cm, 0.55 kg

Review of the hardback: 'The global financial crisis has demonstrated the weaknesses of international financial governance. The emergence of the G20 is one response, but just a promising beginning. This book offers a wide range of timely lessons from history, political economy and finance to guide us in exploring new paths to a safer international financial system. It is a fine example of how research can inform policy.' Richard Portes, Professor of Economics, London Business School

Early in the new millennium it appeared that a long period of financial crisis had come to an end, but the world now faces renewed and greater turmoil. This 2010 volume analyses the past three decades of global financial integration and governance and the recent collapse into crisis, offering a coherent and policy-relevant overview. State-of-the-art research from an interdisciplinary group of scholars illuminates the economic, political and social issues at the heart of devising an effective and legitimate financial system for the future. The chapters offer debate around a series of core themes which probe the ties between public and private actors and their consequences for outcomes for both developed markets and developing countries alike. The contributors argue that developing effective, legitimate financial governance requires enhancing public versus private authority through broader stakeholder representation, ensuring more acceptable policy outcomes.

Introduction: the challenges and prospects of global financial integration Geoffrey R. D. Underhill, Jasper Blom and Daniel Mügge
Part I. History and Context: Input, Output and the Current Architecture (Whence it Came): 1. Financial governance in historical perspective: lessons from the 1920s Randall Germain
2. Between the storms: patterns in global financial governance 2001–7 Eric Helleiner and Stefano Pagliari
3. Deliberative international financial governance and apex policy forums: where we are and where we should be headed Andrew Baker
4. Finance, globalisation and economic development: the role of institutions Danny Cassimon, Panicos Demetriades and Björn Van Campenhout
Part II. Assessing the Current Financial Architecture (How Well Does it Work?): 5. Adopting international financial standards in Asia: convergence or divergence in the global political economy Andrew Walter
6. The political economy of Basel II in the international financial architecture Stijn Claessens and Geoffrey R. D. Underhill
7. The catalytic approach to debt workout in practice: coordination failure between the IMF, the Paris Club and official creditors Eelke de Jong and Koen van der Veer
8. Empirical evidence on the new international aid architecture Stijn Claessens, Danny Cassimon and Björn van Campenhout
9. Who governs and why? The making of a global anti-money laundering regime Eleni Tsingou
10. Brazil and Argentina in the global financial system: contrasting approaches to development and foreign debt Victor Klagsbrunn
11. Global markets, national alliances and financial transformations in East Asia Xiaoke Zhang
Part III. What Does the Future Hold? Reactions to the Current Regime and Prospects for Progress (Where is it Going?): 12. Changing transatlantic financial regulatory relations at the turn of the millennium Elliot Posner
13. Monetary and financial co-operation in Asia: improving legitimacy and effectiveness? Heribert Dieter
14. From microcredit to microfinance to inclusive finance: a response to global financial openness Brigitte Young
15. Combating pro-cyclicality in the international financial architecture: towards development-friendly financial governance José Ocampo and Stephany Griffith-Jones
16. Public interest, national diversity and global financial governance Geoffrey R. D. Underhill and Xiaoke Zhang
Conclusion: whither global financial governance after the crisis? Daniel Mügge, Jasper Blom and Geoffrey R. D. Underhill.

Subject Areas: Political economy [KCP], International economics [KCL], Monetary economics [KCBM], Macroeconomics [KCB], Economics, finance, business & management [K], International relations [JPS]