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Growing Pains for the Bretton Woods Institutions
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This challenging and unique new volume examines some of the most burning issues on the economic agenda in the world today. Bringing together some of the foremost authorities in their fields, this book is the result of work carried out on behalf of the G24, the world's only research effort devoting to furthering the interests of developing countries and bringing their needs to global attention. The book gives a voice to the developing nations of the world through its powerful essays and its fresh perspective. Challenging the existing mechanisms for the governance of the world economy, the chapters in this book consider the current approaches of the World Bank and IMF, and the operations of financial markets, and offer alternative proposals for the effective participation of developing countries. In doing so, the volume ranges from discussions on reforming the IMF and its conditionality, debt workouts and restructuring, through management of capital flows, debt sustainability and insurance against crisis, to Millennium Development Goals and the 'global partnership development'.
This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.
The Emperor's New Suit: The NIFA as a Reinvention of the Washington Consensus
SOEDERBERG, SUSANNE. (2001) The Emperor's New Suit: The NIFA as a Reinvention of the Washington Consensus. Global Governance 7(4):452–468.
Debating the Global Financial Architecture
- Leslie Elliot
ARMIJO, LESLIE ELLIOT, ED. (2002) Debating the Global Financial Architecture. Albany: State University of
New York Press.
Debating the Global Financial Architecture
- Leslie Armijo
- E D Elliot
ARMIJO, LESLIE ELLIOT, ED. (2002) Debating the Global Financial Architecture. Albany: State University of
New York Press.
- Schneider Benu
- Armijo Leslie Elliot