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Original Articles

On the contradictions of the New International Financial Architecture: Another procrustean bed for emerging markets?

Pages 607-620 | Published online: 25 Aug 2010

  • Gowan , Peter . 1999 . The Global Gamble: Washington 's Faustian Bid for World Dominance , 125 – 126 . London : Verso .
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  • Soederberg , S . “ 'The New International Financial Architecture: imposed leadership and emerging markets" ” . In Socialist Register: A World of Contradiction.s , Edited by: Panitch , L and Leys , C . London : Merlin Press . Elsewhere I discuss this changing nature of US structural power as 'imposed leadership". See, in press
  • 2000 . 'Unraveling the Washington Consensus: an interview with Joseph Stiglitz" . Multinational Monitor , 21 (4)
  • Bhagwati , Jagdish . 1998 . 'The capital myth: the differences between trade in widgets and dollars" . Foreign Affairs , May/June : 55 – 64 .
  • Eichengreen , Barry . 1999 . Toward a New International Financial Architecture: A Practical Post-Asia Agenda , Washington. DC : Institute for International Economics .
  • Panitch , Leo . 2000 . 'The new imperial state" . New Left Review , March-April : 5 – 20 . On the importance of the role of the state in globalisation. see. for example
  • Dillon , John . 1997 . Turning the Tide: Confronting the Money Traders , 70 Ottawa : Canadian Centre for Policy Alternatives .
  • Harmes. , Adam . 1998 . 'Institutional investors and the reproduction of neoliberalism " . Review of International Political Economy , 5 (1) : 92 – 121 .
  • Soederberg , S . 2001 . 'Grafting stability onto globalisation? Deconstructing the IMF'S recent bid for transparency" . Third World Quarterly , 22 (5) : 849 – 864 .
  • Dillon . Turning the Tide , 70
  • Allvater , Elmar . 'The growth of obsession" . Panitch & Leys. Socialist Register , 79
  • Dillon . Turning the Tide , 70
  • IMF . 1997 . 'IMF builds on initiatives to meet challenges of globalisation " . IMV Survey , September : 8
  • Cohen , Benjamin . “ 'Capital controls: the neglected option" ” . In What Is To Be Done? Global Economic Disorder and Policies for a New Internationals Financial Architecture , Edited by: Underbill , Geoffrey RD and Zhang , Xiaoke . Cambridge : Cambridge University Press . forthcoming
  • 1999 . This was made clear in the IMF'S first comprehensive review of the crisis, namely IMI-'-Supported Programs in Indonesia, Korea, and Thailand: A Preliminary Assessment , Occasional Paper 178 Washington. DC : IMF .
  • 2001 . 'A survey of Asian business: in praise of rules" . The Economist , 7-13 April
  • See. for example. Cohen. 'Capital controls".
  • Felix , David . “ 'The economic case against free capital mobility" ” . In Debating the Global Financial Architecture , Edited by: Armijo , Leslie Elliot . 172 New York : SUNY Press . forthcoming
  • Arestis , P and Sawyer , M . “ 'What role for the Tobin tax in a world economic governance? ” . In Global Instability: the Political Economy of World Economic Governance , Edited by: Smith , Michie . 151 – 167 . London : Routledge .
  • Bhagwati . “ 'The capital myth' ” . 10
  • Dillon . Turning the Tide , 95
  • James , Tobin . 1978 . 'A proposal for international monetary reform . Eastern Economic Journal , 4 (3-4) : 153 – 159 .
  • Dillon . Turning the Tide , 100 – 102 . Many countries already have some form of domestic financial transaction tax. eg Australia. Austria. Belgium. Germany. France. Hong Kong. Japan. Singapore, the UK. and so on. Basically this taxoperates like the Tobin tax. but is applied to the domestic as opposed to the international economy. See
  • Bretton Woods Commission . 1994 . Bretton Woods: Looking to the Future , Washington. DC : Bretton Woods Commission . This was the result of a private conference of 47 international financial experts called the Bretton Woods Commission in 1994. chaired by Paul Volcker. See. for example
  • Sawyer , Arestis . “ 'What role for the Tobin tax? ” . 163
  • Cohen. 'Capital controls'.
  • Bello , Waiden . 2000 . “ 'Notes on the ascendancy and regulation of speculative capital' ” . In Global Finance: New Thinking on Regulating Speculative Capital Markets , Edited by: Bello , Waiden , Bullard , Nicola and Malhotra , Kamal . 18 London : Zed .
  • 1999 . 'The New Financial Architecture' . Financial Times , 24 September
  • Underbill , Geoffrey RD . 1997 . “ 'Private markets and public responsibility in a global system: conflict and cooperation in transnational banking and securities regulation ” . In The New World Order in International Finance , Edited by: Underbill . 31 London : Macmillan .
  • Gill , Stephen . 1992 . “ 'The emerging world order and European change: the political economy of the European Union' ” . In Socialist Register , Edited by: Panitch , Les and Millibrand , Ralph . 157196 London : Merlin Press .
  • Underbill. 'Private markets and public responsibility .
  • MF. 2001 . IMF Survey , 30 (7) : 105
  • Ibid. p. 106.
  • OECD . 1998 . OECD Corporate Governance Guidelines . Pans: OECD ,
  • Vives , Xavier . 2000 . “ 'Corporate governance: does it matter? ” . In Corporate Governance: Theoretical and Empirical Perspectives , Edited by: Vives . 1 – 22 . Cambridge : Cambridge University Press .
  • Lamfalussy , Alexandre . 2000 . An Essay im Financial Globalisation and Fragility: Financial Crises in Emerging Markets , 90 – 91 . New Haven, CT : Yale University .
  • Soros , George . 1998-99 . 'Capitalism s last chance? . Foreign Policy , Winter : 63
  • 2001 . Köhler's new crew' . The Economist , 16 June : 69
  • Soederberg. 'Grafting stability onto globalisation?'.
  • MF. 'Reports on Observance of Standards and Codes (ROSCS): Republic of Korea, fiscal transparency. 23 January 2001 '. downloaded on 12 October 2001 at http://www.imf.org/extenial/np/rosc/rosc/asp.
  • Grabel , Ilene . 1996 . 'Marketing the Third World: the contradictions of portfolio investment in the global economy' . World Development , 24 ( 11 ) : 1761 – 1776 .
  • Armijo , L Elliott . 1999 . “ 'Mixed blessing: expectations about foreign capital flows and democracy in emerging markets' ” . In Financial Globalization and Democracy in Emerging Markets , Edited by: Armijo . 17 – 50 . London : Macmillan .
  • Grabel , Ilene . 1999 . 'Mexico redux? Making sense of the financial crisis of 1997-98' . Journal of Economic Issues , XXXIlI (2) : 375 – 381 .
  • Damodaran , Sumangala . 2000 . “ 'Capital account convertibility: theoretical issues and policy options' ” . In Global Finance: New Thinking on Regulating Speculative Capital Markets , Edited by: BeHo . 162 – 163 . London : Zed .
  • Cohen , Benjamin J . aptly terms this contradiction the 'unholy trinity', which reflects the contradictory relationship between exchange-rate stability . capital mobility and national policy autonomy ,
  • Haley , Mary Ann . “ 'Emerging market makers: the power of institutional investors' ” . In Financial Globalization and Democracy in Emerging Markets Edited by: Armijo . 74 – 90 .
  • World Bank . 2000 . World Development Report 2000/200/; Attacking Poverty , 3 Oxford : Oxford University Press .

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