Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s

References

• Abbott, K. W., Genschel, P., Snidal, D., & Zangl, B. (2019). Competence versus control: The governor’s dilemma. Regulation & Governance, Advance Online Publication. https://doi.org/10.1111/rego.12234
   Google Scholar
• Abbott, K. W., Green, J. F., & Keohane, R. O. (2016). Organizational ecology and institutional change in global governance. International Organization, 70(2), 247–277. https://doi.org/10.1017/S0020818315000338
   Web of Science ®Google Scholar
• Abdelal, R. (2007). Capital rules: The construction of global finance. Harvard University Press.
   Google Scholar
• Adler, E., & Haas, P. M. (1992). Conclusion: Epistemic Communities, World Order, and the Creation of a Reflective Research Program. International Organization, 46(1), 367–390. https://doi.org/10.1017/S0020818300001533
   Web of Science ®Google Scholar
• Altamura, C. E. (2017). European Banks and the Rise of International Finance: The Post-Bretton Woods Era. Routledge.
   Google Scholar
• Andrews, D. M. (2006). International monetary power. Cornell University Press.
   Google Scholar
• Avdjiev, S., McCauley, R., & Shin, H. S. (2015). Breaking free of the triple coincidence in international finance. BIS Working Paper 524. Bank for International Settlements.
   Google Scholar
• Awrey, D. (2018). Brother, can you spare a dollar? Designing an effective framework for foreign currency liquidity assistance. Columbia Business Law Review, 2017(3), 934–1016.
   Google Scholar
• Babb, S. (2007). Embeddedness, inflation, and international regimes: The IMF in the early postwar period. American Journal of Sociology, 113(1), 128–164. https://doi.org/10.1086/517896
   Web of Science ®Google Scholar
• Battilossi, S. (2010). The Eurodollar revolution in financial technology: Deregulation, innovation and structural change in Western banking. In A.-A. Kyrtsis (Ed.), Financial Markets and Organizational Technologies. (pp. 29–63). Palgrave Macmillan.
   Google Scholar
• Bauerle Danzman, S., Winecoff, W. K., & Oatley, T. (2017). All crises are global: Capital cycles in an imbalanced international political economy. International Studies Quarterly, 61(4), 907–923. https://doi.org/10.1093/isq/sqx054
   Web of Science ®Google Scholar
• Bell, G. (1973). The Euro-dollar market and the international financial system. John Wiley.
   Google Scholar
• Best, J. (2005). The limits of transparency: Ambiguity and the history of international finance. Cornell University Press.
   Google Scholar
• Binder, A. (2019). All exclusive: The politics of offshore finance in Mexico. Review of International Political Economy, 26(2), 313–336. https://doi.org/10.1080/09692290.2019.1567571
   PubMed Web of Science ®Google Scholar
• Block, F. L. (1977). The origins of international economic disorder: A study of United States international monetary policy from World War II to the present. University of California Press. https://doi.org/10.1086/ahr/82.5.1352-a
   Google Scholar
• Braun, B. (2018a). Central banking and the infrastructural power of finance: The case of ECB support for repo and securitization markets. Socio-Economic Review. Advance Online Publication. https://doi.org/10.1093/ser/mwy008
   Web of Science ®Google Scholar
• Braun, B. (2018b). Central bank planning: Unconventional monetary policy and the price of bending the yield curve. In J. Beckert & R. Bronk (Eds.), Uncertain futures: Imaginaries, narratives, and calculation in the economy (pp. 194–216). Oxford University Press.
   Google Scholar
• Braun, B., Gabor, D., & Hübner, M. (2018). Governing through financial markets: Towards a critical political economy of Capital Markets Union. Competition & Change, 22(2), 101–116. https://doi.org/10.1177/1024529418759476
   Web of Science ®Google Scholar
• Burn, G. (2006). The re-emergence of global finance. Palgrave Macmillan.
   Google Scholar
• Calomiris, C. W., Flandreau, M., & Laeven, L. (2016). Political foundations of the lender of last resort: A global historical narrative. Journal of Financial Intermediation, 28, 48–65. https://doi.org/10.1016/j.jfi.2016.09.002
   Web of Science ®Google Scholar
• Chaudoin, S., & Milner, H. V. (2017). Science and the system: IPE and international monetary politics. Review of International Political Economy, 24(4), 681–698. https://doi.org/10.1080/09692290.2017.1302974
   Web of Science ®Google Scholar
• Clement, P., & Toniolo, G. (2005). Central bank cooperation at the Bank for International Settlements, 1930-1973. Cambridge University Press.
   Google Scholar
• Clift, B. (2018). The IMF and the politics of austerity in the wake of the global financial crisis. Oxford University Press.
   Google Scholar
• Cohen, B. J. (1978). Organizing the world’s money: The political economy of international monetary relations. Macmillan.
   Google Scholar
• Cohen, B. J. (1996). Phoenix risen: The resurrection of global finance. World Politics, 48(2), 268–296. https://doi.org/10.1353/wp.1996.0002
   Web of Science ®Google Scholar
• Cohen, B. J. (2017). The IPE of money revisited. Review of International Political Economy, 24(4), 657–680. https://doi.org/10.1080/09692290.2016.1259119
   Web of Science ®Google Scholar
• Copelovitch, M. S. (2010). The International Monetary Fund in the global economy: Banks, bonds, and bailouts. Cambridge University Press.
   Google Scholar
• Dutta, S. J. (2019). Sovereign debt management and the transformation from Keynesian to neoliberal monetary governance in Britain. New Political Economy, Advance Online Publication.
   Web of Science ®Google Scholar
• Eichengreen, B. (2019). Globalizing capital. A history of the international monetary system (3rd ed.). Princeton University Press.
   Google Scholar
• Einzig, P. (1964). The Euro-dollar system. Macmillan.
   Google Scholar
• Fioretos, O. (2019). Minilateralism and informality in international monetary cooperation. Review of International Political Economy, 26(6), 1136–1159. https://doi.org/10.1080/09692290.2019.1616599
   Web of Science ®Google Scholar
• Fischer, S. (1999). On the need for an international lender of last resort. Journal of Economic Perspectives, 13(4), 85–104. https://doi.org/10.1257/jep.13.4.85
   Web of Science ®Google Scholar
• Fratianni, M., & Savona, P. (1971). Eurodollar creation: Comments on Prof. Machlup’s propositions and developments. PSL Quarterly Review, 24(97), 110–127.
   Google Scholar
• Frieden, J. (1987). Banking on the world: The politics of American international finance. Harper & Row.
   Google Scholar
• Friedman, M. (1969). The Euro-dollar market: Some first principles. Selected Papers no. 34. University of Chicago: Graduate School of Business.
   Google Scholar
• Gabor, D., & Ban, C. (2016). Banking on bonds: The new links between states and markets. Jcms: Journal of Common Market Studies, 54(3), 617–635. https://doi.org/10.1111/jcms.12309
   Web of Science ®Google Scholar
• Gabor, D., & Vestergaard, J. (2016). Towards a theory of shadow money. Institute for New Economic Thinking.
   Google Scholar
• Germain, R. D. (1997). The international organization of credit: States and global finance in the world-economy. Cambridge University Press.
   Google Scholar
• Goodhart, C. (2011). The Basel Committee on Banking Supervision: A history of the early years 1974–1997. Cambridge University Press.
   Google Scholar
• Goodman, J. B., & Pauly, L. W. (1993). The obsolescence of capital controls? Economic management in an age of global markets. World Politics, 46(1), 50–82. https://doi.org/10.2307/2950666
   Web of Science ®Google Scholar
• Gourinchas, P.-O. (2019). The dollar hegemon? Evidence and implications for policy makers. 6th Asian Monetary Policy Forum, May 31, 2019.
   Google Scholar
• Gowan, P. (1999). The global gamble: Washington’s Faustian bid for world dominance. Verso.
   Google Scholar
• Green, J. (2016). Anglo-American development, the Euromarkets, and the deeper origins of neoliberal deregulation. Review of International Studies, 42(3), 425–449. https://doi.org/10.1017/S0260210515000480
   Web of Science ®Google Scholar
• Griffith-Jones, S. (2000). International financial markets: A case of market failure. In S. Corbridge (Ed.), Development: Critical Concepts in the Social Sciences, Vol. 3. Routledge.
   Google Scholar
• Guttentag, J. M., & Herring, R. (1983). The lender-of-last-resort function in an international context. Essays in International Finance no. 61. Department of Economics, Princeton University.
   Google Scholar
• Haas, P. (1992). Introduction: Epistemic communities and international policy coordination. International Organization, 46(1), 1–35. https://doi.org/10.1017/S0020818300001442
   Web of Science ®Google Scholar
• Hardie, I., & Maxfield, S. (2016). Atlas constrained: The US external balance sheet and international monetary power. Review of International Political Economy, 23(4), 583–613. https://doi.org/10.1080/09692290.2016.1176587
   Web of Science ®Google Scholar
• Hardie, I., & Thompson, H. (forthcoming). Taking Europe seriously: European financialization and US monetary power. Review of International Political Economy.
   Web of Science ®Google Scholar
• Hawley, J. P. (1987). Dollars and borders: US government attempts to restrict capital flows, 1960-1980. M.E. Sharpe.
   Google Scholar
• He, D., & McCauley, R. (2012). Eurodollar banking and currency internationalisation. BIS Quarterly Review, June, 33–47.
   Google Scholar
• Helleiner, E. (1994). States and the reemergence of global finance: From Bretton Woods to the 1990s. Cornell University Press.
   Google Scholar
• Henning, C. R. (2015). The global liquidity safety net: Institutional cooperation on precautionary facilities and central bank swaps. New Thinking and the New G20 Series no. 5. Centre for International Governance Innovation.
   Google Scholar
• Hockett, R. C., & Omarova, S. T. (2015). Public actors in private markets: Toward a developmental finance state. Washington University Law Review, 93, 103–175.
   Google Scholar
• Hockett, R. C., & Omarova, S. T. (2017). The finance franchise. Cornell Law Review, 102, 1143–1218.
   Web of Science ®Google Scholar
• Ikenberry, G. J. (1992). A world economy restored: Expert consensus and the Anglo-American postwar settlement. International Organization, 46(1), 289–321. https://doi.org/10.1017/S002081830000151X
   Web of Science ®Google Scholar
• Johnson, G. G., & Abrams, R. K. (1983). Aspects of the international banking safety net. International Monetary Fund.
   Google Scholar
• Johnston, R. B. (1983). The economics of the Euro-market: History, theory, and policy. Macmillan Press.
   Google Scholar
• Jones, E., & Matthijs, M. (2019). Rethinking central-bank independence. Journal of Democracy, 30(2), 127–141. https://doi.org/10.1353/jod.2019.0030
   Web of Science ®Google Scholar
• Kapstein, E. B. (1992). Between power and purpose: Central bankers and the politics of regulatory convergence. International Organization, 46(1), 265–287. https://doi.org/10.1017/S0020818300001508
   Web of Science ®Google Scholar
• Kapstein, E. B. (1994). Governing the global economy: International finance and the state. Harvard University Press.
   Google Scholar
• Kentikelenis, A. E., & Babb, S. (2019). The making of neoliberal globalization: Norm substitution and the politics of clandestine institutional change. American Journal of Sociology, 124(6), 1720–1762. https://doi.org/10.1086/702900
   Web of Science ®Google Scholar
• Keohane, R. O. (2005). After hegemony: Cooperation and discord in the world political economy. Princeton University Press.
   Google Scholar
• Kershaw, P. V. (2018). Averting a global financial crisis: The US, the IMF, and the Mexican debt crisis of 1976. The International History Review, 40(2), 292–314. https://doi.org/10.1080/07075332.2017.1326966
   Web of Science ®Google Scholar
• Kindleberger, C. P. (1970). Power and money: The economics of international politics and the politics of international economics. Macmillan.
   Google Scholar
• King, M. (2005). Epistemic communities and the diffusion of ideas: Central bank reform in the United Kingdom. West European Politics, 28(1), 94–123. https://doi.org/10.1080/0140238042000297107
   Web of Science ®Google Scholar
• Kirshner, J. (1997). Currency and coercion: The political economy of international monetary power. Princeton University Press.
   Google Scholar
• Klopstock, F. H. (1970). Money creation in the Euro-dollar market: A note on professor Friedman’s views. Federal Reserve Bank of New York, Monthly Review, 52(1), 12–15.
   Google Scholar
• Knafo, S. (2013). The Making of Modern Finance: Liberal Governance and the Gold Standard. Routledge.
   Google Scholar
• Konings, M. (2011). The development of American finance. Cambridge University Press.
   Google Scholar
• Krampf, A. (2019). Monetary power reconsidered: The struggle between the Bundesbank and the fed over monetary leadership. International Studies Quarterly, 63(4), 938–951. https://doi.org/10.1093/isq/sqz060
   Web of Science ®Google Scholar
• Krippner, G. R. (2011). Capitalizing on crisis. The political origins of the rise of finance. Harvard University Press.
   Google Scholar
• Lipson, C. (1981). The international organization of Third World debt. International Organization, 35(4), 603–631. https://doi.org/10.1017/S0020818300034251
   Web of Science ®Google Scholar
• Lemoine, B. (2016). L’ordre de la dette: Enquête sur les infortunes de l’État et la prospérité du marché. La Découverte.
   Google Scholar
• Levi-Faur, D. (2005). The global diffusion of regulatory capitalism. The Annals of the American Academy of Political and Social Science, 598(1), 12–32. https://doi.org/10.1177/0002716204272371
   Web of Science ®Google Scholar
• Mabbett, D., & Schelkle, W. (2019). Independent or lonely? Central banking in crisis. Review of International Political Economy, 26(3), 436–460. https://doi.org/10.1080/09692290.2018.1554539
   Web of Science ®Google Scholar
• Machlup, F. (1970). Euro-dollar creation: A mystery story. PSL Quarterly Review, 23(94), 219–260.
   Google Scholar
• Major, A. (2014). Architects of austerity: International finance and the politics of growth. Stanford University Press.
   Google Scholar
• Marsh, D., & Rhodes, R. A. W. (1992). Policy Networks in British Government. Clarendon Press.
   Google Scholar
• McDowell, D. (2012). The US as ‘sovereign international last-resort lender’: The Fed’s currency swap programme during the great panic of 2007-09. New Political Economy, 17(2), 157–178. https://doi.org/10.1080/13563467.2010.542235
   Web of Science ®Google Scholar
• McDowell, D. (2017). Brother, Can You Spare a Billion? The United States, the IMF, and the International Lender of Last Resort. Oxford University Press.
   Google Scholar
• McMahon, C. W. (1977). Central banks as regulators and lenders of last resort in an international context: A view from the United Kingdom. Conference Series no. 18. Federal Reserve Bank of Boston.
   Google Scholar
• Mehrling, P. (2013). Essential hybridity: A money view of FX. Journal of Comparative Economics, 41(2), 355–363. https://doi.org/10.1016/j.jce.2013.03.007
   Web of Science ®Google Scholar
• Mehrling, P. (2015). Elasticity and discipline in the global swap network. International Journal of Political Economy, 44(4), 311–324. https://doi.org/10.1080/08911916.2015.1129848
   Web of Science ®Google Scholar
• Mehrling, P. (2016). Beyond Bancor. Challenge, 59(1), 22–34. https://doi.org/10.1080/05775132.2015.1114857
   Google Scholar
• Milner, H. V. (2009). Power, interdependence, and nonstate actors in world politics: Research frontiers. In H. V. Milner and A. Moravcsik (eds.), Power, Interdependence, and nonstate actors in world politics. Princeton University Press.
   Google Scholar
• Moravcsik, A. M. (1989). Disciplining trade finance: The OECD export credit arrangement. International Organization, 43(1), 173–205. https://doi.org/10.1017/S0020818300004598
   Web of Science ®Google Scholar
• Mourlon-Druol, E. (2015). Trust is good, control is better’: The 1974 Herstatt Bank Crisis and its Implications for International Regulatory Reform. Business History, 57(2), 311–334. https://doi.org/10.1080/00076791.2014.950956
   Web of Science ®Google Scholar
• Murau, S. (2017). Shadow money and the public money supply: The impact of the 2007-9 financial crisis on the monetary system. Review of International Political Economy, 24(5), 802–838. https://doi.org/10.1080/09692290.2017.1325765
   Web of Science ®Google Scholar
• Murau, S. (2018). Offshore dollar creation and the emergence of the post-2008 international monetary system. Discussion Paper. Potsdam: Institute for Advanced Sustainability Studies (IASS), and Weatherhead Center for International Affairs, Harvard University.
   Google Scholar
• Nelson, S. C., & Katzenstein, P. J. (2014). Uncertainty, risk, and the financial crisis of 2008. International Organization, 68(2), 361–392. https://doi.org/10.1017/S0020818313000416
   Web of Science ®Google Scholar
• Özgöde, O. (2019). The emergence of systemic risk: Federal reserve, bailouts, and monetary government at the limits. https://osf.io/preprints/socarxiv/ga5w7/.
   Google Scholar
• Pistor, K. (2013). A legal theory of finance. Journal of Comparative Economics, 41(2), 315–330. https://doi.org/10.1016/j.jce.2013.03.003
   Web of Science ®Google Scholar
• Porter, T. (2003). Technical collaboration and political conflict in the emerging regime for international financial regulation. Review of International Political Economy, 10(3), 520–551. https://doi.org/10.1080/09692290308430
   Web of Science ®Google Scholar
• Rey, H. (2015). Dilemma not trilemma: The global financial cycle and monetary policy independence. NBER Working Paper No. 21162. National Bureau of Economic Research. https://doi.org/10.3386/w21162
   Google Scholar
• Ricks, M. (2016). The money problem: Rethinking financial regulation. University of Chicago Press.
   Google Scholar
• Ruggie, J. G. (1982). International regimes, transactions, and change: Embedded liberalism in the postwar economic order. International Organization, 36(2), 379–415. https://doi.org/10.1017/S0020818300018993
   Web of Science ®Google Scholar
• Russell, R. W. (1973). Transgovernmental interaction in the international monetary system, 1960–1972. International Organization, 27(4), 431–464. https://doi.org/10.1017/S0020818300003623
   Web of Science ®Google Scholar
• Sahasrabuddhe, A. (2019). Drawing the line: The politics of federal currency swaps in the global financial crisis. Review of International Political Economy, 26(3), 461–489. https://doi.org/10.1080/09692290.2019.1572639
   Web of Science ®Google Scholar
• Scharpf, F. W. (1999). Governing in Europe: Effective and democratic. ? Oxford University Press.
   Google Scholar
• Schelkle, W., & Bohle, D. (forthcoming). Introduction: European political economy of finance and financialization. Review of International Political Economy.
   Google Scholar
• Schenk, C. R. (2010). The decline of sterling: Managing the retreat of an international currency, 1945–1992. Cambridge University Press.
   Google Scholar
• Schenk, C. R. (2014). Summer in the City: Banking failures of 1974 and the development of international banking supervision. The English Historical Review, 129(540), 1129–1156. https://doi.org/10.1093/ehr/ceu261
   Web of Science ®Google Scholar
• Schwartz, H. M. (2019). American hegemony: Intellectual property rights, dollar centrality, and infrastructural power. Review of International Political Economy, 26(3), 490–519. https://doi.org/10.1080/09692290.2019.1597754
   Web of Science ®Google Scholar
• Seabrooke, L., & Tsingou, E. (2014). Distinctions, affiliations, and professional knowledge in financial reform expert groups. Journal of European Public Policy, 21(3), 389–407. https://doi.org/10.1080/13501763.2014.882967
   Web of Science ®Google Scholar
• Sissoko, C. (2019). Repurchase agreements and the (de) construction of financial markets. Economy and Society, 48(3), 315–341. https://doi.org/10.1080/03085147.2018.1525155
   Web of Science ®Google Scholar
• Spero, J. E. (1980). The failure of the Franklin National Bank: Challenge to the international banking system. Columbia University Press.
   Google Scholar
• Spiro, D. E. (1999). The hidden hand of American hegemony: Petrodollar recycling and international markets. Cornell University Press.
   Google Scholar
• Stone, D. (2004). Transfer agents and global networks in the ‘Transnationalization’ of policy. Journal of European Public Policy, 11(3), 545–566. https://doi.org/10.1080/13501760410001694291
   Web of Science ®Google Scholar
• Strange, S. (1986). Casino capitalism. Basil Blackwell.
   Google Scholar
• Strange, S. (1987). The persistent myth of lost hegemony. International Organization, 41(4), 551–574. https://doi.org/10.1017/S0020818300027600
   Web of Science ®Google Scholar
• Thiemann, M. (2019). Is resilience enough? The macroprudential reform agenda and the lack of smoothing of the cycle. Public Administration, 97(3), 561–575. https://doi.org/10.1111/padm.12551
   Web of Science ®Google Scholar
• Thompson, H. (2017). Oil and the western economic crisis. Palgrave Macmillan.
   Google Scholar
• Tooze, A. (2018). Crashed: How a decade of financial crises changed the world. Penguin.
   Google Scholar
• Underhill, G. R. D. (1991). Markets beyond politics? The state and the internationalisation of financial markets. European Journal of Political Research, 19(2-3), 197–225. https://doi.org/10.1111/j.1475-6765.1991.tb01186.x
   Web of Science ®Google Scholar
• Wallich, H. C. (1977). Central Banks as Regulators and Lenders of Last Resort in an International Context: A View from the United States. Key Issues in International Banking no. 18. Federal Reserve Bank of Boston.
   Google Scholar
• Walter, T., & Wansleben, L. (2019). How central bankers learned to love financialization: The Fed, the Bank, and the enlisting of unfettered markets in the conduct of monetary policy. Socio-Economic Review, 1–29. https://doi.org/10.1093/ser/mwz011
   Web of Science ®Google Scholar