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| 1. | Rafferty, Devin T: The IMF’s “New” Institutional View: An Unwitting Trojan Horse for International Financial Fragility . In: Global Summitry, 4 (1), pp. 50-63, 2018, ISSN: 2058-7449, (Article). (Type: Journal Article | Abstract | Links | BibTeX | Tags: Brady Bonds, Development, East Asian Financial Crisis, Economic Crisis, Economy, Financial Fragility, Financial Stability, IMF, Interest Rates, International Monetary Fund, Latin American Debt Crisis, Mexican Debt Crisis) @article{Rafferty2018, title = {The IMF’s “New” Institutional View: An Unwitting Trojan Horse for International Financial Fragility }, author = {Devin T Rafferty}, url = {http://globalsummitry.wpengine.com/wp-content/uploads/2020/06/GSP-4.1.4.pdf}, doi = {https://doi.org/10.1093/global/guy005}, issn = { 2058-7449}, year = {2018}, date = {2018-00-00}, journal = {Global Summitry}, volume = {4}, number = {1}, pages = {50-63}, abstract = {In the aftermath of the Great Financial Crisis (GFC), it became widely accepted that loosely regulated international capital flows were responsible for transmitting the crisis from the developed to the developing world. As a result, using capital controls to manage them came into vogue with many groups. The International Monetary Fund (IMF) was one such actor, and its revamped policy proposals became encapsulated as its “New” Institutional View. It was here the Fund officially recognized the efficacy of controls for countering international financial fragility and stated the exact conditions under which they were acceptable. However, it also designated that authorities should retain a heavy preference for using “market-based” adjustment measures to correct capital flow-induced macroeconomic imbalances, even going as far as to mandate specific correctional paths and sequences for common individual scenarios, which indirectly relegated capital controls to secondary importance. This article argues these proposed adjustment measures are procyclical and hence the “New” Institutional View increases international financial fragility and impedes economic development. To do so, we combine Albert Hirschman’s vision of a development process with Hyman Minsky’s take on international financial instability to demonstrate this “View” is discordant with the challenges developing economies face. }, note = {Article}, keywords = {Brady Bonds, Development, East Asian Financial Crisis, Economic Crisis, Economy, Financial Fragility, Financial Stability, IMF, Interest Rates, International Monetary Fund, Latin American Debt Crisis, Mexican Debt Crisis}, pubstate = {published}, tppubtype = {article} } In the aftermath of the Great Financial Crisis (GFC), it became widely accepted that loosely regulated international capital flows were responsible for transmitting the crisis from the developed to the developing world. As a result, using capital controls to manage them came into vogue with many groups. The International Monetary Fund (IMF) was one such actor, and its revamped policy proposals became encapsulated as its “New” Institutional View. It was here the Fund officially recognized the efficacy of controls for countering international financial fragility and stated the exact conditions under which they were acceptable. However, it also designated that authorities should retain a heavy preference for using “market-based” adjustment measures to correct capital flow-induced macroeconomic imbalances, even going as far as to mandate specific correctional paths and sequences for common individual scenarios, which indirectly relegated capital controls to secondary importance. This article argues these proposed adjustment measures are procyclical and hence the “New” Institutional View increases international financial fragility and impedes economic development. To do so, we combine Albert Hirschman’s vision of a development process with Hyman Minsky’s take on international financial instability to demonstrate this “View” is discordant with the challenges developing economies face. |
| 2. | Farrell, Henry: Globalized Green Lanternism. In: Global Summitry, 2 (1), pp. 13-21, 2016, (Article). (Type: Journal Article | Abstract | Links | BibTeX | Tags: Bush, Economy, Folk-Kindlebergerianism, Global Slowdown, Green Lanterism, Green Lantern Theory, Secular Stagnation, Trade Agenda, United States, US President, World Economic Growth) @article{Farrell2016, title = {Globalized Green Lanternism}, author = {Henry Farrell}, url = {http://globalsummitry.wpengine.com/wp-content/uploads/2020/06/GSP-2.1.2.pdf}, doi = {https://doi.org/10.1093/global/guw005}, year = {2016}, date = {2016-07-25}, journal = {Global Summitry}, volume = {2}, number = {1}, pages = {13-21}, abstract = {American political commentators have frequently called for the U.S. president to take effective action to improve world economic growth. Such calls are a form of what Matthew Yglesias has dubbed “Green Lanternism”—the unspoken theory that the U.S. president's ability to affect outcomes is primarily affected by his willpower. In this article, I examine the opposite—and more plausible causal relationship—that the power of the U.S. president is shaped by the underlying secular determinant of world economic growth. I go on to examine how we might expect U.S. power and interests in building up a multilateral trading order could largely wither away under conditions of enduring weak economic growth, which some economists have argued is in fact the most plausible long-run growth path for the world economy. }, note = {Article}, keywords = {Bush, Economy, Folk-Kindlebergerianism, Global Slowdown, Green Lanterism, Green Lantern Theory, Secular Stagnation, Trade Agenda, United States, US President, World Economic Growth}, pubstate = {published}, tppubtype = {article} } American political commentators have frequently called for the U.S. president to take effective action to improve world economic growth. Such calls are a form of what Matthew Yglesias has dubbed “Green Lanternism”—the unspoken theory that the U.S. president's ability to affect outcomes is primarily affected by his willpower. In this article, I examine the opposite—and more plausible causal relationship—that the power of the U.S. president is shaped by the underlying secular determinant of world economic growth. I go on to examine how we might expect U.S. power and interests in building up a multilateral trading order could largely wither away under conditions of enduring weak economic growth, which some economists have argued is in fact the most plausible long-run growth path for the world economy. |
2018 |
Rafferty, Devin T The IMF’s “New” Institutional View: An Unwitting Trojan Horse for International Financial Fragility Journal Article Global Summitry, 4 (1), pp. 50-63, 2018, ISSN: 2058-7449, (Article). @article{Rafferty2018, title = {The IMF’s “New” Institutional View: An Unwitting Trojan Horse for International Financial Fragility }, author = {Devin T Rafferty}, url = {http://globalsummitry.wpengine.com/wp-content/uploads/2020/06/GSP-4.1.4.pdf}, doi = {https://doi.org/10.1093/global/guy005}, issn = { 2058-7449}, year = {2018}, date = {2018-00-00}, journal = {Global Summitry}, volume = {4}, number = {1}, pages = {50-63}, abstract = {In the aftermath of the Great Financial Crisis (GFC), it became widely accepted that loosely regulated international capital flows were responsible for transmitting the crisis from the developed to the developing world. As a result, using capital controls to manage them came into vogue with many groups. The International Monetary Fund (IMF) was one such actor, and its revamped policy proposals became encapsulated as its “New” Institutional View. It was here the Fund officially recognized the efficacy of controls for countering international financial fragility and stated the exact conditions under which they were acceptable. However, it also designated that authorities should retain a heavy preference for using “market-based” adjustment measures to correct capital flow-induced macroeconomic imbalances, even going as far as to mandate specific correctional paths and sequences for common individual scenarios, which indirectly relegated capital controls to secondary importance. This article argues these proposed adjustment measures are procyclical and hence the “New” Institutional View increases international financial fragility and impedes economic development. To do so, we combine Albert Hirschman’s vision of a development process with Hyman Minsky’s take on international financial instability to demonstrate this “View” is discordant with the challenges developing economies face. }, note = {Article}, keywords = {}, pubstate = {published}, tppubtype = {article} } In the aftermath of the Great Financial Crisis (GFC), it became widely accepted that loosely regulated international capital flows were responsible for transmitting the crisis from the developed to the developing world. As a result, using capital controls to manage them came into vogue with many groups. The International Monetary Fund (IMF) was one such actor, and its revamped policy proposals became encapsulated as its “New” Institutional View. It was here the Fund officially recognized the efficacy of controls for countering international financial fragility and stated the exact conditions under which they were acceptable. However, it also designated that authorities should retain a heavy preference for using “market-based” adjustment measures to correct capital flow-induced macroeconomic imbalances, even going as far as to mandate specific correctional paths and sequences for common individual scenarios, which indirectly relegated capital controls to secondary importance. This article argues these proposed adjustment measures are procyclical and hence the “New” Institutional View increases international financial fragility and impedes economic development. To do so, we combine Albert Hirschman’s vision of a development process with Hyman Minsky’s take on international financial instability to demonstrate this “View” is discordant with the challenges developing economies face. |
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2016 |
Farrell, Henry Globalized Green Lanternism Journal Article Global Summitry, 2 (1), pp. 13-21, 2016, (Article). @article{Farrell2016, title = {Globalized Green Lanternism}, author = {Henry Farrell}, url = {http://globalsummitry.wpengine.com/wp-content/uploads/2020/06/GSP-2.1.2.pdf}, doi = {https://doi.org/10.1093/global/guw005}, year = {2016}, date = {2016-07-25}, journal = {Global Summitry}, volume = {2}, number = {1}, pages = {13-21}, abstract = {American political commentators have frequently called for the U.S. president to take effective action to improve world economic growth. Such calls are a form of what Matthew Yglesias has dubbed “Green Lanternism”—the unspoken theory that the U.S. president's ability to affect outcomes is primarily affected by his willpower. In this article, I examine the opposite—and more plausible causal relationship—that the power of the U.S. president is shaped by the underlying secular determinant of world economic growth. I go on to examine how we might expect U.S. power and interests in building up a multilateral trading order could largely wither away under conditions of enduring weak economic growth, which some economists have argued is in fact the most plausible long-run growth path for the world economy. }, note = {Article}, keywords = {}, pubstate = {published}, tppubtype = {article} } American political commentators have frequently called for the U.S. president to take effective action to improve world economic growth. Such calls are a form of what Matthew Yglesias has dubbed “Green Lanternism”—the unspoken theory that the U.S. president's ability to affect outcomes is primarily affected by his willpower. In this article, I examine the opposite—and more plausible causal relationship—that the power of the U.S. president is shaped by the underlying secular determinant of world economic growth. I go on to examine how we might expect U.S. power and interests in building up a multilateral trading order could largely wither away under conditions of enduring weak economic growth, which some economists have argued is in fact the most plausible long-run growth path for the world economy. |
Sorry, no publications matched your criteria.
Sorry, no publications matched your criteria.