The Imf And The Politics Of Financial Globalization: From The Asian Crisis To A New International Financial Architecture? (international Political Economy Series)

The Asian crisis triggered ongoing controversy over the IMF's role in a 'new international financial architecture'. This book argues for a political approach to crisis and reform, placing current debates in the context of the politics of financial regulation since Bretton Woods. It explores links between domestic political controversy over IMF policy in Indonesia, Korea, Malaysia and the United States and the broader politics of IMF decision-making. It argues that, unless political arrangements are reformed, the IMF will face further political challenges. Cover......Page 1 Contents......Page 6 List of Figures......Page 8 Acknowledgements......Page 9 List of Abbreviations......Page 10 1 Introduction......Page 14 1.1 A political approach to the IMF and financial globalization......Page 16 1.2 In search of the politics of the Fund – the concept of legitimacy......Page 20 1.3 The core argument......Page 26 Part I......Page 30 2 IMF Legitimacy: Principles and Institutions......Page 32 2.1 IMF legitimacy, core principles......Page 33 2.2 Analysis......Page 39 2.3 Decision-making in practice: formulating conditionality......Page 53 2.4 Conclusions......Page 58 3 An Evolving IMF......Page 60 3.1 The IMF's evolving mandate......Page 61 3.2 Responding to financial globalization, the IMF in the 1990s......Page 74 3.3 Conclusions......Page 87 Part II......Page 88 4.1 The politics of IMF legitimacy and the case studies......Page 90 4.2 The politics of the Asian crisis......Page 93 4.3 Conclusions......Page 110 5 South Korea......Page 111 5.1 Background to the crisis......Page 112 5.2 The crisis in Korea......Page 119 5.3 Political interests and post-crisis reforms......Page 124 5.4 The politics of crisis management......Page 129 5.5 Conclusions......Page 139 6 Indonesia......Page 141 6.1 Background to the crisis......Page 142 6.2 The crisis in Indonesia......Page 149 6.3 The politics of crisis management......Page 156 6.4 Conclusions......Page 166 7 Malaysia......Page 169 7.1 Background to the crisis......Page 170 7.2 The crisis in Malaysia......Page 176 7.3 The politics of crisis management......Page 182 7.4 Conclusions......Page 190 8.1 Institutional environment......Page 192 8.2 Pre-crisis US foreign policy......Page 197 8.3 US responses to the IMF's role in Asia......Page 202 8.4 Outcomes and analysis: Treasury policy after the crisis......Page 210 8.5 Conclusions......Page 214 Part III......Page 216 9 From Crisis to a New Architecture?......Page 218 9.1 The IMF and the politics of financial globalization......Page 219 9.2 IMF decision-making and the Fund's new role......Page 226 9.3 The politics of crisis......Page 235 9.4 Towards a new international financial architecture?......Page 243 10 Conclusions......Page 253 Notes......Page 259 Bibliography......Page 266 B......Page 282 C......Page 283 E......Page 284 G......Page 285 I......Page 286 L......Page 287 P......Page 288 S......Page 289 T......Page 290 Y......Page 291 "The Asian crisis, which began in 1997, triggered ongoing controversy over an appropriate role for the International Monetary Fund in managing financial globalization in emerging markets. This book argues for a more political approach to this debate. It places the crisis, and subsequent debates about a new international financial architecture, in the context of the political economy of financial governance since Bretton Woods. It draws out the links between domestic debates about IMF policy in Indonesia, Malaysia, Korea and the United States and the broader politics of IMF decision-making. It argues that the IMF's technocratic, decision-making arrangements help to forge an internal consensus on financial governance. However, they fail to give the IMF the political authority it needs to drive through the politically and socially sensitive 'good governance' policies that are central to its new role."--Jacket. The Asian crisis, which began in1997, triggered ongoing controversy over an appropriate role for the IMF in managing financial globalisation in emerging markets. This book argues for a more political approach to this debate. It places the crisis, and subsequent debates about a new international financial architecture, in the context of the political economy of financial governance since Bretton Woods. It draws out the links between domestic debates about IMF policy in Indonesia, Malaysia, Korea and the United States and the broader politics of IMF decision-making. It argues that the IMF's technocratic, decision-making arrangements help to forge and internal consensus on financial governance. However, they fail to give the IMF the political authority in needs to drive through the politically and socially sensitive, 'good governance' policies that are central to its new role

Thirkell-White (international relations, U. of St. Andrews, UK) takes an explicitly political approach to evaluating the International Monetary Fund in this work. Instead of asking, as in most of the literature, whether the Fund's policies are effective relative to some technical criterion, he analyzes who is in a position to determine policies and what their motivations are in doing so, focusing on the question of political legitimacy as it played itself out during the Asian financial crisis of the late 1990s. He begins the discussion with an examination of the Fund's own legitimating justifications and political challenges to the Fund as partial consequence of longer-term declines in it political legitimacy. Finally, he considers ways that the Fund's legitimacy can be reestablished. Annotation ©2006 Book News, Inc., Portland, OR