Ruling Capital: Emerging Markets and the Reregulation of Cross-Border Finance

Kevin P. Gallagher

Published by Cornell University Press 2015

Ruling Capital

Emerging Markets and the Reregulation of Cross-Border Finance

Kevin P. Gallagher
Funded by: Knowledge Unlatched

In the series Cornell Studies in Money

https://doi.org/10.7591/9780801454615

Overview
Contents

About this book

Kevin P. Gallagher demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level.

Author / Editor information

Kevin P. Gallagher is Associate Professor in the Frederick S. Pardee School of Global Studies and co-director of the Global Economic Governance Initiative at Boston University. He is the author of The Clash of Globalizations: Essays on the Political Economy of Trade and Development Policy and Free Trade and the Environment: Mexico, NAFTA, and Beyond and coauthor of The Dragon in the Room: China and the Future of Latin American Industrialization and The Enclave Economy: Foreign Investment and Sustainable Development in Mexico’s Silicon Valley.

Reviews

Andrew Sheng, Distinguished Fellow, Fung Global Institute:

Kevin P. Gallagher is a warrior for emerging markets. He has traced this history of capital flows and how emerging markets tried to change the game through capital account management. His concept of countervailing monetary power is key to understanding how a multipolar international financial system is developing, as emerging markets struggle to defend themselves against volatile capital flows. This is a warrior's handbook on capital flows.

José Antonio Ocampo, Columbia University, former Finance Minister of Colombia and former United Nations Under-Secretary General for Economic and Social Affairs:

In Ruling Capital, Kevin P. Gallagher provides an insightful and powerful economic and political economy analysis of how the case for and practice of cross-border capital account management has strengthened since the global financial crisis. At the same time, he shows in a powerful way how this advance has been constrained by U.S. policy and by the proliferation of Free Trade Agreements and Bilateral Investment Treaties. Ruling Capital is essential reading for scholars and policymakers alike.

Rawi Abdelal, Herbert F. Johnson Professor of International Management, Harvard Business School, author of National Purpose in the World Economy: Post-Soviet States in Comparative Perspective:

Ruling Capital is a very good book that makes important contributions to the study of global finance. Kevin P. Gallagher's claims that the theory and practice of capital controls have been transformed are compelling and invite engagement.

I. Walter:

Cross-border portfolio capital flows and their frequent instability have brought new challenges to emerging market countries seeking sustainable economic growth. In this volume, Gallagher (global studies, Boston Univ.) focuses on these dangerous financial flows and what can be done about them. The book is clear, concise, and authoritative, arguing that optimal not minimal intervention in cross-border portfolio capital flows has become an important policy goalhaving even penetrated the International Monetary Fund's toolkit.

Topics

Frontmatter Publicly Available Download PDF	i
Contents Publicly Available Download PDF	v
Tables, Figures, and Textboxes Publicly Available Download PDF	vii
Preface Publicly Available Download PDF	ix
1. Countervailing Monetary Power Open Access Download PDF	1
2. Challenging Cooperative Decentralization Open Access Download PDF	30
3. From Managing the Trilemma to Stability-Supported Growth Open Access Download PDF	49
4. Let’s Not Get Carried Away: Emerging-Market Innovations in the Wake of the Crisis Open Access Download PDF	71
5. The Politics of Reregulating Cross-Border Finance Open Access Download PDF	99
6. Ruling Capital: The New International Monetary Fund View of the Capital Account Open Access Download PDF	124
7. Good Talk, Little Action: The Limits of the G20 Open Access Download PDF	155
8. Trading Away Financial Stability: Reconstructing Capital Account Liberalization as Trade and Investment Policy Open Access Download PDF	169
9. The Future of Countervailing Monetary Power Open Access Download PDF	196
References Open Access Download PDF	207
Index Open Access Download PDF	227

(Deutsch)

Language: English
Publisher: Cornell University Press
Audience: General/trade;
Pages
- Main content: 248
Illustrations
- Illustrations: 2
- Line drawings: 2
- Other: 2 line drawings, 19 tables, 5 charts
Keywords: developing economy; global financial crisis; financial flows; BRICS coalition; global economic governance institutions; econometric analysis; monetary power; international political economy

eBook

Published: February 10, 2015
ISBN: 9780801454615