The Global Governance of Capital Flows: New Opportunities, Enduring Challenges
AbstractInternational capital mobility has long been associated with financial and banking crises.� The Articles of Agreement of the International Monetary Fund contain multi-lateral rules to govern global capital flows.� For some countries, especially those in the developing world, the IMF Articles of Agreement remain the core framework under which they have autonomy to regulate cross-border capital flows.� For others, these rules have been partly superseded by more recent trade and other economic integration agreements.� Thus what used to be a regime of ‘cooperative decentralization’ has become a patchwork of overlapping and inconsistent governance structures that pose significant challenges to nations attempting to regulate global capital flows for stability and growth.� This paper traces the history of governing global capital flows and presents a framework for understanding three distinct eras in the modern governance of global capital.� The framework emphasizes how power, interests, ideas, and institutions interact to shape each era in different combinations to yield different outcomes.� From this perspective, there are many challenges ahead for effectively governing global capital flows.
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Bibliographic InfoPaper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp283.
Date of creation: 2012
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Find related papers by JEL classification:
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
- F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
- O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
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