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Norms, Legitimacy, and Global Financial Governance

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Author Info
Geoffrey R D Underhill (University of Amsterdam)
Xiaoke Zhang (University of Nottingham)
Abstract

Despite regular and serious systemic volatility, reform of international financial architecture remains limited, retaining market-oriented characteristics and adjustment mechanisms. A failure of the architecture to focus on the political underpinnings of global financial and monetary governance yields crucial deficiencies. The article defends three propositions implying a serious challenge to political legitimacy in contemporary financial governance: i) external financial constraints conflict with a range of potential domestic, particularly democratic, political imperatives; ii) developed state initiated global financial integration strengthens private interests in the policy process, narrowing the definition of the public interest in a democratic context; iii) market-friendly institutional reforms put pressure on domestic socio-political arrangements underpinning longer run political legitimacy. The article first analyses norms and legitimacy in global financial governance; then outlines the constraints on public policy of global financial market integration in the light of the foregoing analysis of legitimacy; thirdly it discusses possible solutions.

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Paper provided by ESRC World Economy and Finance Research Programme, Birkbeck, University of London in its series WEF Working Papers with number 0013.

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Date of creation: Sep 2006
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Handle: RePEc:wef:wpaper:0013

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  1. Devesh KAPUR & Richard WEBB, 2000. "Governance-Related Conditionalities Of The International Financial Institutions," G-24 Discussion Papers 6, United Nations Conference on Trade and Development. [Downloadable!]
  2. Garrett, Geoffrey, 1995. "Capital Mobility, Trade, and the Domestic Politics of Economic Policy," International Organization, MIT Press, vol. 49(4), pages 657-87, Autumn.
  3. Garrett, Geoffrey, 1995. "Capital mobility, trade, and the domestic politics of economic policy," International Organization, Cambridge University Press, vol. 49(04), pages 657-687, September. [Downloadable!]
  4. Mosley, Layna, 2000. "Room to Move: International Financial Markets and National Welfare States," International Organization, Cambridge University Press, vol. 54(04), pages 737-773, November. [Downloadable!]
  5. Jens Steffek, 2000. "The Power of Rational Discourse and the Legitimacy of International Governance," EUI-RSCAS Working Papers 46, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS). [Downloadable!]
  6. Mosley, Layna, 2000. "Room to Move: International Financial Markets and National Welfare States," International Organization, MIT Press, vol. 54(4), pages 737-73, Autumn.
  7. Hurd, Ian, 1999. "Legitimacy and Authority in International Politics," International Organization, Cambridge University Press, vol. 53(02), pages 379-408, April. [Downloadable!]
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