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Regime Complexity and the Institutions of Crisis and Development Finance

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  • C. Randall Henning

Abstract

The theory of regime complexity offers a useful lens through which to analyse the increasing density of international institutions and the patterns of conflict and cooperation among them. Scholarship on crisis and development finance would benefit from more fully employing this approach to explain the emergence of overlapping institutions and offer recommendations for designing regime complexes. The theory advanced here emphasizes the strategies of key states to use institutional overlap to limit agency ‘drift’ away from their preferences. Prioritizing control often comes at the cost of conflict among the institutions, however, and can thus impede the achievement of financial stability and development goals. The regime complexity approach is distinct from the rational design of institutions, institutional experimentalism and theoretical realism. Drawing on lessons from the euro crisis, this article offers informed conjectures on financial arrangements in the regions of Latin America and East Asia and their interaction with global multilateral institutions, such as the International Monetary Fund.

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  • C. Randall Henning, 2019. "Regime Complexity and the Institutions of Crisis and Development Finance," Development and Change, International Institute of Social Studies, vol. 50(1), pages 24-45, January.
    • Handle: RePEc:bla:devchg:v:50:y:2019:i:1:p:24-45
    DOI: 10.1111/dech.12472
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    1. Susan Park, 2021. "Policy Norms, the Development Finance Regime Complex, and Holding the European Bank for Reconstruction and Development to Account," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 90-100, May.
    2. Zucker Marques, Marina & Mühlich, Laurissa & Fritz, Barbara, 2023. "Unequal access to The Global Financial Safety Net: An index for the quality of crisis finance," Discussion Papers 2023/4, Free University Berlin, School of Business & Economics.
    3. Evgeny Vinokurov, 2021. "Interaction of Eurasian and international financial institutions," Post-Communist Economies, Taylor & Francis Journals, vol. 33(2-3), pages 265-282, April.
    4. Laurissa Mühlich & Barbara Fritz, 2021. "Borrowing Patterns in the Global Financial Safety Net: Does Governance Play a Role?," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 47-68, May.
    5. Bernhard Reinsberg & Thomas Stubbs & Alexander Kentikelenis, 2022. "Compliance, defiance, and the dependency trap: International Monetary Fund program interruptions and their impact on capital markets," Regulation & Governance, John Wiley & Sons, vol. 16(4), pages 1022-1041, October.
    6. Evgeny Vinokurov & Artem Levenkov, 2021. "The Enlarged Global Financial Safety Net," Global Policy, London School of Economics and Political Science, vol. 12(1), pages 15-23, February.
    7. Susanne Lütz, 2021. "Global–Regional Realignments in Trade, Finance and Development: Introduction to the Special Issue," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 5-13, May.

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