IDEAS home Printed from https://ideas.repec.org/a/kap/openec/v17y2006i4p459-475.html
   My bibliography  Save this article

Explaining Compliance with G8 Finance Commitments: Agency, Institutionalization and Structure

Author

Listed:
  • John Kirton

Abstract

Do the world’s major powers keep the international commitments they make? To provide an answer, this study constructs and tests a multilevel model of the course and causes of member country’s compliance with the finance commitments they make at the Group of Eight (G8) major democracies’ annual summit. It first examines how G8 leaders deliberatively craft their commitments in ways that embed “compliance catalysts” designed to improve the chances that their commitments will be complied with during the following year. It then explores how the work of the G8’s ministerial institution for finance improves the compliance the leaders’ commitments receive. It finally assesses the distribution of vulnerability and capability in the international system to determine if agency and institutions act autonomously, or are predetermined or overwhelmed by system structure in causing G8 “promises made” to become G8 “promises kept”. The analysis concludes that G8 agency and institutionalization matter, while system structure has only an indirect impact. When leaders at their summit embed their finance commitment with a specific timetable to be met, and with a priority placement in their declaration, greater compliance comes. When their G7/8 finance ministers remember and repeat the same commitment in the year before and in the year after the summit, compliance rises as well. A combination of increasingly equal vulnerability and capability among the G8 members inspires finance ministers to remember and repeat such commitments, but does not directly increase compliance. Thus compliance is largely endogenous to the G8, driven by agency and institutionalization, and not directly by structural forces in the wider world. The G8 remains a leader’s summit after all. Copyright Springer Science + Business Media, LLC 2006

Suggested Citation

  • John Kirton, 2006. "Explaining Compliance with G8 Finance Commitments: Agency, Institutionalization and Structure," Open Economies Review, Springer, vol. 17(4), pages 459-475, December.
    • Handle: RePEc:kap:openec:v:17:y:2006:i:4:p:459-475
    DOI: 10.1007/s11079-006-0359-5
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s11079-006-0359-5
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11079-006-0359-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Von Furstenberg, George M. & Daniels, Joseph P., 1991. "Policy undertakings by the seven "summit" countries: ascertaining the degree of compliance," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 35(1), pages 267-307, January.
    2. Mina Baliamoune, 2000. "Economics of Summitry: An Empirical Assessment of the Economic Effects of Summits," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 27(3), pages 295-319, September.
    3. C. Fred Bergsten & C. Randall Henning, 1996. "Global Economic Leadership and the Group of Seven," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 45, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Stracca, Livio & Lo Duca, Marco, 2014. "The effect of G20 summits on global financial markets," Working Paper Series 1668, European Central Bank.
    2. Lo Duca, Marco & Stracca, Livio, 2015. "Worth the hype? The effect of G20 summits on global financial markets," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 192-217.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mina Baliamoune-Lutz, 2004. "On the Measurement of Human Well-being: Fuzzy Set Theory and Sen's Capability Approach," WIDER Working Paper Series RP2004-16, World Institute for Development Economic Research (UNU-WIDER).
    2. Morillas, Antonio & Díaz, Bárbara, 2007. "Qualitative Answering Surveys And Soft Computing," Fuzzy Economic Review, International Association for Fuzzy-set Management and Economy (SIGEF), vol. 0(1), pages 3-19, May.
    3. Thomas Willett, 1999. "Developments in the Political Economy of Policy Coordination," Open Economies Review, Springer, vol. 10(2), pages 221-253, May.
    4. A., Rjumohan, 2017. "Multi-Dimensional Development – An Application of Fuzzy Set Theory to the Indian States," MPRA Paper 99208, University Library of Munich, Germany.
    5. A., Rjumohan, 2017. "Fuzzy Set Theory: A Primer," MPRA Paper 101875, University Library of Munich, Germany.
    6. Berenger, Valerie & Verdier-Chouchane, Audrey, 2007. "Multidimensional Measures of Well-Being: Standard of Living and Quality of Life Across Countries," World Development, Elsevier, vol. 35(7), pages 1259-1276, July.
    7. Eichengreen, Barry & Ghironi, Fabio, 1997. "European Monetary Unification and International Monetary Cooperation," Center for International and Development Economics Research, Working Paper Series qt10d518tg, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
    8. Robert B Kahn & Ellen E Meade, 2018. "International aspects of central banking: diplomacy and coordination," Chapters, in: Peter Conti-Brown & Rosa M. Lastra (ed.), Research Handbook on Central Banking, chapter 17, pages 333-364, Edward Elgar Publishing.
    9. Agnès Bénassy-Quéré & Benoît Mojon & Jean Pisani-Ferry, 1997. "The Euro and Exchange Rate Stability," Working Papers 1997-12, CEPII research center.
    10. Chris Kirrane, 2018. "Maastricht and Monetary Cooperation," Papers 1807.00419, arXiv.org.
    11. Stracca, Livio & Lo Duca, Marco, 2014. "The effect of G20 summits on global financial markets," Working Paper Series 1668, European Central Bank.
    12. Richard N. Cooper, 1999. "Exchange Rate Choices," Harvard Institute of Economic Research Working Papers 1877, Harvard - Institute of Economic Research.
    13. Kirrane, Chris, 1996. "Maastricht and Monetary Cooperation," MPRA Paper 88999, University Library of Munich, Germany.
    14. Arthur Foch, 2013. "Explaining the G7 and G10's influence on World Bank decisions: The role of formal and informal rules of governance," Documents de travail du Centre d'Economie de la Sorbonne 13035, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    15. Jeffrey A. Frankel and Norbert Funke., 1994. "A Two-Country Analysis of International Targeting of Nominal GNP," Center for International and Development Economics Research (CIDER) Working Papers C94-035, University of California at Berkeley.
    16. Agnès Bénassy-Quéré & Benoît Mojon & Armand-Denis Schor, 1998. "The International Role of the Euro," Working Papers 1998-03, CEPII research center.
    17. Richard N. Cooper, 1999. "Exchange rate choices," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 43(Jun), pages 99-136.
    18. Mina Baliamoune-Lutz & Mark McGillivray, 2006. "Fuzzy Well-being Achievement in Pacific Asia," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 11(2), pages 168-177.
    19. Leslie Elliott Armijo & Saori N. Katada, 2015. "Theorizing the Financial Statecraft of Emerging Powers," New Political Economy, Taylor & Francis Journals, vol. 20(1), pages 42-62, February.
    20. Eduardo Fernández-Arias & Ricardo Hausmann, 1999. "International Initiatives to Bring Stability to Financial Integration," Research Department Publications 4174, Inter-American Development Bank, Research Department.

    More about this item

    Keywords

    G7 summits; international policy coordination;

    JEL classification:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:openec:v:17:y:2006:i:4:p:459-475. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.