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Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis

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  • Ilene Grabel

Abstract

Significantly revised, April 2011The paper examines three related questions. How is the crisis affecting the governance of the IMF and the influence that developing countries have within the institution; what new policy space is available to developing countries; and what alternative financial architectures will emerge as competitors or complements to the Fund? At this point it appears that IMF practice on capital controls has changed partly as a consequence of the crisis, that relatively autonomous developing countries are taking advantage of the policy space that has emerged, and that the global financial architecture is becoming more heterogeneous and multi-nodal. To date, developing countries have secured only modest commitments for increases in their formal influence at the IMF as a consequence of the crisis. However, it is premature to conclude now that the formal and informal influence of developing countries will not increase in the coming years. To the degree that the current crisis has precipitated ruptures in the global financial architecture, then, it may also create some space for pressing an inclusive, participatory, feminist agenda in this domain.

Suggested Citation

  • Ilene Grabel, 2011. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241_revised, Political Economy Research Institute, University of Massachusetts at Amherst.
  • Handle: RePEc:uma:periwp:wp241_revised
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    References listed on IDEAS

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    1. Jean-Fran├žois Ponsot, 2009. "New financial architecture and regional monetary integration in Latin America," Post-Print halshs-00390436, HAL.
    2. Ayhan Kose & Kenneth Rogoff & Eswar S Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
    3. Nicolas Magud & Carmen M. Reinhart, 2007. "Capital Controls: An Evaluation," NBER Chapters,in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 645-674 National Bureau of Economic Research, Inc.
    4. Floro, Maria & Dymski, Gary, 2000. "Financial Crisis, Gender, and Power: An Analytical Framework," World Development, Elsevier, vol. 28(7), pages 1269-1283, July.
    5. Ostry, Jonathan D., 2012. "Managing Capital Flows: What Tools to Use?," Asian Development Review, Asian Development Bank, vol. 29(1), pages 83-89.
    6. Ilene Grabel, 2011. "Not your grandfather's IMF: global crisis, 'productive incoherence' and developmental policy space," Cambridge Journal of Economics, Oxford University Press, vol. 35(5), pages 805-830.
    7. Mark Weisbrot & Jose Cordero & Luis Sandoval, 2009. "Empowering the IMF: Should Reform be a Requirement for Increasing the Fund's Resources?," CEPR Reports and Issue Briefs 2009-15, Center for Economic and Policy Research (CEPR).
    8. C. Randall Henning, 2009. "The Future of the Chiang Mai Initiative: An Asian Monetary Fund?," Policy Briefs PB09-5, Peterson Institute for International Economics.
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    More about this item

    Keywords

    Global financial crisis; policy space for development; International Monetary Fund; capital controls; regional financial governance; global governance;

    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, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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