The Global Governance of Capital Flows: New Opportunities, Enduring Challenges
International 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under which they have autonomy to regulate cross-border capital flows.� For others, these rules have been partly superseded by more recent trade and other economic integration agreements.� Thus what used to be a regime of ‘cooperative decentralization’ has become a patchwork of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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