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2421. Private Governance and Democracy in International Finance

Author:
William D. Coleman
Publication Date:
07-1999
Content Type:
Working Paper
Institution:
Institute on Globalization and the Human Condition, McMaster University
Abstract:
The governance arrangements in international finance mirror, in part, those found domestically by featuring a partnership between relatively autonomous state agencies and private actors. Where they depart from domestic arrangements is in the relatively stronger position of private actors, particularly global financial conglomerates, in decision-making. Given the importance of the governance arrangements in international finance for the welfare of individuals and firms throughout the world, it is important to ask whether these arrangements conform to accepted criteria for democratic decision-making. Five criteria are identified that might be applied to international sites of governance. These criteria are then applied to three groups of institutions, the Bank for International Settlements (BIS), the International Organisation of Securities Commissions (IOSCO), and “private regimes” especially predominant in the derivatives subsector. Based on this analysis, important gaps are found when these governance institutions are held up to democratic principles.
Topic:
Globalization, Government, International Cooperation, and International Trade and Finance
Political Geography:
United States

2423. Time to Terminate the ESF and the IMF

Author:
Anna J. Schwartz
Publication Date:
08-1998
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
The International Monetary Fund and the U.S. Treasury Department's Exchange Stabilization Fund are undemocratic institutions unaccountable for their actions. Their current functions have little to do with their original missions. The ESF is used by the executive branch to circumvent Congress in the provision of foreign aid. Its foreign exchange interventions have, in any event, always been wasteful and ineffective at controlling the relative price of the U.S. dollar. The IMF has also been used to provide massive bailouts in the cases of Mexico in 1995 and of Asian countries since 1997. Defenders of the IMF as an international lender of last resort are misinformed since the IMF does not and cannot serve that purpose. Both institutions should be abolished, not reformed, because they are not needed to resolve currency crises and they preclude superior solutions.
Topic:
Economics, International Trade and Finance, and Political Economy
Political Geography:
United States, Asia, and Mexico

2424. The Yen, the Yuan, and the Asian Currency Crisis Changing Fortune between Japan and China

Author:
C.H. Kwan
Publication Date:
12-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
The currency crisis that started in Thailand in the summer of 1997 was followed by repercussions on the currencies of neighboring countries, culminating in a crisis infecting most countries in East Asia. Japan and China, which have developed strong ties with the rest of Asia through trade and investment, have not been exempted from this contagion. This paper looks at the latest currency crisis in Asia from the perspectives of these two regional giants.
Topic:
Economics and International Trade and Finance
Political Geography:
Japan, China, Israel, East Asia, Asia, and Thailand

2425. The Korean Currency Crisis: What Can We Learn From It?

Author:
Sang-Mok Suh
Publication Date:
05-1998
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
Just like many other crises, the Korean currency crisis came suddenly. In mid–November 1997, headlines in the Korean press consisted mostly of presidential election stories. At that time the presidential race was very close; the Grand National Party candidate, Lee Hoi–Chang, was making a dramatic comeback, while the National Congress for New Politics candidate, Kim Dae–jung, was making his best effort to maintain his narrow lead. Thus, when President Kim Young Sam announced on November 19 his decision to fire key economic policy–makers on the grounds of mismanaging the economy, most Koreans were surprised at the news and questioned the president's motivation. Two days later they were completely shocked to learn that the Korean government was asking the International Monetary Fund (IMF) for emergency standby loans because the Korean foreign reserve level was very low at $7.3 billion and most foreign financial institutions were unwilling to roll over their short–term loans to Korea.
Topic:
Economics and International Trade and Finance
Political Geography:
Israel, East Asia, and Asia

2426. Explaining Patterns of GATT/WTO Trade Complaints

Author:
Christina R. Sevilla
Publication Date:
01-1998
Content Type:
Working Paper
Institution:
Weatherhead Center for International Affairs, Harvard University
Abstract:
Multilateral trade complaints are significant for politics because they serve as a stimulus for the targeted state to alter its status quo trade policy. This paper seeks to explain and predict patterns of multilateral trade complaints filed by states under the dispute settlement mechanism of the General Agreement on Tariffs and Trade (GATT) and its successor as of 1995, the World Trade Organization (WTO). A two-level model of complaint-raising is proposed, which argues that variation in the design of GATT and WTO institutions affects the costs to governments of filing complaints -- such as bureaucratic costs, information costs, and opportunity costs -- and these costs in turn affect state strategies for domestic oversight of treaty compliance by one's trading partners. Specific hypotheses drawn from the model are tested against a data set of over 300 multilateral trade complaints, from 1948-1994 under the GATT and 1995-96 under the WTO.
Topic:
International Relations, International Organization, and International Trade and Finance

2429. Balance on Current Account - As of December 9, 1998

Publication Date:
12-1998
Content Type:
Policy Brief
Institution:
U.S. Economic Statistics Briefing Room
Abstract:
No abstract is available.
Topic:
Economics and International Trade and Finance
Political Geography:
United States

2430. Balance on Current Account - As of September 10, 1998

Publication Date:
09-1998
Content Type:
Working Paper
Institution:
U.S. Economic Statistics Briefing Room
Abstract:
No abstract is available.
Topic:
Economics and International Trade and Finance
Political Geography:
United States