Emerging Markets and the Reregulation of Cross-Border Finance
Cornell University Press
On Sale: December 11, 2014
Hardcover / e-Book
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In Ruling Capital, Kevin P. Gallagher demonstrates how
several emerging market and developing countries (EMDs)
managed to reregulate cross-border financial flows in the
wake of the global financial crisis, despite the political
and economic difficulty of doing so at the national level.
Gallagher also shows that some EMDs, particularly the
BRICS coalition, were able to maintain or expand their
sovereignty to regulate cross-border finance under global
economic governance institutions. Gallagher combines
econometric analysis with in-depth interviews with
officials and interest groups in select emerging markets
and policymakers at the International Monetary Fund, the
World Trade Organization, and the G-20 to explain key
characteristics of the global economy.
Gallagher develops a theory of countervailing monetary
power that shows how emerging markets can counter domestic
and international opposition to the regulation of cross-
border finance. Although many countries were able to exert
countervailing monetary power in the wake of the crisis,
such power was not sufficient to stem the magnitude of
unstable financial flows that continue to plague the world
economy. Drawing on this theory, Gallagher outlines the
significant opportunities and obstacles to regulating
cross-border finance in the twenty-first century.
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