The IMF and the Politics of Financial

The Asian crisis triggered ongoing controversy over the IMF's role in a "new international financial architecture". This book argues for a political approach to crisis and reform, placing current debates in the context of the politics of financial regulation since Bretton Woods. It explores links between domestic political controversy over IMF policy in Indonesia, Korea, Malaysia and the United States and the broader politics of IMF decision-making.

Ben Thirkell-White is Lecturer in International Relations at the University of St Andrews, Scotland.

List of Figures

vii

Acknowledgements

viii

List of Abbreviations

ix

1. Introduction

1

(18)

1.1 A political approach to the IMF and financial globalization

3

(4)

1.2 In search of the politics of the Fund — the concept of legitimacy

7

(6)

1.3 The core argument

13

(6)

Part I

2. IMF Legitimacy: Principles and Institutions

19

(28)

2.1 IMF legitimacy, core principles

20

(6)

2.2 Analysis

26

(14)

2.3 Decision-making in practice: formulating conditionality

40

(5)

2.4 Conclusions

45

(2)

3. An Evolving IMF

47

(30)

3.1 The IMF's evolving mandate

48

(13)

3.2 Responding to financial globalization, the IMF in the 1990's

61

(13)

3.3 Conclusions

74

(3)

Part II

4. The Asian Crisis and the Case Studies

77

(21)

4.1 The politics of IMF legitimacy and the case studies

77

(3)

4.2 The politics of the Asian crisis

80

(17)

4.3 Conclusions

97

(1)

5. South Korea

98

(30)

5.1 Background to the crisis

99

(7)

5.2 The crisis in Korea

106

(5)

5.3 Political interests and post-crisis reforms

111

(5)

5.4 The politics of crisis management

116

(10)

5.5 Conclusions

126

(2)

6. Indonesia

128

(28)

6.1 Background to the crisis

129

(7)

6.2 The crisis in Indonesia

136

(7)

6.3 The politics of crisis management

143

(10)

6.4 Conclusions

153

(3)

7. Malaysia

156

(23)

7.1 Background to the crisis

157

(6)

7.2 The crisis in Malaysia

163

(6)

7.3 The politics of crisis management

169

(8)

7.4 Conclusions

177

(2)

8. The United States

179

(26)

8.1 Institutional environment

179

(5)

8.2 Pre-crisis US foreign policy

184

(5)

8.3 US responses to the IMF's role in Asia

189

(8)

8.4 Outcomes and analysis: Treasury policy after the crisis

197

(4)

8.5 Conclusions

201

(4)

Part III

9. From Crisis to a New Architecture?

205

(35)

9.1 The IMF and the politics of financial globalization

206

(7)

9.2 IMF decision-making and the Fund's new role

213

(9)

9.3 The politics of crisis

222

(8)

9.4 Towards a new international financial architecture?

230

(10)

10. Conclusions

240

(6)

Notes

246

(7)

Bibliography

253

(16)

Index

269

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The IMF and the Politics of Financial Globalization From the Asian Crisis to a New International Financial Architecture?

Summary

Author Biography

Table of Contents

Supplemental Materials

FREE SHIPPING

Rent More, Save More! Use code: BBRENTAL

5% off 1 book, 7% off 2 books, 10% off 3+ books

The IMF and the Politics of Financial Globalization From the Asian Crisis to a New International Financial Architecture?

Summary

Author Biography

Table of Contents

Supplemental Materials

Digital License