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La incoherencia productiva para Ilene Grabel: un concepto para una época de cambios
Get PDFReseña al libro de Grabel, Ilene [2018], When Things Don't Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence. The MIT Press, pp. 400. Cambridge, US. 2018. ISBN-13: 978-0262037259, ISBN-10:0262037254. libro electrónico
Marketing the third world: The contradictions of portfolio investment in the global economy
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Post-American Moments in Contemporary Global Financial Governance
Get PDFIt is difficult to find much to celebrate about the current conjuncture, marked as it is by deeply destructive incoherence. The best that can be said is that we are in an interregnum. But I suggest that today’s incoherence also includes productive and even transformative moments. I argue that incoherence in global financial governance should be understood as productive in several respects. It is creating and widening alternative spaces in which some of the values, practices, tools, objectives, and goals associated with embedded liberalism can be rearticulated in a world in which there is no “order,” American-led or otherwise. The silver lining of incoherence is that it creates space for experimentation and innovation unconstrained by an overarching “ism.” Incoherence is creating exits or leakages from noxious national and global policy environments, rendering it less poisonous than it would be in the absence of ideational aperture and contestation, competing policies, institutions, networks, and poles of power. The abdication by the US of its traditional role of global coordination and discipline, as exerted under the post-war embedded liberal or the neoliberal American-led orders, is creating opportunities for more permissive and varied “reembededness” and diverse forms of economic integration. The emerging regime reflects neither your grandmother’s American-led order 1.0 or 2.0. In this morbid post- American interregnum there is no singular “ism” or “alternative order,” a fact that I do not mourn
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The Global Financial Governance Architecture, Developmental Finance, and the Hirschmanian Mindset
No full textI advance three claims in the paper. The first claim is positive. The Asian and especially the global financial crisis occasioned meaningful though ad hoc, partial, and uneven discontinuities in developmental finance and financial governance architecture. The conjunction of discontinuities and continuities is imparting incoherence to the financial governance architecture and developmental finance. The second claim is normative. I hold, contrary to the common narrative, that the emergent incoherence is productive rather than debilitating. In the absence of an over-arching, coherent model of financial governance EMDEs today are experiencing a dramatic expansion in policy space and room for institutional experimentation. Especially in comparison with the stultifying coherence of the neoliberal era, EMDEs enjoy a degree of autonomy to pursue economic and human development and to introduce reforms that promote financial stability, resilience in the face of disturbances, and financial inclusion. Emergent redundancy and networks of institutional cooperation are increasing resilience. The third claim is that productive incoherence can be understood most fully within a “Hirschmanian mindset,” i.e., an understanding of social and regime change informed by Albert O. Hirschman’s key theoretical and epistemic commitments. The Hirschmanian vision that underpins the paper’s central theses recognizes that meaningful change can and should come about through the proliferation of small scale, disconnected, experimental, and incremental adjustments in institutions and practices that take root in the concrete demands facing policymakers with the capacity to adjust pragmatically to the changing circumstances and challenges they face
Trip wires and speed bumps managing financial risks and reducing the potential for financial crises in developing economies
No full textThe revenue and double dividend potential of taxes on international private capital flows and securities transactions
Get PDFThis paper explores two proposals to tax financial flows in developing economies—the package of policies implemented to various degrees by Chile and Colombia during the 1990s, widely referred to today as the Chilean model—and securities transactions taxes (STTs). I find that each provides a viable mechanism to raise revenue in some developing countries. Both can be introduced unilaterally (with the prospect of multilateral coordination in the future); both are progressive in their incidence, and in the case of the STT, represents an administratively manageable form of revenue collection. I also find that each entails double dividends that manifest in greater domestic and international macroeconomic stability
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The Political Economy of Remittances: What Do We Know? What Do We Need to Know?
No full textWorking Paper 184Private remittances are becoming an increasingly important part of the financial landscape of many developing countries. Indeed, for some such countries, these flows are the single most important type of international capital inflow—public or private--and they have become an importance source of purchasing power and foreign exchange. The growing importance of remittances has stimulated a great deal of discussion among scholars and policymakers. However, most studies tend to be rather narrow and microeconomic in scope, and fail to understand remittances within a broader political economy context. This contrasts with studies of other international capital flows such as official development assistance, direct foreign investment, private bank loans, and portfolio investment where political economy concerns have long been a central concern. This paper draws together findings from the rapidly growing multi-disciplinary study of remittances; identifies what we know, what we do not yet know, and what we still need to know about their economic, political and social consequences; and argues that there are a range of important political economy concerns raised by these flows. The paper concludes that the political economy effects of remittances are complex, contradictory, and not amenable to generalizations across the developing world, and that there is still much that we need to know about them
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Capital Controls in a Time of Crisis
No full textThe startling resuscitation of capital controls during the global crisis has substantially widened policy space in the global north and south. The paper highlights five factors that contribute to the evolving rebranding of capital controls. These include: (1) the rise of increasingly autonomous developing states, largely as a consequence of their successful response to the Asian crisis; (2) the increasing confidence and assertiveness of their policymakers in part as a consequence of their relative success in responding to the global crisis at a time when many advanced economies have and still are stumbling; (3) a pragmatic adjustment by the IMF to an altered global economy in which the geography of its influence has been severely restricted; (4) the intensification of the need for capital controls during the crisis not just by countries facing fragility or implosion, but also by those that fared “too well”; and (5) the evolution in the ideas of academic economists and IMF staff. The paper explores tensions around the rebranding of capital controls. These are exemplified by efforts to develop a hierarchy in which controls on inflows that are a last resort and are targeted, temporary, and non-discriminatory are more acceptable than those that are blunt, enduring, discriminatory, and that target outflows. In addition, tensions have increasingly focused on whether controls should be used by capital-source rather than just capital-recipient countries
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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