The G20 and the politics of international financial sector reform: robust regimes or hegemonic instability?
Beeson, Mark and Bell, Stephen (2005) The G20 and the politics of international financial sector reform: robust regimes or hegemonic instability? Working Paper. Coventry: University of Warwick. Centre for the Study of Globalisation and Regionalisation. Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation) (No.174).
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In the aftermath of the East Asian crisis of 1997/98, much attention was given to the need for financial sector reform. While little of substance has changed in the intervening years, a number of potentially important new forums were established to facilitate international cooperation in the financial sector. This paper attempts to provide a theoretical context within which to explore one of these institutions – the G20. By drawing on theories of hegemony and regimes, this paper identifies the – potentially competing - political and institutional logics that have driven what change there has been. The key question we address is whether institutions like the G20 are likely to provide genuine mechanisms for the resolution of collective goods problems, or – in the short term, at least - instruments for hegemonic business as usual. Even if the G20 proves incapable of facilitating international cooperation in the short-term, some sort of multilateral cooperation is ultimately necessary, we suggest, if the international financial system is to avoid the potential dangers of hegemonic instability.
|Item Type:||Working or Discussion Paper (Working Paper)|
|Alternative Title:||The Group of Twenty and the politics of international financial sector reform: robust regimes or hegemonic instability?|
|Subjects:||H Social Sciences > HG Finance
J Political Science > JZ International relations
|Divisions:||Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation|
|Library of Congress Subject Headings (LCSH):||Group of Twenty, Financial institutions, Financial crises, International cooperation, Hegemony, International economic relations|
|Series Name:||Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation)|
|Publisher:||University of Warwick. Centre for the Study of Globalisation and Regionalisation|
|Place of Publication:||Coventry|
|Official Date:||September 2005|
|Number of Pages:||32|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
Agence France Press (1999) ‘France and Japan United Against US Over World Financial System’, 19 December.
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