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Priests Of Prosperity

Author: Juliet Johnson
Publisher: Cornell University Press
ISBN: 1501703749
Size: 37.97 MB
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Priests of Prosperity explores the unsung revolutionary campaign to transform postcommunist central banks from command-economy cash cows into Western-style monetary guardians. Juliet Johnson conducted more than 160 interviews in seventeen countries with central bankers, international assistance providers, policymakers, and private-sector finance professionals over the course of fifteen years. She argues that a powerful transnational central banking community concentrated in Western Europe and North America integrated postcommunist central bankers into its network, shaped their ideas about the role of central banks, and helped them develop modern tools of central banking. Johnson's detailed comparative studies of central bank development in Hungary, the Czech Republic, Slovakia, Russia, and Kyrgyzstan take readers from the birth of the campaign in the late 1980s to the challenges faced by central bankers after the global financial crisis. As the comfortable certainties of the past collapse around them, today’s central bankers in the postcommunist world and beyond find themselves torn between allegiance to their transnational community and its principles on the one hand and their increasingly complex and politicized national roles on the other. Priests of Prosperity will appeal to a diverse audience of scholars in political science, finance, economics, geography, and sociology as well as to central bankers and other policymakers interested in the future of international finance, global governance, and economic development.

The Future Of The Dollar

Author: Eric Helleiner
Publisher: Cornell University Press
ISBN: 0801457491
Size: 34.43 MB
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For half a century, the United States has garnered substantial political and economic benefits as a result of the dollar's de facto role as a global currency. In recent years, however, the dollar's preponderant position in world markets has come under challenge. The dollar has been more volatile than ever against foreign currencies, and various nations have switched to non-dollar instruments in their transactions. China and the Arab Gulf states continue to hold massive amounts of U.S. government obligations, in effect subsidizing U.S. current account deficits, and those holdings are a point of potential vulnerability for American policy. What is the future of the U.S. dollar as an international currency? Will predictions of its demise end up just as inaccurate as those that have accompanied major international financial crises since the early 1970s? Analysts disagree, often profoundly, in their answers to these questions. In The Future of the Dollar, leading scholars of dollar's international role bring multidisciplinary perspectives and a range of contrasting predictions to the question of the dollar's future. This timely book provides readers with a clear sense of why such disagreements exist and it outlines a variety of future scenarios and the possible political implications for the United States and the world.

Who Elected The Bankers

Author: Louis W. Pauly
Publisher: Cornell University Press
ISBN: 9780801433221
Size: 44.98 MB
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A former banker and staff member of the International Monetary Fund, Louis W. Pauly explains why people are deeply concerned about the emergence of a global economy and the increasingly integrated capital markets at its heart. In nations as diverse as France, Canada, Russia, and Mexico, the lives of citizens are disrupted when national policy falls out of line with the expectations of international financiers. Such dilemmas, ever more conspicuous around the world, arise from the disjuncture between a rapidly changing international economic system and a political order still constituted by sovereign states. The evolution of global capital markets inspires an understandable fear among people that the governing authorities accountable to them are losing the power to make substantive decisions affecting their own material prospects and those of their children. Pauly points out that today's capital markets resulted from decisions taken over many years by sovereign states, and particularly by the leading industrial democracies, who simultaneously crafted the instrument of multilateral economic surveillance. The effort to build adequate political foundations for global capital markets spans the twentieth century and links the histories of such institutions as the League of Nations, the International Monetary Fund, the European Union, and the Group of Seven.

Authoritarian Modernization In Russia

Author: Vladimir Gel'man
Publisher: Routledge
ISBN: 1317177061
Size: 72.30 MB
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Post-Communist Russia is an instance of the phenomenon of authoritarian modernization project, which is perceived as a set of policies intended to achieve a high level of economic development, while political freedoms remain beyond the current modernization agenda or are postponed to a distant future. Why did Russia (unlike many countries of post-Communist Europe) pursue authoritarian modernization after the Soviet collapse? What is the ideational agenda behind this project and why does it dominate Russia’s post-Communist political landscape? What are the mechanisms of political governance, which maintain this project and how have they adopted and absorbed various democratic institutions and practices? Why has this project brought such diverse results in various policy arenas, and why have the consequences of certain policies become so controversial? Why, despite so many controversies, shortcomings and flaws, has this project remained attractive in the eyes of a large proportion of the Russian elite and ordinary citizens? This volume intended to place some of these questions on the research agenda and propose several answers, encouraging further discussions about the logic and mechanisms of the authoritarian modernization project in post-Communist Russia and its effects on Russia’s politics, economy, and society.

Problem Driven Political Economy Analysis

Author: Verena Fritz
Publisher: World Bank Publications
ISBN: 1464801223
Size: 49.52 MB
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This volume presents eight good practice examples of problem-driven political economy analysis conducted at the World Bank, and reflect what the Bank has so far been able to achieve in mainstreaming this approach into its operations and policy dialogue.

Fragile Conviction

Author: Mathijs Pelkmans
Publisher: Cornell University Press
ISBN: 1501708376
Size: 59.89 MB
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The Allied occupation of Japan is remembered as the "good occupation." An American-led coalition successfully turned a militaristic enemy into a stable and democratic ally. Of course, the story was more complicated, but the occupation did forge one of the most enduring relationships in the postwar world. Recent events, from the occupations of Iraq and Afghanistan to protests over American bases in Japan to increasingly aggressive territorial disputes between Asian nations over islands in the Pacific, have brought attention back to the subject of the occupation of Japan. In Architects of Occupation, Dayna L. Barnes exposes the wartime origins of occupation policy and broader plans for postwar Japan. She considers the role of presidents, bureaucrats, think tanks, the media, and Congress in policymaking. Members of these elite groups came together in an informal policy network that shaped planning. Rather than relying solely on government reports and records to understand policymaking, Barnes also uses letters, memoirs, diaries, and manuscripts written by policymakers to trace the rise and spread of ideas across the policy network. The book contributes a new facet to the substantial literature on the occupation, serves as a case study in foreign policy analysis, and tells a surprising new story about World War II.

A Fistful Of Rubles

Author: Juliet Johnson
Publisher: Cornell University Press
ISBN: 9780801437441
Size: 37.51 MB
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After the breakup of the USSR, it briefly appeared as though Russia's emerging commercial banks might act as engines of growth for a new capitalist economy. However, despite more than a decade of "reforms," Russia's financial system collapsed in 1998. Why had ambitious efforts to decentralize and liberalize the banking industry failed? In A Fistful of Rubles, Juliet Johnson offers the first comprehensive look at how Russia's banks, once expected to revitalize the nation's economy, instead became one of the largest obstacles to its recovery.Drawing on interviews with Russian bankers, policymakers, and entrepreneurs, Johnson traces the evolution of the banking system from 1987 through the aftermath of the 1998 crash. She describes how dysfunctional institutional procedures left over from the Soviet period hindered the subsequent development of sound financial practices. Johnson argues that these legacies, along with misguided, Western-inspired liberalization policies, led to the creation of parasitic banks for which success depended on political connections rather than on investment strategies. Johnson demonstrates that banking reform efforts ultimately did more harm than good, because Russian officials and their international advisers failed to build the corresponding economic, legal, and political institutions upon which modern market behavior depends.

Research Handbook On Central Banking

Author: Peter Conti-Brown
Publisher: Edward Elgar Publishing
ISBN: 1784719226
Size: 69.61 MB
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Central banks occupy a unique space in their national governments and in the global economy. The study of central banking however, has too often been dominated by an abstract theoretical approach that fails to grasp central banks’ institutional nuances. This comprehensive and insightful Handbook, takes a wider angle on central banks and central banking, focusing on the institutions of central banking. By 'institutions', Peter Conti-Brown and Rosa Lastra refer to the laws, traditions, norms, and rules used to structure central bank organisations. The Research Handbook on Central Banking’s institutional approach is one of the most interdisciplinary efforts to consider its topic, and includes chapters from leading and rising central bankers, economists, lawyers, legal scholars, political scientists, historians, and others.

National Purpose In The World Economy

Author: Rawi Abdelal
Publisher: Cornell University Press
ISBN: 9780801489778
Size: 66.74 MB
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How do national identities affect the world economy? Building on the insight that nationalisms and national identities endow economic policy with social purpose, Rawi Abdelal proposes a novel theoretical framework, a distinctively Nationalist perspective on international political economy, to answer this question. Using this framework, and drawing on field research in Lithuania, Ukraine, and Belarus, he provides an in-depth look at the link between national identity and the economic policies of the new states formed by the breakup of the Soviet Union.All these states, from the Baltic coast to central Asia, were economically dependent on Russia during the 1990s. However, they reacted very differently to that dependence, and their reactions can be traced, Abdelal contends, to their individual societies. Some, such as Belarus, found dependence inevitable and sought economic reintegration with Russia. Others, like Lithuania, interpreted dependence as a large-scale security threat and reoriented their economies away from Russia. A third group, typified by Ukraine, demonstrated no coherent economic policy at all regarding dependence.Abdelal distinguishes the Nationalist tradition in international political economy from the Realist tradition, and shows that economic nationalism is different than mercantilism. He demonstrates the ways that national identity affects economic policy and explains why some governments seek economic autonomy while others prefer regional reintegration. He then applies his approach to other cases of economic reorganization after the end of empire—eastern Europe in the 1920s after the Habsburgs, 1950s Indonesia, and French West Africa in the 1960s.

Nationalism Reframed

Author: Rogers Brubaker
Publisher: Cambridge University Press
ISBN: 9780521576499
Size: 62.40 MB
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Nationalism Reframed is a theoretically and historically informed study of nationalism in Eastern Europe and the former Soviet Union. Rogers Brubaker develops an original account of the interlocking and opposed nationalisms of national minorities, the nationalizing states in which they live, and the external national homelands to which they are linked by external ties. He then analyzes contemporary nationalisms in historical and comparative perspective, tracing the parallels between the Eastern European nationalisms of today and those of the interwar period.