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The Political Economy of Financial Crises

Edited by Roy E. Allen, Professor of Economics, Saint Mary's College of California, US
This important and timely two-volume collection presents the key issues and processes that surround recent large-scale financial crises – in Asia, Latin America, and elsewhere – and identifies procedures that will help to avoid and manage crises. The articles are drawn from leading journals in political economy, international relations, political science and economics.
Two volume set
Extent: 1,120 pp
Hardback Price: £322.00 Web: £289.80
Publication Date: 2004
ISBN: 978 1 84376 106 8
Availability: In Stock
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  • Economics and Finance
  • Financial Economics and Regulation
  • Political Economy
  • Politics and Public Policy
  • Political Economy
This important and timely two-volume collection presents the key issues and processes that surround recent large-scale financial crises – in Asia, Latin America, and elsewhere – and identifies procedures that will help to avoid and manage crises. The articles are drawn from leading journals in political economy, international relations, political science and economics.

The reconstruction of the international financial architecture is identified as a working compromise which brings together neo-Keynesian and neo-liberal principles but which, in itself, cannot fully answer the challenges of systemic risk. Globalization processes contribute to systemic risk and complicate the efforts of the IMF and other international financial institutions to create order and stability.

The Political Economy of Financial Crises will be invaluable to a broad interdisciplinary audience as a reference source to support teaching and research.
‘This excellent two-volume collection approaches financial crises from the perspective of political economy as an interdisciplinary framework in which markets are social mechanisms and a broad institutional perspective is required. . . There are essays on governance, regionalism, and market versus political authority, in addition to the more expected topics. The breadth of approach allows for multifaceted debate in the thousand-plus pages of these volumes, and such debate is salutary.’
– William K. Tabb, Queens College, CUNY, US

‘There is a wealth of information and analysis here. . . the reader of these volumes will find a very comprehensive analysis of past emerging-country crises as well as plenty of pointers to the next one.’
– John Calverley, The Business Economist
47 articles, dating from 1979 to 2003
Contributors include: P.G. Cerny, F. Gil-Díaz, A. Greenspan, P.B. Kenen, A.O. Krueger, P. Krugman, J.D. Sachs, G. Soros, S. Strange, R. Wade
Contents:
Volume I
Acknowledgements
Introduction Roy E. Allen
PART I ISSUES AND CONCEPTS
1. Riccardo De Bonis, Alessandro Giustiniani and Giorgio Gomel (1999), ‘Crises and Bail-Outs of Banks and Countries: Linkages, Analogies, and Differences’
2. Graciela L. Kaminsky and Carmen M. Reinhart (1999), ‘The Twin Crises: The Causes of Banking and Balance-of-Payments Problems’
3. J.A. Kregel (1998), ‘Derivatives and Global Capital Flows: Applications to Asia’
4. Brigitte Granville (1999), ‘Bingo or Fiasco? The Global Financial Situation is not Guaranteed’
5. Prema-chandra Athukorala and Peter G. Warr (2002), ‘Vulnerability to a Currency Crisis: Lessons from the Asian Experience’
6. Philip G. Cerny (1993), ‘The Political Economy of International Finance’
7. Eric Helleiner (1995), ‘Explaining the Globalization of Financial Markets: Bringing States Back In’
8. Alan Greenspan (1998), ‘The Globalization of Finance’
9. Jonathan Nitzan (1998), ‘Differential Accumulation: Towards a New Political Economy of Capital’
10. Robert Wade and Frank Veneroso (1998), ‘The Asian Crisis: The High Debt Model Versus the Wall Street-Treasury-IMF Complex’
11. Chalmers Johnson (1998), ‘Economic Crisis in East Asia: The Clash of Capitalisms’
12. Linda Y.C. Lim (1998), ‘Whose ‘Model’ Failed? Implications of the Asian Economic Crisis’
13. George Soros (1998-99), ‘Capitalism’s Last Chance?’
14. Susan Strange (1998), ‘The New World of Debt’
15. Charles Morris and Klara Parrish (1997), ‘Maintaining Financial Stability in a Global Economy: A Summary of the Bank’s 1997 Symposium’
PART II MODELS, COMMON PATTERNS
16. Paul Krugman (1979), ‘A Model of Balance-of-Payments Crises’
17. Jesper Rangvid (2001), ‘Second Generation Models of Currency Crises’
18. Paul Krugman (1999), ‘Balance Sheets, the Transfer Problem, and Financial Crises’
19. Roberto Marchionatti (1999), ‘On Keynes’ Animal Spirits’
20. Rod Cross and Douglas Strachan (1997), ‘On George Soros and Economic Analysis’
21. Graham Bird and Ramkishen S. Rajan (2001), ‘Banks, Financial Liberalisation and Financial Crises in Emerging Markets’
22. Philip Arestis and Murray Glickman (2002), ‘Financial Crisis in Southeast Asia: Dispelling Illusion the Minskyan Way’
23. Lance Taylor (1998), ‘Capital Market Crises: Liberalisation, Fixed Exchange Rates and Market-driven Destabilisation’
24. Taimur Baig and Ilan Goldfajn (2002), ‘Monetary Policy in the Aftermath of Currency Crises: The Case of Asia’
25. José De Gregorio and Rodrigo O. Valdés (2001), ‘Crisis Transmission: Evidence from the Debt, Tequila, and Asian Flu Crises’
Name Index

Volume II
Acknowledgements
An introduction by the editor to both volumes appears in Volume I
PART I COUNTRY STUDIES
1. Steven Radelet and Jeffrey D. Sachs (1998), ‘The East Asian Financial Crisis: Diagnosis, Remedies, Prospects’
2. Nicola Bullard, Walden Bello and Kamal Mallhotra (1998), ‘Taming the Tigers: The IMF and the Asian Crisis’
3. Chris Dixon (1999), ‘The Developmental Implications of the Pacific Asian Crises: The Thai Experience’
4. Chung H. Lee, Keun Lee and Kangkook Lee (2002), ‘Chaebols, Financial Liberalization and Economic Crisis: Transformation of Quasi-Internal Organization in Korea’
5. K.S. Jomo (1998), ‘Malaysian Débâcle: Whose Fault?’
6. Jonathan Pincus and Rizal Ramli (1998), ‘Indonesia: From Showcase to Basket Case’
7. Guillermo A. Calvo and Enrique G. Mendoza (1996), ‘Petty Crime and Cruel Punishment: Lessons from the Mexican Debacle’
8. Francisco Gil-Díaz and Agustín Carstens (1996), ‘One Year of Solitude: Some Pilgrim Tales About Mexico’s 1994–1995 Crisis’
9. Geisa Maria Rocha (2002), ‘Neo-dependency in Brazil’
10. Neil Robinson (1999), ‘The Global Economy, Reform and Crisis in Russia’
11. Gabriel Palma (2003), ‘The “Three Routes” to Financial Crises: Chile, Mexico, and Argentina [1]; Brazil [2]; and Korea, Malaysia and Thailand [3]’
PART II INTERNATIONAL ADJUSTMENTS AND POLITICAL RESPONSES
12. Ramkishen S. Rajan (2002), ‘Exchange Rate Policy Options for Post-crisis Southeast Asia: Is There a Case for Currency Baskets?’
13. Shaun Narine (2002), ‘ASEAN in the Aftermath: The Consequences of the East Asian Economic Crisis’
14. Nicola Phillips (2000), ‘Governance after Financial Crisis: South American Perspectives on the Reformulation of Regionalism’
15. Peter Aykens (2002), ‘Conflicting Authorities: States, Currency Markets and the ERM Crisis of 1992–93’
16. Xavier Freixas, Curzio Giannini, Glenn Hoggarth and Farouk Soussa (1999), ‘Lender of Last Resort: A Review of the Literature’
17. Anne O. Krueger (1998), ‘Whither the World Bank and the IMF?’
18. Graham Bird (2001), ‘A Suitable Case for Treatment? Understanding the Ongoing Debate about the IMF’
19. Simon Lee (2002), ‘The International Monetary Fund’
20. Peter B. Kenen (2002), ‘The International Financial Architecture: Old Issues and New Initiatives’
21. André Cartapanis and Michel Herland (2002), ‘The Reconstruction of the International Financial Architecture: Keynes’ Revenge?’
22. Richard N. Cooper (2002), ‘Chapter 11 for Countries?’
Name Index