Synopses & Reviews
Against the background of the globalization of private finance, the predominance of states in global affairs cannot be taken for granted. New actors, such as commercial banks or securities houses, have entered the global arena and, therefore, need to be included in any informed analysis of social reality. The actions of these institutions have to be regarded as influential forces impacting world politics. The theory of transnational regimes is advocated as a new way of structuring the global system.
Synopsis
This book argues that against the background of the globalization of private finance, the predominance of states in global affairs cannot be taken for granted as actors such as financial intermediaries emerge.
Description
Includes bibliographical references (p. [91]-107) and index.
About the Author
ADRIANO LUCATELLI is Senior Economist at Credit Suisse in Zurich.
Table of Contents
Tables and Figures
Preface
Introduction
Transnational Regime Theory
Original Formulations of Transnational Regime Theory
Explanatory Power and Parsimony
Deductive Critique of Transnational Regime Theory
What Makes Transnational Regimes Obstinate?
Politics versus Economics
The Rise of Private Finance
Internationalization of Private Finance
Private Finance and World Order
The London Club
Debt Crisis Management
The Making of a Transnational Regime: The London Club
The Road to Success Leads to the London Club
Debt Accord under the London Club: Examples
Netting Schemes
Risks in Forex Markets
Effects of Netting Arrangements
Transnational Regimes: Netting Schemes
Cross-border Netting Schemes and the Regulators
Conclusion
Implications
Appendix 1: What Are Systemic Risks?
Appendix 2: The BIS and Supervision
Appendix 3: The EMS Crisis of 1992-93
Glossary
References
Further Reading
Index