Ruling Capital: Emerging Markets and the Reregulation of Cross-Border Finance
By Dr. Kevin P. Gallagher
Research Director, Dr. Kevin P. Gallagher’s new book, Ruling Capital: Emerging Markets and the Reregulation of Cross-Border Finance, is now available from Cornell University Press. In Ruling Capital, Kevin P. Gallagher demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level. Gallagher also shows that some EMDs, particularly the BRICS coalition, were able to maintain or expand their sovereignty to regulate cross-border finance under global economic governance institutions. Gallagher combines econometric analysis with in-depth interviews with officials and interest groups in select emerging markets and policymakers at the International Monetary Fund, the World Trade Organization, and the G-20 to explain key characteristics of the global economy.
Gallagher develops a theory of countervailing monetary power that shows how emerging markets can counter domestic and international opposition to the regulation of cross-border finance. Although many countries were able to exert countervailing monetary power in the wake of the crisis, such power was not sufficient to stem the magnitude of unstable financial flows that continue to plague the world economy. Drawing on this theory, Gallagher outlines the significant opportunities and obstacles to regulating cross-border finance in the twenty-first century.
The Consequences of the Global Financial Crisis
The Rhetoric of Reform and Regulation
Edited by Wyn Grant and Graham K. Wilson
The Global Financial Crisis is the most serious economic crisis since the Great Depression, and although many have explored its causes, relatively few have focused on its consequences. Unlike earlier crises, no new paradigm seems yet to have come forward to challenge existing ways of thinking and neo-liberalism has emerged relatively unscathed. This crisis, characterized by a remarkable policy stability, has lacked a coherent and innovative intellectual response.
This book, however, systematically explores the consequences of the crisis, focusing primarily on its impact on policy and politics. It asks how governments responded to the challenges that the crisis has posed, and the policy and political impact of the combination of both the Global Financial Crisis itself and these responses.
It brings together leading academics to consider the divergent ways in which particular countries have responded to the crisis, including the US, the UK, China, Europe, and Scandinavia. The book also assesses attempts to develop global economic governance and to reform financial regulation, and looks critically at the role of credit rating agencies.
By Tamar Frankel
In Fiduciary Law, Tamar Frankel examines the structure, principles, themes, and objectives of fiduciary law. Fiduciaries, which include corporate managers, money managers, lawyers, and physicians among others, are entrusted with money or power. Frankel explains how fiduciary law is designed to offer protection from abuse of this method of safekeeping. She deals with fiduciaries in general, and identifies situations in which fiduciary law falls short of offering protection. Frankel analyzes fiduciary debates, and argues that greater preventive measures are required. She offers guidelines for determining the boundaries and substance of fiduciary law, and discusses how failure to enforce fiduciary law can contribute to failing financial and economic systems. Frankel offers ideas and explanations for the courts, regulators, and legislatures, as well as the fiduciaries and entrustors. She argues for strong legal protection against abuse of entrustment as a means of encouraging fiduciary services in society. Fiduciary Law can help lawyers and policy makers designing the future law and the systems that it protects.
Risk Less and Prosper
By Zvi Bodie and Rachelle Taqqu
Somewhere along the way, something has gone very wrong with the way individuals invest and save. All too often, ordinary people are drawn in by promotional suggestions masquerading as impartial investment advice and end up saddled with more risk than they realize.
There truly is an urgent need for real advice to combat the confusion and false impressions fostered by much of today’s conventional investment “wisdom.” What’s needed is a better investment path, one that leads investors to their financial goals without risking calamity.
Coauthors Zvi Bodie and Rachelle Taqqu understand the dilemma that investors face, and now, with Risk Less and Prosper, they share their experience in this field with you and reveal how the robustness of goal-based investing, as a new approach to personal finance, can put you in a better position when it comes to funding your retirement, paying for a child’s higher education, or achieving other important long-term goals.
Jimmy Stewart is Dead
Ending the World’s Ongoing Financial Plague with Limited Purpose Banking
By Laurence J. Kotlikoff
Make no mistake, Jimmy Steward, the honest, trustworthy banker (a.k.a. George Bailey) in It’s a Wonderful Life, is dead. And so is his small-town, virtuous bank–Bailey Savings and Loan. Today, a very different financial movie, It’s a Horrible Mess is playing on Main Street. This economic horror show–produced by Wall Street and directed by Congress–is no Christmas story, but a tale of pervasive and massive financial malfeasance that has devastated the lives of millions of people around the globe.
Written by Laurence Kotlikoff–one of the world’s most respected economists–Jimmy Stewart Is Dead describes in lively, but deadly serious terms the big con underlying the big game: namely the web of interconnected financial, political, and regulatory misconduct that culminated in financial meltdown and brought us to our economic knees. It’s a tragic story that starts with our economic disaster and where it’s headed, describes its causes, identifies its architects, and then shows how to fix the system for good.
The Oxford Handbook of Business and Government
Edited by, David Coen, Wyn Grant, and Graham Wilson
Business is one of the major power centres in modern society. The state seeks to check and channel that power so as to serve broader public policy objectives. However, if the way in which business is governed is ineffective or over burdensome, it may become more difficult to achieve desired goals such as economic growth or higher levels of employment. In a period of international crisis, the study of how business and government relate to each other in different countries is of more central importance than ever.
These relationships have been studied from a number of different disciplinary perspectives–business studies, economics, economic history, law, and political science–and all of these are represented in this handbook.