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.
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