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Although the internationalization of the Chinese renminbi is an
important international political event, most of the studies of it
place their analytical focuses largely just on China itself, the
issuer of the currency. In contrast, this book addresses the
question of how foreign states have responded to the renminbi's
internationalization, during its initial phase through the 2010s,
and thereby breaks new ground in exploring the international
politics of currency internationalization. It builds a theoretical
framework for analyzing a state's policy toward renminbi
internationalization, developing the key concept of reactive
currency statecraft. It then applies this framework to the four
select cases of the United Kingdom, Japan, South Korea and the
United States. This book reveals that all four of these countries
have deliberately utilized their policies related to renminbi
internationalization as means of achieving their own foreign policy
goals associated with China, goals that have been principally
economic in some cases but political in others. Remarkably, the
predominant mode of response to the renminbi's internationalization
has been accommodative. Even the United States and Japan-China's
chief geopolitical and also international currency rivals-have
never attempted to actively suppress it. This study provides new
insights to anyone concerned with the transformation of the world
monetary order, while also contributing a valuable analysis of the
international politics surrounding the rise of China.
It is often argued that international financial regulation has been
substantially strengthened over the past decades through the
international harmonization of financial regulation. There are,
however, still frequent outbreaks of painful financial crises,
including the recent 2008 global financial crisis. This raises
doubts about the conventional claims of the strengthening of
international financial regulation. This book provides an in-depth
political economy study of the adoptions in Japan, Korea and Taiwan
of the 1988 Basel Capital Accord, the now so-called Basel I, which
has been at the center of international banking regulation over the
past three decades, highlighting the domestic politics surrounding
it. The book illustrates that, despite banks' formal compliance
with the Accord in these countries, their compliance was often
cosmetic due to extensive regulatory forbearance that allowed their
real capital soundness to weaken. Domestic politics thus ultimately
determined national implementations of the Accord. This book
provides its novel innovative study of the Accord through scores of
interviews with bank regulators and analysis of various primary
documents. It suggests that the actual effectiveness of
international financial regulation relies ultimately on the
domestic politics surrounding it. It implies as well that the past
trend of international harmonization of financial regulation may be
illusory, to at least some extent, in terms of its actual
effectiveness. This book may interest not only political economists
but also scholars working on the intersection of law, economics and
institutions.
It is often argued that international financial regulation has been
substantially strengthened over the past decades through the
international harmonization of financial regulation. There are,
however, still frequent outbreaks of painful financial crises,
including the recent 2008 global financial crisis. This raises
doubts about the conventional claims of the strengthening of
international financial regulation. This book provides an in-depth
political economy study of the adoptions in Japan, Korea and Taiwan
of the 1988 Basel Capital Accord, the now so-called Basel I, which
has been at the center of international banking regulation over the
past three decades, highlighting the domestic politics surrounding
it. The book illustrates that, despite banks' formal compliance
with the Accord in these countries, their compliance was often
cosmetic due to extensive regulatory forbearance that allowed their
real capital soundness to weaken. Domestic politics thus ultimately
determined national implementations of the Accord. This book
provides its novel innovative study of the Accord through scores of
interviews with bank regulators and analysis of various primary
documents. It suggests that the actual effectiveness of
international financial regulation relies ultimately on the
domestic politics surrounding it. It implies as well that the past
trend of international harmonization of financial regulation may be
illusory, to at least some extent, in terms of its actual
effectiveness. This book may interest not only political economists
but also scholars working on the intersection of law, economics and
institutions.
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