The G8 and Global Governance Book Series

Shaping a New International Financial System:
Challenges of Governance in a Globalizing World

Edited by
KARL KAISER
Deutsche Gesellschaft für Auswartige Politik and University of Bonn
JOHN J. KIRTON
University of Toronto
JOSEPH P. DANIELS
Marquette University

To purchase this book from Ashgate click here.

© Karl Kaiser, John J. Kirton, and Joseph P. Daniels, 2000

ISBN 0-7546-1412-3

Contents

Tables
Figures
Contributors
Preface

INTRODUCTION
1 Shaping a New International Financial System: Contributions and Challenges
Karl Kaiser, John J. Kirton, and Joseph Daniels

I: THE CRISIS AND ITS LEGACIES
2 The G7 Summit's Contribution: Past, Present, and Prospective
Nicholas Bayne
3 The Asian Crisis and Its Implications
Takashi Kiuchi
4 The G7, International Finance, and Developing Countries
Duncan Wood
5 The Dynamics of G7 Leadership in Crisis Response and System Reconstruction
John Kirton

II: CONSTRUCTING THE NEW SYSTEM
6 Transparentising the Global Money Business: Glasnost or Just Another Wild Card in Play?
George M. von Furstenberg
7 Global Capital Markets: Maximising Benefits, Minimising Risk
Joseph Daniels
8 The New Financial Architecture for the Global Economy
Norbert Walter
9 The Role of the International Monetary Fund as Lender of Last Resort
Curzio Giannini

III: THE BROADER ISSUES
10 Practising Exchange Rate Flexibility
Olivier Davanne and Pierre Jacquet
11 Can Small Countries Keep Their Own Money and Floating Exchange Rates?
George M. von Furstenberg
12 From Globalisation to Regionalism: The Foreign Direct Investment Dimension of International Finance
Alan Rugman

IV: CONCLUSION
13 Challenges and Contributions to the Conventional Wisdom
Karl Kaiser, John J. Kirton, and Joseph Daniels
Appendix: Strengthening the International Financial Architecture Report of G7 Finance Ministers to the Köln Economic Summit

Bibliography
Index

Tables
12.1 Average Annual Returns on Foreign Assets by MNEs 1996-97
12.2 The World's 500 Largest MNEs
12.3 World's Leading Multinational Enterprises, 1997

Figures
10.1 Real Dollar-Mark Exchange Rate and Real Interest Rate Differential

Contributors

Sir Nicholas Bayne, KCMG, is a Visiting Fellow at the International Relations Department of the London School of Economics and Political Science. As a British diplomat, he was High Commissioner to Canada, 1992-1996, Economic Director at the FCO, 1998-1992, and Ambassador to the OECD, 1985-1988. He is co-author, with Robert Putnam, of Hanging Together: Cooperation and Conflict in the Seven Power Summits.

Dr. Joseph P. Daniels is the Director of the Institute for Global Economic Affairs and Associate Professor of International Economics at Marquette University, Milwaukee, Wisconsin. As a Canadian-US Fulbright Research Scholar, he was Visiting Professor of Economics and International Relations, University of Toronto in 1997-98. An established scholar on the G7 Summit process, he has published widely on international economic policy processes.

Dr. Olivier Davanne is Scientific Advisor to the Conseil d'Analyse Economique (CAE) and Associate Professor at the University Paris-Dauphine. Before joining the CAE, he held various senior positions both in the private and in the public sector. He has also served as Senior Economic Advisor to the French minister in charge of labour and social affairs policies, as Co-director of European Economic Research with Goldman Sachs, and held various positions in the French Ministry of Finance.

Dr. Curzio Giannini is Deputy Head of the International Relations Department at the Banca d'Italia, where he previously served in the Research Department. He has been a member of several international groups, including the G-10 Committee on Payment and Settlement Systems, and the G-10 Ad Hoc Working Group on the Resolution of Sovereign Liquidity Crises, established after the 1994-95 Mexican crisis, and has written widely on monetary policy, financial intermediation, and international financial institutions.

Dr. Pierre Jacquet is Deputy Director of the French Institute of International Relations (IFRI) in Paris and Chief Editor of IFRI's quarterly review Politique Etrangère. He teaches economics at Ecole Polytechnique and is also Professor of international economics and Head of the Department of Economics and Social Sciences at Ecole nationale des ponts et chaussées. He is widely published in the fields of globalization, international monetary and financial issues, the coordination of economic policies, trade policies and negotiations, and European integration.

Dr. Karl Kaiser is Otto Wolff-Director of the Research Institute of the German Society for Foreign Affairs in Berlin and Professor of Political Sciences at the University of Bonn. He has taught at Harvard University, where he returned several times as Visiting Professor, as well as at the Universities of Bonn, Johns Hopkins (Bologna), Saarbruecken, and Cologne. He published numerous books in the fields of German foreign policy, transatlantic relations, European integration and international affairs.

Dr. John J. Kirton is Director of the G8 Research Group, Associate Professor of Political Science, Research Associate of the Centre for International Studies and Fellow of Trinity College at the University of Toronto. He has advised the Canadian Government on G7 participation and international trade and sustainable development, and has written widely on G7 summitry. He is co-editor of The G8's Role in the new Millennium.

Takashi Kiuchi is Economic Advisor of the Long-Term Credit Bank of Japan (LTCB). He has been a guest scholar at the Brookings Institution, and a member of the Faculty of Economics at Yokohama National University. He served as an advisor on governmental committees on numerous occasions and authored many articles and scholarly works.

Dr. Alan Rugman is Thames Water Fellow in Strategic Management at Templeton College, University of Oxford. Previously he was Professor of International Business at the University of Toronto 1987-1998, Dalhousie University 1979-1987 and the University of Winnipeg 1970-1978. He has also been a visiting professor at Columbia Business School, London Business School, Harvard University, U.C.L.A., M.I.T., Warwick Business School and the University of Paris-La Sorbonne, and has published over 200 articles dealing with the economic, managerial and strategic aspects of multinational enterprises and with trade and investment policy.

Dr. George M. von Furstenberg is a titled Professor at Indiana University in Bloomington. He spent several years of work at the International Monetary Fund as Division Chief, and at various U.S. government agencies, such as the Department of Housing and Urban Development, the President's Council of Economic Advisers, and the Department of State. He has also been a resident fellow, economist, or adviser at both the Brookings Institution and the American Enterprise Institute, as well as the first holder of the Bissell-Fulbright Professorship in Canadian-American Relations at the Centre for International Studies. Based on his extensive scholarly contribution, he has been selected by his peers to serve as associate editor of the Review of Economics and Statistics published by Harvard University, editorial advisory board of Open Economies Review, and is currently president-elect and program chair of the North American Economics and Finance Association.

Dr. Norbert Walter Managing Director, Deutsche Bank Research, and Chief Economist, Deutsche Bank Group. While Professor and Director at the renowned Kiel Institute for World Economics, he was consultant for German Economic policymakers. He has also served as Lecturer at the Christian Albrechts University, and John McCloy Distinguished Research Fellow and resident scholar at the American Institute For Contemporary German Studies in Washington DC. He is the author of What Would Erhard Do Today, More Market - Less Intervention, and On the New Wealth of the Nation.

Dr. Duncan Wood is Professor of International Relations and Director of the Canadian Studies Program at the Instituto Technologica Autonoma de Mexico in Mexico City. A specialist in international political economy, he received his Ph.D from Queen's University in Canada. He is the author of forthcoming works on approaches to international political economy, and the role of the G7 in banking regulation and supervision.

 

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