`Index`

Abdelal, Rawi, 279n 7
Adelman, Jeremy, 30, 40, 41, 47
Adeosun, Kemi, 104
Advanced economies (AEs), 27
capital inflows to EMDEs from, 199
finance networks of, 74
spillover effects of monetary policy in, 216, 237–238
Africa, 185
Chinese financing in, 182
countercyclical macroeconomic policies in, 280n10
IMF assistance in, 123–124
IMF social spending targets in, 128
Programme for Infrastructure Development in, 259–260n20
African Development Bank (AfDB), 183–184, 259–260n20
Agosin, Manuel, 139
Agricultural Development Bank of China, 181
Alacevich, Michele, 30, 42, 252n25
ALBA (Bolivarian Alliance for the Peoples of Our America), 186, 277n91–92
Albert Hirschman Prize (Social Science Research Council), 33
Aliyev, Ilham, 210
Althusser, Louis, 254n38
Ambiguity, 87–91, 125, 133, 247n5, 261n4
Amsden, Alice, 250n12
Andean Development Corporation, 168
Andean Reserve Fund, 152
Arab League, 157
Arab Monetary Fund (ArMF), 157–159
Arab Spring, 123, 159, 266n63
Argentina, 206
Argentina, Central Bank of, 194
Armijo, Leslie Elliot, 80, 116, 118–119, 162, 179
ASEAN+3 Macroeconomic Research Office (AMRO), 146–150
Asian Development Bank (AsDB), 140, 183–184, 275n65
Asian Infrastructure Investment Bank (AIIB), 174–177
Asian Monetary Fund (AMF; proposed), 6, 68–69, 139
Chiang Mai Initiative and, 146
Association of Southeast Asian Nations (ASEAN), Chiang Mai Initiative and, 146
Asymmetric international economic relations, 35–36
Austerity policies, 129–132
Azerbaijan, 105, 210
Ban, Cornel, 123, 131
Bangladesh, 218
Bank of ALBA, 186, 189
Bank of the South (BDS), 186–189
Basu, Kaushik, 111
Beggar-thy-neighbor policies, 237–238
Belarus, 160
“Belt and Road” initiative, 174, 177–178. See also Silk Road Economic Belt; 21st Century Maritime Silk Road
Berg, Andrew, 131
Bernanke, Ben, 216, 225
Best, Jacqueline, 89–90, 92, 247n5, 267n68
Bhagwati, Jagdish, 195
Bilateral and multilateral trade agreements, 211–212, 219, 221, 226, 232, 282n30, 284n48
Bilateral swaps, 95–97. See also Currency swaps
Blanchard, Olivier, 120, 130
on austerity policies, 130
on capital controls, 213–214
on IMF aid to Greece, 101
Blyth, Mark, 29–30, 239, 255n50
BNDES (National Bank of Economic and Social Development; Brazil), 178–181
Bolivarian Alliance for the Peoples of Our America (ALBA), 186, 277n91–92
Bräutigam, Deborah, 182
Brazil, 79, 114–115. See also BRICS
in BRICS, 160
capital controls used by, 201–202, 207, 217
National Bank of Economic and Social Development of, 178–181
Bretton Woods institutions (BWIs), 27
after global financial crisis, 3, 20–21
capital controls after World War II, 193
“Gentleman’s Agreement” on leadership of, 110–111
governance reforms in, 105–106
Main Regional Development Banks as, 183–185
policy and regulatory diversity in, 240
transformations in, 9–10
2010 IMF Quota and Governance Reform Agreement, 108–110
Brexit, 25, 80, 201, 238, 245
BRICS (Brazil, Russia, India, China, and South Africa)
Contingent Reserve Arrangement of, 160–163
during global financial crisis, 3, 96
on ending “gentleman’s agreement,” 110–111
financial support to IMF, 113–115
on IMF governance, 106–107, 109–110, 114–117
meetings of, 81
New Development Bank of, 172–174
transformation from BRICs to BRICS, 247n2
Broome, André, 124
Brown, Gordon, 259n12
Bundesbank (Germany), 213
Bush, George W., 75–76
CAF (Development Bank of Latin America), 168–171
Cai, Jin-Yong, 111
Callable capital, 165
Camdessus, Michel, 62, 121, 257n16
Campbell, John L., 24
Capacity expansion of EMDE financial institutions, 140
Capital controls, 28, 210, 224–228
by China, 207–209, 281–282n24
credit rating agencies reaction to, 203, 205–206, 210,
East Asian financial crisis and, 58
by EMDEs, 199–204
by Eurozone countries, 205–206
global financial crisis and, 196–198, 204–205, 218–222
G-20 on, 79, 223–224
G-24 on, 223
following global financial crisis, 21–22
history of, 193–196
by Iceland, 204–205, 281n20
IMF on, 124, 233
inflow controls, 124, 193–196
Keynes (John Maynard) on, 193–194
neoclassical economics on, 214–218
new pragmatism on, 213–214
new welfare economics of, 215
outflow controls, 124, 193–195, 204, 213, 219
rebranding of, 21–22, 198, 282–283n32
rejected by some countries, 211
struggles over, 222–224
White (Harry Dexter) on, 193–194
Carry trade, 199, 213, 216, 280fn13
Carstens, Agustín, 110, 207, 214
Central Bank of Argentina, 194
Central banks, reserve pooling arrangements among, 141–144
Chang, Ha-Joon, 250n11
Chiang Mai Initiative (CMI), 146–151
Chiang Mai Initiative Multilateralisation (CMIM), 146–151
Chicago school, 10, 194
Chile, 212, 282n27, 282n30
Chin, Gregory, 149, 173, 247n6, 269n1
China. See also BRICS
Asian Infrastructure Investment Bank of, 174–177
Asian Monetary Fund opposed by, 69
“Belt and Road” Initiative of, 174
in BRICS, 160
capital controls and currency polices of, 203, 207–209, 223, 225–226, 281–282n24
capital outflows from, 200
China Development Bank, 181–183
on CIMM, 146–148, 270n11
in Contingent Reserve Arrangement, 163
countercyclical macroeconomic policies of, 280n10
during East Asian financial crisis, 256n3
Ellerman on, 44
in G-20, 80, 81
in IMF, 64, 115, 118, 119, 265n52
on IMF governance, 107, 113
leadership of G-20 and capital controls, 223
managed convertibility, 207
in New Development Bank, 172, 173
Rodrik on, 44
Silk Road Fund of, 177
China Development Bank (CDB), 178, 181–183
Chwieroth, Jeffrey, 279n 7, 283n42
Clift, Ben, 130
Cline, William, 214, 219
Colander, David, 253–254n37
Colombia, 253n34, 271n28
Complexity theory, 252n28, 253n33, 254n39
Conditionality, 187–188
by IMF, 125–127
Constructivism, 24, 88–92, 261n4, 279n7
Contingent Reserve Arrangement (of BRICS), 160–163
Continuity thesis, 4, 6–9
on global financial crisis, 11–12
on IMF, 260n2
Costa Rica, 152, 203, 207, 271–272n29
Countercyclical macroeconomic policies, 280n10
Counter-cyclical Support Facility (of AsDB), 184
Cox, Robert, 252n30
Culpeper, Roy, 25, 190
Cummins, Matthew, 123
Currencies
carry trade, 199, 216, 235, 280n13
Chinese, used in international trade, 276n81
devaluation of, 100, 262–263n20
IMF SDR basket of, 119
used by Development Bank of Latin America, 171
Currency reserve accumulation, 7, 65, 67–68, 208–209, 226, 242, 257–258n21
Currency swaps. See Bilateral swaps
Cyprus, 100, 103
capital controls used by, 205, 211, 281n22
da Silva, Lula, 114
Deaton, Agnus, 254–255n45
Deglobalize, 80, 238
DeMartino, George F., 239
epistemic inadequacy and expert humility, 235, 242, 255n51
experts, 13
hubris, 92
“maxi-max decision rule,” 239
Developmental finance, definition of, 26–27
Development Bank of Latin America (CAF), 168–171
Development banks (infrastructure banks), 164–165, 189
Asian Infrastructure Investment Bank, 174–177
Bank of ALBA, 186
Bank of the South, 186–187
Brazil National Bank of Economic and Social Development, 178–181
China Development Bank, 181–183
Development Bank of Latin America, 168–171
governance of, 187–188
Main Regional Development Banks, 183–185
New Development Bank, 172–174
Development economics, 31–34
Development experts, 44–46
Development finance, definition of, 26
Discontinuity
and architectural innovations in EMDEs, 141
and capital controls, 124
and global crisis, 11, 17–22
and G-20 and FSB, 18
and IMF, 124
Dobbs, Richard, 216
Drezner, Daniel, 31, 82, 250–251n14
East Asian financial crisis (1997–1998), 3, 27, 57, 69–70
capital controls and, 194
IMF after, 61–65
IMF during, 87
lasting impact of, 6–7
neoliberalism during and following, 58–61
regional and transregional financial architectures after, 138–139
Easterly, William, 44, 46
Economic nationalism, 238
EMDEs and, 25
neoliberalism and, 248n12
Economics
constructivism and, 88
maxi-max decision rule in, 239
neoclassical, 214–218, 225, 241
Ecuador, 170, 206, 271n26, 271–272n29
Egypt, 123, 129
Eichengreen, Barry, 62, 113, 134
Ellerman, David, 33, 44, 46, 249n1, 253n36, 254n40
EMDEs (Emerging Market and Developing Economies), 27
architectural innovations in, 141
capital controls used by, 200–204, 206–207, 212–213, 216–217, 225
capital inflows to, 199
capital outflows from, 80, 199–200
complexity of, 38, 251n20
coordination between IMF and EMDE institutions, 151
in current economic climate, 5, 25–26
development banks in, 164
on ending “gentleman’s agreement,” 110–111
escaping from IMF, 65–68
finance networks of, 74
on Financial Stability Board, 82, 83
in G-20, 79–81, 84
in IMF governance, 106–109, 116–118
IMF’s influence among, 97–98
impact of East Asian financial crisis on, 6, 7
regional and transregional financial architectures in, 138–141
reserve accumulation by, 66–67 (see also Currency reserve accumulation)
sovereign wealth funds held by, 67–68
swap arrangements between Fed and, 96
Emergency Liquidity Facility, 184
Energy policies
of Asian Infrastructure Investment Bank, 176
of China Development Bank, 183
Environmental and social policies
of Asian Infrastructure Investment Bank, 176–177
of China Development Bank, 183
of National Bank of Economic and Social Development, Brazil, 180–181
Epistemic issues, 37–41, 44–45
Epstein, Gerald, 198
Erten, Bilge, 217–218
Estonia, 100
Ethical issues, 44–46, 254–255n45
Eurasian Development Bank, 159
Eurasian Economic Community Anti-Crisis Fund, 159
Eurasian Fund for Stabilization and Development (EFSD), 159–160
Europe
IMF power in, 94, 98–99
overrepresented in IMF leadership, 103–104, 112–113
European Bank for Reconstruction and Development (EBRD), 277n85
European Central Bank (ECB), 99–100
European Commission (EC), 99
European Financial Stability Facility (EFSF), 115, 262n19
European Investment Bank (EIB), 277n85
European Monetary Union, 99
European Stability Mechanism (ESM), 99, 262n19
European Union (EU), 211
Eurozone, 95
capital controls used by countries in, 205–206
IMF loans to, 98–99
Exceptional access, 93, 104, 112, 265n48
Exit, 34–35
Experimentation, 15, 33, 43, 240–241, 244
Export-Import Bank of China, 181, 182
Federal Reserve system (Fed), 95–96, 200
Feldstein, Martin, 195
Finance Group of 20, 75–76. See also G-20
Finance networks, 73–75
EMDEs in, 74
G-20 and FSB in, 83–84
Financial governance architecture, 26, 28
Financial Stability Board (FSB), 18, 81–83
Financial Stability Forum (FSF)
creation of, 60
renamed Financial Stability Board, 18, 82
Fischer, Stanley, 59, 110
FLAR (Latin American Reserve Fund), 152–157
Flexible Credit Line (FCL), 65–66, 127
Fortaleza Declaration (2014), 161, 172
France, 222–223
Friedman, Milton, 35
Fritz, Barbara, 283n41
Fukuyama, Francis, 32, 43
Furceri, Davide, 133, 134
Futilism, 22, 46–47, 162–163
G-7 (Group of Seven countries)
Finance G-20 created by, 75
Financial Stability Forum created by, 60, 82
G-8 (Group of Eight countries)
dominance of, 8
replaced by G-20, 18
G-11 (EMDEs in World Bank), 111
G-20 (Group of Twenty countries), 84
accomplishments of, 79–80
on capital controls, 222–223
capital controls used by, 198, 280n11
currency swap proposal, 78
EMDEs in, 8
future of, 80–81
growth-friendly fiscal consolidation, 77, 121, 129
G-8 replaced by, 18
on global financial crisis, 3
history of, 75–77
on IMF, 94, 95
infrastructure financing by, 78–79
Keynesianism of, 77–78
on reform of BWI governance, 107–108
on regional structures, 140
G-24 (Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development), 264n37
Gabor, Daniela, 268n78
Gallagher, Kevin, 182, 284n46
Geithner, Timothy, 83, 94, 95
“Gentleman’s Agreement” on IMF and World Bank leadership, 110–111
Germain, Randall, 248n9
Germany
on aid to Greece, 129
on capital controls, 213
on IMF and inflation, 100
on Troika aid to Greece, 100, 101
Gerschenkron, Alexander, 42, 273n50
Ghosh, Atish R., 217
Gibson-Graham, J. K., 247n1, 253n35, 255n51
Gladwell, Malcolm, 249n2, 252n27
Global Environment Facility, 171
Global financial crisis (2008), 3, 17–22, 27
capital controls and, 196–198, 204–205, 218–222
continuity view of, 11–12
countercyclical policy and, 68, 120–121, 198, 280n10
discontinuity view of, 11
Group of 20 during, 75–76
IMF during, 87, 92–95, 97–98, 120–127, 257n13
IMF governance reform and, 106–109
Main Regional Development Banks during, 184, 185
monetary policy in response to, 237
productive incoherence view of, 12–14
regional and transregional financial architectures after, 139–140
in U.S., 95–97, 248n13
Global financial governance
definition of, 26
discontinuities in, 137–138
Global Infrastructure Connectivity Alliance (of G-20), 79
Global Infrastructure Facility (of World Bank), 274n63
Global South. See EMDEs (Emerging Market and Developing Economies)
Grabel, Ilene, 195, 198, 260n1
Greece, 19–20, 129
capital controls used by, 205–206, 211, 281n23
financial crisis in, 99
IMF loans to, 98, 112–113
social programs in, 128
structural conditions in IMF aid to, 126
Troika aid to, 100–103
Green Climate Fund, 171
Greenspan, Alan, 59, 60, 62
Grimes, William, 149
Guerrieri, Paolo, 258n8
Hanieh, Adam, 123
Harper, Stephen, 281n18
Hayek, Friedrich, 38
Helleiner, Eric, 9, 18
on Fed’s swaps, 96
on Financial Stability Board, 83
on global financial networks, 84
Helleiner, Gerald, 33–34, 251n15
Henning, C. Randall, 119, 273n49
Heritage Foundation, 214
Hiding Hand, 39–40, 45, 191, 252n26
Hirschman, Albert O., 14–15, 28, 29–31, 138, 189, 231
on asymmetric international economic relations, 35–37
on development experts, 44–46
on epistemic issues, 37–41
on exit and voice, 34–35
on experimental 15, 25, 42–44, 240
on futilism, 22, 46
on grand theories, 41–42, 235
importance of diminutive to, 42–44
legacy of, 31–34
methodology of, 51–54
possibilism of, 46–48
on rhetoric, 46–48
on social change, 22–23
on theorizing, 244
on uncertainty and limits to intelligibility, 37–38
Hirschmanian perspective, 245, 249n1
on development, 234–235
Drezner and Gladwell on, 249n2
mandates drawn from, 239–244
productive incoherence thesis and, 14–15
risk in, 52–54, 235–236
on social change, 22–24
Hirschmanian possibilism, 23, 24, 51
Historical institutionalism, 260–261n3, 261n7
Hochstetler, Kathryn, 179
Hu, Jintao, 115
Humphrey, Chris, 171
Hungary, 103
Hybridization of EMDE financial institutions, 140–141
Iceland, 98, 204–205, 281n20
Independent Evaluation Office (IEO; IMF), 64, 266n59, 267n69
India. See also BRICS
in BRICS, 160
capital controls used by, 209
Indonesia, 203–204
Inequality, IMF on, 129–132
Inflation, 131
Inflow controls. See Capital controls
Infrastructure banks. See Development banks
Infrastructure financing, 78–79
Asian Infrastructure Investment Bank for, 174–177
development banks for, 164–165
Global Infrastructure Facility (of World Bank), 274n63
New Development Bank for, 172–174
World Bank infrastructure initiative for, 259–260n20
Institute of International Finance (IIF), 199
Institutional creation of EMDE financial institutions, 141
Institutional stasis in EMDE financial institutions, 140
Inter-American Development Bank (IADB), 95, 184
Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24), 264n37
International Bank for Reconstruction and Development (IDRB), 105, 185
International Development Association (IDA), 105
International Finance Corporation, 111
International Financial Institution Advisory Commission (Meltzer Commission), 62
International Labour Organization (ILO), 77
International Monetary and Financial Committee (IMFC; IMF), 107–108
International Monetary Fund (IMF), 87–88
ambiguities across, 88, 125–132
Arab Monetary Fund coordination with, 158
Asian Monetary Fund proposal as alternative to, 68–69
on Brazil’s capital controls, 201–202
on capital controls, 193, 195–196, 212–216, 218–225
change within, 132–135
Chiang Mai Initiative Multilateralisation and, 146–147, 149
constructivist accounts of, 88–91
coordination with EMDE institutions, 151
during East Asian financial crisis, 57, 279n 6
after East Asian financial crisis, 61–65
EMDEs escape from, 65–68
as enforcer of neoliberalism, 12
Eurasian Fund for Stabilization and Development and, 160
exceptional access policy of, 93, 104, 112
during global financial crisis, 19–20, 120–124
after global financial crisis, 233
governance of, 105–120
on Iceland’s capital controls, 204–205
identity and influence of, 92–98
institutional change within, 91–92
“Institutional View” of, 219–222
Keynesianism rejected by, 259n13
neoliberal control over, 194
new multilateralism of, 241–242
policy inconsistencies within, 129–132
on regional structures, 140
rhetoric versus practice of, 125–127
social spending targets of, 127–129
Special Data Dissemination Standard of, 59–60
in Troika, 98–104, 263n31
2010 IMF Quota and Governance Reform Agreement, 108–110
U.S. control over, 7
Ireland, 129, 263–264n32
IMF loans to, 98, 100, 103
Islam, Iyanatul, 122
James, Harold, 248n7
Japan
absent from Asian Infrastructure Investment Bank, 175
on CIMM, 147, 148
in IMF, 265n52
loan to IMF by, 94
Jeanne, Olivier, 217
Jomo K. S., 198
Jordan, Thomas, 213
Jorgensen, Helene, 122
Kamolovich, Nuraliev, 209
Kantor, Mickey, 62
Kaplan, Ethan, 195
Katada, Saori N., 80, 162
Kattel, Rainer, 262–263n20
Katzenstein, Peter, 269n 5
Kentikelenis, Alexander, 90, 123
Keynes, John Maynard, 29, 40
on capital controls, 193–194, 219
Keynesianism
of G-20, 77–78, 259n13
post-World War II, 9–10
Kim, Jim Yong, 111
King, Lawrence, 90, 123
King, Mervyn, 62–63
Kirshner, Jonathan, 248n13, 279n 7
Kissinger, Henry, 61
Korea. See South Korea
Korinek, Anton, 215
Kranke, Matthias, 268n74
Krueger, Anne, 10
Krugman, Paul, 31–32, 195, 253n36
Kuroda, Haruhiko, 208, 225
Lagarde, Christine
on austerity, 129
on Chinese currency policies, 208
elected IMF managing director, 110–111
on EMDEs in IMF, 114–116
on end of conditionality by IMF, 125
on IMF aid to Greece, 101, 102
on unconventional monetary policies, 198, 280n12
Lanz, Dustyn, 266n63
Latin America, 151
Bolivarian Alliance for the Peoples of Our America in, 186
Chinese financing in, 182
countercyclical macroeconomic policies in, 280n10
Latin American Reserve Fund, 152–157
National Bank of Economic and Social Development, Brazil, 178–181
Latin American Reserve Fund (FLAR), 152–157
Latvia, 100, 103, 205
Leigh, Daniel, 130
Lepenies, Philipp H., 250n12, 255n46
Lew, Jacob, 101
Libertarianism, 214
Lin, Jianhai, 119
Lin, “Justin” Yifu, 119
Lindblom, Charles, 40, 43
Linkages, 37
Liquidity sharing (reserve pooling) institutions and arrangements, 141–144
Lisbon Treaty, 211, 282n28
Lithuania, 100
Lombardi, Domenico, 258n8
Loungani, Prakash, 133, 134
Lula da Silva, Luiz Inácio, 114, 178–179
Lütz, Susanne, 268n74
Macri, Mauricio, 206
Magud, Nicolas, 217
Mahoney, James, 279n7
Main Regional Development Banks (MRDBs), 164, 183–185
Malaysia, 194–195, 278–279n5
Mantega, Guido, 106, 115, 215, 216
Marchenko, Grigori, 110
Martinez-Diaz, Leonardo, 81
Mazzucato, Mariana, 254n40, 273n50
McCloskey, Deirdre, 254n44
McKay, Julie, 157
McKinnon, Ronald, 218
McMillan, John, 44
Meltzer, Alan, 62
Meltzer Commission (International Financial Institution Advisory Commission), 62
Mexico
financial crisis in, 59
NAFTA restrictions on, 212
swap arrangements between Fed and, 96
Mistry, Percy S., 139
Mnuchin, Steven, 260n21
Mody, Ashoka, 113, 268n76
Momani, Bessma, 91, 266n63
Monetary policies. See also Capital controls
in advanced economies, 53, 78, 199–201, 206–207, 216
in response to global financial crisis, 237–238
Monterrey Consensus (2002), 139
Moschella, Manuela, 279n7
Mossallem, Mohammed, 123
“Muddling through,” 17, 43, 253–254n37
National Bank of Economic and Social Development (BNDES; Brazil), 178–181
National development banks, 178–183
Nationalism, 245, 248n12
National self-insurance, 65–68. See also Currency reserve accumulation; EMDEs (Emerging Market and Developing Economies): reserve accumulation
Nelson, Stephen C., 94, 117, 121, 279n7
Neoclassical economics, 241
on capital controls, 214–218, 225
Neoliberalism, 9–10
capital controls and, 194–196, 211, 214–218
decline of, 231
during East Asian financial crisis, 58–61, 69
economic nationalism and, 248n12
in G-20, 80
Hirschmanian perspective on, 15
of IMF, 12, 233
“maxi-max decision rule” in, 239
new landscape compared with, 190
Ostry, Loungani, and Furceri on, 133
productive incoherence thesis on, 15–16
systemic risk in, 239
theoretical architects of, 237, 239
Networks, 18, 37, 60, 73–74
New Arrangements to Borrow (NAB), 94–95, 262n13
New Development Bank (NDB), 161, 172–174, 274–275n64
New International Economic Order (NIEO), 4, 8, 11
Nigeria, 104–105, 210
Nogueira Batista, Paulo, Jr., 219–220
North American Free Trade Agreement (NAFTA), 211, 212, 282n31
Obama administration, 95
Obstacles to development thesis, 41
Obstfeld, Maurice, 102, 134, 195
Ocampo, José Antonio
on capital controls, 197–198, 217–218
on denser architecture, 190
on economic and social governance, 139
on G-20, 76
on Latin American Reserve Fund, 156
on new role for the IMF, 135
nominated as World Bank president, 111
on reformed IMF, 241
on regional institutions, 241
Okonjo-Iweala, Ngozi, 111
O’Neill, Jim, 160
Opportunism, 33, 43, 235, 241
Organized hypocrisy, 90
Ortiz, Isabel, 123
Ostry, Jonathan D., 131, 133, 134, 218
Outflow controls. See Capital controls
Pagliari, Stefano, 18
Palley, Thomas, 261n6
Pauly, Louis, 73, 83
Peru, 170, 203
Picciotto, Robert, 250n10
Pigouvians, 215
Pluripolarity, 5–6, 28, 243–244
Polanyi, Karl, 29–30, 232, 254n43
Political science, constructivism in, 24, 88–91, 279n7
Popper, Karl R., 251n20
Portugal, 98, 103
Possibilism, 46–48, 51
on Contingent Reserve Arrangement, 162, 163
Hirschmanian 23–24, 51
Poststructuralist accounts, 255n47, 284n3
Prasad, Eswar, 218–219
Prates, Daniela Magalhães, 283n41
Prebisch, Raúl, 194
Precautionary Credit Line (PCL), 267n71
Precautionary support, 188
Productive incoherence thesis, 4–5
features of, 15–17
on global financial crisis, 12–14
Hirschmanian mindset and, 14–15
potential dangers in, 25
Productive redundancy, 25, 150, 189–190, 238, 242
Programme for Infrastructure Development in Africa, 259–260n20
Qureshi, Mahvash, 217
Rajan, Raghuram, 209, 215, 227, 241
Randomized control tests (RCTs), 32–33, 254–255n45
Rashid, Hamid, 284n49
Raudla, Ringa, 262–263n20
Reddy, Sanjay, 254n40
Regionalism, 138–140
Regional organizations, 269n 5
Arab Monetary Fund, 157–159
Chiang Mai Initiative Multilateralisation, 146–151
Development Bank of Latin America, 168–171
Eurasian Fund for Stabilization and Development, 159–160
IMF meeting with, 151
Latin American Reserve Fund, 152–157
Main Regional Development Banks, 183–185
National Bank of Economic and Social Development, 178–181
Reinhart, Carmen M., 217
Reinold, Theresa, 268n75
Renminbi (Chinese currency), 207, 208, 276n81
Reserve pooling (liquidity sharing) institutions and arrangements, 141–144
governance of, 187–188
Resilience, 24, 65, 67, 150, 189, 242
Rey, Hélène, 215, 216
Rhetoric
Hirschman and, 46–48, 120–121, 123, 125–133
Roberts, Cynthia, 116, 118–119, 162
Rodrik, Dani
on capital controls, 219, 284n49
on China, 44
on economic liberalism, 254n42
on Hirschman, 30
on inconsistencies within IMF, 133–134
on Malaysian capital controls, 195
on neoclassical economics, 250n11
on opportunism, 33
on policy and regulatory diversity, 240–241
on state of development economics, 32–33
Rogoff, Kenneth, 113
Romania, 100, 103
Rosenstein-Rodan, Paul, 32
Rousseff, Dilma, 114–115
Russia. See also BRICS
in BRICS, 160
capital controls used by, 209
in Contingent Reserve Arrangement, 162
in Eurasian Fund for Stabilization and Development, 159, 272n39
on IMF governance, 107
Sabel, Charles, 254n40
Sakakibara, Eisuke, 69
Sarkozy, Nicholas, 115
Scalability, 50
Schäubel, Wolfgang, 100, 129
Seabrooke, Leonard, 261n8
Sen, Amartya, 37
Shin, Hyun Song, 215
Side effects, 37
Sidgwick, Henry, 45–46
Silk Road Economic Belt, 177
Silk Road Fund, 174, 177
Simon, Herbert, 251n19
Singapore reforms (in IMF), 64, 106
Skidelsky, Robert, 29
Slaughter, Anne-Marie, 73
Smith, Adam, 39, 45–46
Social change
Hirschman on, 22–23
significance of, 50–51
Social engineering, 46, 241, 253n36
Social Science Research Council, 33
Soederberg, Susanne, 77
Soros, George, 252n29
South Africa, 185. See also BRICS
in BRICS, 161
South America
financial regionalism in, 138
Latin American Reserve Fund in, 152–157
National Bank of Economic and Social Development, 178–181
South Korea, 64
capital controls used by, 204
in G-20, 78
IMF and, 65–66
trade agreement between U.S. and, 282n30
Sovereign wealth funds (SWFs), 67–68
Special Data Dissemination Standard (SDDS; IMF), 59–60
Special Drawing Right (SDR), 3, 20, 78, 119, 207
Spence, Michael, 216–217, 241
Spillover effects, 199–201, 215–216, 220, 225–227, 236–237, 240–242,
State Administration of Foreign Exchange (of China; SAFE), 177, 203, 208
Stiglitz, Joseph, 3, 29, 284n49
Stiglitz Commission, 139
Stock exchanges
in BRICS, 161
in EMDEs, 200
Strauss-Kahn, Dominque, 92
arrest and resignation of, 110
on Brazil’s capital controls, 202
on future of IMF, 63, 94
during global financial crisis, 120–121
on Greek debt, 263n23
on regional structures, 139
on 2010 agreement, 109
Stubbs, Thomas, 90, 123
Stuenkel, Oliver, 11
Subacchi, Paola, 281–282n24
Subbarao, Duvvuri, 209
Subramanian, Arvind, 202, 217
Summers, Lawrence, 62, 69
Surveillance, 113, 118, 120, 134, 187–188
Sustainable Development Goals (SDG; of United Nations), 4, 165, 242, 274n53
Swap diplomacy, 97
Swiss National Bank, 213
Systemic risks, 238–239
Taiwan, 203
Tajikistan, 209
Taleb, Nassim, 21, 45, 235
Tapering, 200
Taper tantrum (2013), 200, 207
Taxation
capital controls as, 202, 204, 206, 212
IMF on, 268n79
Tendler, Judith, 251–252n24
Thailand
capital controls used by, 204, 278n3
East Asian financial crisis starting in, 57
Thelen, Kathleen, 279n7
Thomsen, Poul, 102
Tietmeyer, Hans, 82
Trans-Pacific Partnership (TPP), 211, 282n27
Transparency, after East Asian financial crisis, 60
Troika (IMF, EC and ECB), 98–104, 263n31
Trump, Donald, 119, 200, 207, 238, 245, 255–256n53
Trump administration, 119–120, 245
Trump tantrum, 200, 207
Tsangarides, Charalambos G., 131
Tsipras, Alexis, 101, 206
Turkey, 104
21st Century Maritime Silk Road, 177
2010 IMF Quota and Governance Reform Agreement, 108–110
Ukraine, 94, 257n12
capital controls used by, 210, 281n21
IMF aid to, 98
Troika aid to, 103
Unconventional monetary policy, 198
Unitary System for Regional Compensation (SUCRE), 277n92
United Kingdom (U.K.), 175
United Nations Conference on Trade and Development (UNCTAD), 139, 190
United States
absent from Asian Infrastructure Investment Bank, 175
Asian Monetary Fund proposal opposed by, 69
Chile and, 212, 282n30
during East Asian financial crisis, 62
global financial crisis in, 18, 95–97, 248n13
on IMF governance, 109, 264n41
IMF under dominance of, 7, 106, 117
monetary policies in, 255–256n53
Urbinati, Nadia, 31
Uruguay, 203
Utopianism, 253n34
Venezuela, 186–187, 206
Vestergaard, Jakob, 104
Viola, Lora Anne, 76
Voice, 35
Volz, Ulrich, 157
Wade, Robert H., 104, 139, 224, 261n5
Walter, Andrew, 119
Washington Consensus, 10
G-20 on death of, 77, 259n12
Rodrik on, 33
Weaver, Catherine, 261n5
Weisbrot, Mark, 122, 132
White, Harry Dexter, 193–194
Williamson, John, 202, 217
Wölfinger, Regine, 157
Woods, Ngaire, 80–81, 113, 134
World Bank
Asian Infrastructure Investment Bank and, 176–177
callable capital of, 165
on capital controls, 221–222
competition between IMF and, 104–105
“Gentleman’s Agreement” on leadership of, 110–111
during global financial crisis, 95, 185
Global Infrastructure Facility of, 274n63
Hirschman’s work for, 38–39, 253n34
on IMF after East Asian financial crisis, 64, 257n16
infrastructure funding by, 164, 173
infrastructure initiative of, 259–260n20
Main Regional Development Banks work with, 184
World Bank Group, 165
World Trade Organization (WTO)
capital controls and, 211
Rodrik on role of, 240
Zhang, Tao, 119
Zhou, Xiaochuan, 3, 80
Zhu, Min, 119
Zoellick, Robert, 92, 222