References of "Review of International Political Economy"
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See detailThe political economy of the euro area's sovereign debt crisis
Howarth, David UL

in Review of International Political Economy (2015), 22(3), 457-484

This special issue has two main aims: to examine the contribution of political economy analyses of the sovereign debt crisis and to relate these findings to longstanding debates in the sub-disciplines of ... [more ▼]

This special issue has two main aims: to examine the contribution of political economy analyses of the sovereign debt crisis and to relate these findings to longstanding debates in the sub-disciplines of comparative political economy, international political economy and European economic governance. This introduction begins by reviewing the comparative political economy literature on national financial systems in order to account for the playing out of the crisis. It then examines the international political economy literature on the International Monetary Fund (IMF) and financial (sovereign debt) markets that played such a key role in the unfolding of the sovereign debt crisis. Finally, it outlines longstanding academic debates on the main ’asymmetries’; in European economic governance, and provides a critical overview of the three main policy and institutional reforms adopted by European Union governments in response to the crisis. [less ▲]

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See detailIn the Vanguard of Globalisation: the OECD and Capital Liberalisation
Howarth, David UL; Sadeh, Tal

in Review of International Political Economy (2011), 18(5), 622-645

A survey of the literature on the political economy of global financial liberalisation shows how little has been written on the role of the OECD, and how the Principal-Agent (PA) theory, complemented by ... [more ▼]

A survey of the literature on the political economy of global financial liberalisation shows how little has been written on the role of the OECD, and how the Principal-Agent (PA) theory, complemented by Constructivist tools, can be applied helpfully to analyse this process.We show that the OECD’s Committee on Capital Movements and Invisible Transactions (CMIT) played an entrepreneurial role in encouraging the liberalization of capital flows. In particular, we argue that the CMIT slipped by acting beyond its core delegation roles and against the preferences of the OECD member states’ governments. This was done by discussing and seeking to expand the list of issue areas on which controls should be lifted to include short-term capital movements and the right of establishment, to adopt an extended understanding of reciprocity, and to eliminate a range of additional discriminatory measures on capital flows. Acting as institutional entrepreneurs, the CMIT members took advantage of the overlap among the networks in which they were engaged to spread their ideas to the member states. The CMIT’s work affected the member states’ willingness to make irrevocable, multilateral commitments through a combination of peer pressure and vertical institutional interconnectedness. Through the work of the CMIT, the OECD was an important actor in capital liberalization, in addition to the role played by other international organizations. [less ▲]

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