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dc.contributor.authorKring, William N.en_US
dc.contributor.authorGrimes, William W.en_US
dc.date.accessioned2019-03-27T14:59:56Z
dc.date.available2019-03-27T14:59:56Z
dc.date.issued2019-01-01
dc.identifierhttp://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000455510200004&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=6e74115fe3da270499c3d65c9b17d654
dc.identifier.citationWilliam N Kring, William W Grimes. 2019. "Leaving the Nest: The Rise of Regional Financial Arrangements and the Future of Global Governance." DEVELOPMENT AND CHANGE, Volume 50, Issue 1, pp. 72 - 95 (24). https://doi.org/10.1111/dech.12471
dc.identifier.issn0012-155X
dc.identifier.issn1467-7660
dc.identifier.urihttps://hdl.handle.net/2144/34365
dc.description.abstractThis article examines the impact of regional financial arrangements (RFAs) on the global liquidity regime. It argues that the design of RFAs could potentially alter the global regime, whether by strengthening it and making it more coherent or by decentring the International Monetary Fund (IMF) and destabilizing it. To determine possible outcomes, this analysis deploys a ‘middle‐up’ approach that focuses on the institutional design of these RFAs. It first draws on the rational design of institutions framework to identify the internal characteristics of RFAs that are most relevant to their capabilities and capacities. It then applies these insights to the interactions of RFAs with the IMF, building on Aggarwal's (1998) concept of ‘nested’ versus ‘parallel’ institutions, to create an analytical lens through which to assess the nature and sustainability of nested linkages. Through an analysis of the Chiang Mai Initiative Multilateralization (CMIM) and the Latin American Reserve Fund (FLAR), the article demonstrates the usefulness of this lens. It concludes by considering three circumstances in which fault lines created by these RFAs’ institutional design could be activated, permitting an institution to ‘leave the nest’, including changing intentions of principals, creation of parallel capabilities and facilities, and failure of the global regime to address regional needs in a crisis.en_US
dc.description.sponsorshipThe authors would like to thank Veronica Artola, Masatsugu Asakawa, Ana Maria Carrasquilla, Junhong Chang, Paolo Hernando, Hoe Ee Khor, Kazunori Koike, Jae Young Lee, Ser-Jin Lee, Guillermo Perry, Yoichi Nemoto, Freddy Trujillo, Masaaki Watanabe, Yasuto Watanabe, Akihiko Yoshida, and others who wished to remain anonymous, for their generosity in providing in-person interviews. Further, the authors would like to thank various central bank and ministry of finance officials of both FLAR and CMIM member countries. We also thank Jose Antonio Ocampo, Diana Barrowclough, and participants in the 'Beyond Bretton Woods' Workshop at Boston University (where an earlier version of this article was presented in September 2017) for their feedback on our broader research projects on RFAs. Last but not least, the authors wish to thank the anonymous referees for their constructive comments. This work builds upon previous work funded by UNCTAD and the Global Economic Governance Initiative at the Global Development Policy Center at Boston University. (UNCTAD; Global Economic Governance Initiative at the Global Development Policy Center at Boston University)en_US
dc.format.extentp. 72 - 95en_US
dc.languageEnglish
dc.language.isoen_US
dc.publisherWILEYen_US
dc.relation.ispartofDEVELOPMENT AND CHANGE
dc.subjectSocial sciencesen_US
dc.subjectDevelopment studiesen_US
dc.subjectInternational monetary funden_US
dc.subjectIMFen_US
dc.subjectDesignen_US
dc.subjectEconomicsen_US
dc.subjectStudies In human societyen_US
dc.subjectDevelopment studiesen_US
dc.titleLeaving the nest: the rise of regional financial arrangements and the future of global governanceen_US
dc.typeArticleen_US
dc.description.versionAccepted manuscripten_US
dc.identifier.doi10.1111/dech.12471
pubs.elements-sourceweb-of-scienceen_US
pubs.notesEmbargo: Not knownen_US
pubs.organisational-groupBoston Universityen_US
pubs.organisational-groupBoston University, Frederick S. Pardee School of Global Studiesen_US
pubs.publication-statusPublisheden_US
dc.date.online2019-01-13
dc.date.online2019-01-13


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