Globalization, Coercion, and the Resiliency of Austerity
Globalization, Coercion, and the Resiliency of Austerity
This chapter tells the story of international institutional from the 1970s forward. While the existing scholarship highlights processes of financial market liberalization in this period, this chapter highlights three developments in the evolution of the international monetary system that have elevated monetary authority's role in managing the global economy: (1) the assault on inflation in the 1970s and the spread of inflation targeting regimes, (2) the construction of a bank-centered regulatory system for capital, (3) and the performance of “lender of last resort” functions in times of crisis.
Keywords: post–Bretton Woods, new international financial architecture, capital liberalization, financial crisis, inflation targeting, Basel Committee, exchange rates
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