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The Global Institutions Research Programme (GEI) is a series of sixteen linked research programmes funded by the Economic and Social Research Council of Great Britain. The programme focuses on how existing global economic institutions and regimes operate, how they might be improved and whether new institutions are needed. The series explains the findings of the GEI research programme. Topics covered by the five titles in the series are: An overview volume on the reform of global economic institutions; The Asian Financial Crisis; The World Bank; governance in the global economy: and Europe, Asia, and International Economic Development: A Shared Global Agenda? The editor of the Global Economic Institutions series is Professor David Vines of Balliol College, Oxford. Professor Vines is also the Director of the Global Ecomonic Institutions (GEI) Research Programme of the ESRC as well as a Research Fellow of the Centre for Economic Policy Research in London and an Adjunct Professor of Economics at the Australian National University.

  • General Editors: David Vines, Balliol College, Oxford

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4 results in Global Economic Institutions

The Asian Financial Crisis
  • Causes, Contagion and Consequences
  • Edited by Pierre-Richard Agénor, Marcus Miller, David Vines, Axel Weber
  • Published online:
    26 February 2010
    Print publication:
    04 November 1999
  • Presents the first theoretical analysis of the Asian financial crisis and draws out the general lessons of an event whose potential long term effects have been likened to those of the Crash of 1929. Part I presents a factual and analytic overview of what happened: the role of 'vulnerability'; the interconnection between currency crises and financial crises; and why crisis turned into collapse. Part II considers more detailed issues, including how the inflation of non-traded goods prices created vulnerability, welfare-reducing capital inflow owing to under-regulated financial markets, and the onset of speculative attacks. Part III assesses all aspects of contagion, in particular the role of geographic proximity. The final section addresses policy issues. Joseph Stiglitz argues that there is much that can be done to reduce the frequency of crises and to mitigate the severity of crises when they happen. The book finishes with a round-table discussion of policy issues.

The IMF and its Critics
  • Reform of Global Financial Architecture
  • Edited by David Vines, Christopher L. Gilbert
  • Published online:
    04 December 2009
    Print publication:
    26 February 2004
  • The IMF is the first economic institution in line to protect countries from the effects of financial crises and to insulate the world economy from possible systemic risk. However, many argue that the IMF is insufficiently equipped to do this job, while others argue almost the opposite: the IMF's well-intentioned actions induce other countries to take risks which increase their exposure from both universities and the multilateral agencies, combines rigourous economic analysis with insider perspectives on key policy debates. It analyses the Asian and Argentine financial crises of the late 1990s, issues of policy ownership, the more general quest for financial stability and governance of the IMF. It is an essential reference for anyone interested in the role of international financial institutions in our globalised economy.

The World Bank
  • Structure and Policies
  • Edited by Christopher L. Gilbert, David Vines
  • Published online:
    12 October 2009
    Print publication:
    27 July 2000
  • The World Bank is dedicated to the promotion of sustainable economic development and to poverty reduction throughout the developing world. It faces new challenges as capital shortages are replaced by large but volatile capital flows. The contributors to this volume argue that the Bank's greatest asset is its accumulated knowledge and experience of the development process, and propose that it organise itself around the concept of a 'Knowledge Bank'. They propose a shift in priority, away from lending with conditionality imposed on borrowing governments, towards assistance to governments in devising good development strategies. Part I examines the existing structure of the Bank and considers the World Bank as an institution. In Part II the effectiveness of World Bank assistance is evaluated. This book provides essential reading for politicians, civil servants, workers in the non-official sector, and academics and students involved or interested in the development process.

International Financial Governance under Stress
  • Global Structures versus National Imperatives
  • Edited by Geoffrey R. D. Underhill, Xiaoke Zhang
  • Published online:
    22 September 2009
    Print publication:
    03 April 2003
  • Persistent episodes of global financial crises have placed the existing system of international monetary and financial governance under stress. The resulting economic turmoil provides a focal point for rethinking the norms and institutions of global financial architecture and the policy options of public and private authorities at national, regional and transnational levels. This volume moves beyond analysis of the causes and consequences of recent financial crises and concentrates on issues of policy. Written by distinguished scholars, it focuses on the tension between global market structures and national policy imperatives. Accessible to both specialists and general readers, the analysis is coherent across a broad range of theoretical and empirical cases. Offering a series of reasoned policy responses to financial integration and crises, the volume grapples directly with the institutional and often-neglected normative dimensions of international financial architecture. The volume thus constitutes required reading for scholars and policy-makers.