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Palgrave Macmillan

The Financial Statecraft of Emerging Powers

Shield and Sword in Asia and Latin America

ISBN 9781137429377
Publication Date August 2014
Formats Hardcover Ebook (EPUB) Ebook (PDF) 
Publisher Palgrave Macmillan
Series International Political Economy Series

'Financial statecraft' goes beyond sanctions against rogue states. National governments manipulate money, credit, and exchange rate resources to achieve a range of foreign policy goals. The aims of financial statecraft may be defensive or offensive, its targets bilateral or systemic, and its instruments financial or monetary. Since the global financial crisis of 2008-9, rising multipolarity in international relations has given 'new kids on the block' such as China, India, and Brazil the opportunity - and desire - to move beyond the old forms of defensive financial statecraft, such as debt default, to new and assertive types of international financial statecraft, including collective pressure on the industrial democracies to expand the IMF quotas of emerging powers. An open question for the future is whether the leaders of major emerging powers will continue to cooperate with the United States, Western Europe, and Japan in global financial governance - or whether some of them will move toward more direct challenges to the existing system's governing principles or its power hierarchy.

Leslie Elliott Armijo is Visiting Scholar at Portland State University, USA. She studies the intersection of democratic politics and capitalist markets in emerging powers, especially in Brazil, South America, and India. Two forthcoming books investigate theory and methods for studying comparative and international public policy across time and beyond the advanced industrial countries.

Saori N. Katada is Associate Professor at University of Southern California, USA. She is the author of Banking on Stability: Japan and the Cross-Pacific Dynamics of International Financial Crisis Management (2001), and editor of five volumes on foreign policy, regionalism, and international political economy.

1. New Kids on the Block: Rising Multipolarity, More Financial Statecraft; Leslie Elliott Armijo and Saori N. Katada
2. Who's Afraid of Reversing Neoliberal Reforms? The Financial Statecraft of Argentina and Venezuela; Ignácio Labaqui
3. Brave New World? The Politics of International Finance in Brazil and India; Leslie Elliott Armijo and John Echeverri-Gent
4. The End of Monetary Mercantilism in Southeast Asia?; Natasha Hamilton-Hart
5. All Politics is Local: The Renminbi's Prospects as a Future Global Currency; Ulrich Volz
6. Regionalism as Financial Statecraft: Pursuit of a Counterweight Strategy by China and Japan; Saori N. Katada and Injoo Sohn
7. The Financial Statecraft of Emerging Powers: How, Why and So What?; Saori N. Katada and Leslie Elliott Armijo

Benjamin J. Cohen, University of California, USA
John Echeverri-Gent, University of Virginia. USA
Natasha Hamilton-Hart, University of Auckland, New Zealand
Ignacio Labaqui, Universidad Catolica Argentina, Argentina
Injoo Sohn, University of Hong Kong, Hong Kong
Ulrich Volz, University of London, UK


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