Government Intervention in Globalization: Regulation, Trade and Devaluation Wars

Contents......Page 9
List of Illustrations......Page 13
List of Abbreviations......Page 15
Acknowledgments......Page 18
Introduction, Scope and Content......Page 19
The world economy......Page 31
The causes of prosperity......Page 32
Institutions......Page 35
Historical reversals of globalization......Page 36
The human face......Page 37
Taxation......Page 39
Financial globalization......Page 40
Economic development......Page 41
Summary......Page 42
Introduction......Page 43
The international financial institutions......Page 44
The IMF......Page 45
The World Bank......Page 46
The BIS......Page 47
The multilateral development banks......Page 48
The central banks......Page 49
The Federal Reserve System and US regulators and supervisors......Page 51
The European Central Bank......Page 53
The Bank of England......Page 54
The UN......Page 55
Appendix: open market operations in practice......Page 56
Commercial banks......Page 58
Investment banks......Page 62
Governance and exit......Page 64
M&A......Page 65
Leveraged buyouts......Page 66
Hedge funds......Page 67
Private equity......Page 68
Appendix: security prices, yields and hedges......Page 70
Risk management......Page 75
Credit-risk models......Page 79
Stress tests......Page 81
World trade......Page 82
Financial flows and FX......Page 84
FDI, equities, securities and derivatives......Page 86
Appendix: financial risk......Page 88
The first best of efficiency and satisfaction......Page 93
The theory of second best......Page 95
The public interest view......Page 96
Imperfect information......Page 97
Government failure......Page 98
Transaction costs and property rights......Page 99
The new institutional economics......Page 101
The economic theory of regulation......Page 102
Rent-seeking and public choice......Page 103
The view of disclosure and regulation......Page 104
Summary......Page 105
The gains from trade......Page 107
Distortions......Page 110
The political economy of trade......Page 111
Antidumping and safeguards......Page 113
Trade and employment......Page 115
Trade and wages......Page 116
Summary......Page 119
Characteristics of trade agreements......Page 121
Economic wellbeing and trade agreements......Page 123
The European Union......Page 124
NAFTA......Page 127
APEC......Page 128
ASEAN......Page 129
MERCOSUR......Page 131
OPEC......Page 132
Summary......Page 133
Poverty and inequality......Page 134
Regional, international and global public goods......Page 138
The environment......Page 139
The HM Treasury review......Page 141
The UN IPCC......Page 142
The economics of climate change......Page 143
Summary......Page 144
The role of finance in growth and efficiency......Page 146
Financial repression and restraint......Page 149
Financial globalization......Page 152
Capital account liberalization......Page 155
Financial crises......Page 159
Summary......Page 162
Soft law, standards and codes......Page 163
Soft law......Page 164
Basel II......Page 168
Self-regulatory organizations, the SEC and the FSA......Page 172
SOX......Page 176
The loss of competitiveness......Page 178
Causes of the loss of competitiveness......Page 181
Proposals......Page 182
Summary......Page 184
US external deficit......Page 185
The credit crisis trigger......Page 189
IFA: emerging market crises and soft law......Page 192
G7 central banks......Page 193
Regulatory, trade and exchange wars......Page 194
Summary......Page 199
Conclusion......Page 200
Notes......Page 203
J......Page 221
S......Page 222
Z......Page 223
F......Page 225
L......Page 226
T......Page 227
W......Page 228