Handbook of the International Political Economy of Monetary Relations
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Handbook of the International Political Economy of Monetary Relations

Edited by Thomas Oatley and W. Kindred Winecoff

This extensive Handbook provides an in-depth exploration of the political economy dynamics associated with the international monetary and financial systems. Leading experts offer a fresh take on research into the interaction between system structure, the self-interest of private firms, the political institutions within which governments make policy, and the ideas that influence beliefs about appropriate policy responses. Crucially they also assess how these factors have shaped the political economy of various facets of monetary and financial systems.
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Chapter 8: Absolute or relative gains? How status quo and emerging powers conceptualize global finance

Leslie Elliott Armijo and John Echeverri-Gent


The global financial system is in the midst of a transition. While the global financial crisis has called into question the legitimacy of the institutions of global finance, a redistribution of financial resources is transforming the balance of power within the realm of international finance. From 1990 to 2012, the G7's share of global gross domestic product (GDP) (in current US dollars) declined from 65 to 47 percent, while the share of emerging market and developing economies has grown from 20 to 38 percent (IMF 2013b). From 1995 to 2012, the share of emerging market and developing countries in total foreign exchange holdings doubled from 33 to 66 percent (IMF 2013a). In the midst of these changes, increasingly powerful emerging market countries have banded together into groups such as the BRICS (Brazil, Russia, India, China, and South Africa) to increase their leverage over the process of change. These countries, along with the emerging economies of Argentina, Indonesia, Mexico, South Korea, Saudi Arabia, and Turkey, have gained a seat at the expanded G20 negotiating table. The diversity of relevant perspectives has grown as the number of countries at the bargaining table has increased. The different positions are best understood by grouping them into three mental models or analytical perspectives that illuminate their understanding of current issues and shape their negotiating strategies in the current transition (cf. Roy et al. 2007).

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