Neoliberalism and the new international financial architecture

Aaron Major

53 citations0/0 files storedReview of International Political Economy

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Global Financial Regulation and Crises Globalization and political ideologies Housing, Finance, and Neoliberalism

Abstract

This paper theorizes about the new international financial architecture as a manifestation of the ‘second face of neoliberalism’ – financial market reregulation through technocratic obfuscation and insularity from democratic political pressure. Using a more expansive definition of the new international financial architecture, one that includes the institutional nexus of international monetary management along with the rules and regulatory bodies governing capital, this argument is developed through an analysis of the origins and functions of two institutions comprising the new international financial architecture – the Basel Capital Accord and the diffusion of inflation targeting regimes across central banks. This paper excavates the neoliberal logic inscribed in these institutions and further shows how these new forms of institutional logic contributed to the financial crisis of 2008 by putting in place a set of opportunities and constraints that led to rapid growth in the market for asset-backed securities. The implications of this analysis for the future of regulatory reform are discussed, with particular attention paid to the question of what role central banks should play in this process.

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References

1982International regimes, transactions, and change: embedded liberalism in the postwar economic order 2002Neoliberalizing Space 1997Inflation Targeting: A New Framework for Monetary Policy?1997The Eclipse of the State? Reflections on Stateness in an Era of Globalization 2000Emerging problems with the Basel Capital Accord: Regulatory capital arbitrage and related issues 2018States and the Reemergence of Global Finance 2005Globalization Pressures and the State: The Worldwide Spread of Central Bank Independence 1999The social structure of liquidity: Flexibility, markets, and states

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