Abstract
Malcolm Sawyer’s illustrious career is marked by his profound engagement with Keynesian and Kaleckian macroeconomic theory and by his critically important interventions in debates over economic policies, particularly in the European context. He has been a leading force in the revitalisation and increased professional standing of heterodox economics research around the world. This immense contribution to our profession has been manifest in many different ways: through his enormously important body of published research over wide-ranging topics, and through his ceaseless energy for providing opportunities for heterodox economists around the world to enter into conversation with one another and with the mainstream of the profession through the many projects, journals, and edited books that he has initiated (often with his collaborator and dear friend, Philip Arestis).
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Ariyoshi, A., Habermeier, K., Laurens, B., Otker-Robe, I., Canales-Kriljenko, J.I., and Kirilenko A. (2000) ‘Capital controls: Country experiences with their use and liberalization’, IMF Occasional Paper no. 190, Washington DC: International Monetary Fund.
Best, J. (2005) The Limits of Transparency, Ithaca, NY: Cornell University Press.
Bloomberg (2010) ‘Asia should consider capital controls to stem asset-bubble risks’. Obtainable from http://www.bloomberg.com/news/2010-05-06/asia-should-consider-capital-controls-to-stem-asset-bubble-risks-un-says.html.
Bloomberg (2010) ‘China said to consider controls on yuan forward transactions’. Obtainable from http://www.businessweek.com/news/2010-06-08/china-said-to-consider-controls-on-yuan-forwards-update1-.html.
Bretton Woods Project (2009) Bretton Woods Update, No. 67, London: Bretton Woods Project. Obtainable from http://www.brettonwoodsproject.org/update/67/bwupdt67.pdf.
Bretton Woods Project (2010) Bretton Woods Update, No. 71, London: Bretton Woods Project. Obtainable from http://www.brettonwoodsproject.org/update/71/bwupdt71.pdf.
Brown, K. (2010) ‘Asia toys with introducing capital controls’, Financial Times. Obtainable from: http://www.ft.com/cms/s/0/feb03e14-828b-11df-85ba-00144feabdc0.html.
Chang, H.J. and Grabel, I. (2004) Reclaiming Development: An Alternative Economic Policy Manual, London: Zed Books.
Chwieroth, J. (2010) Capital Ideas: The IMF and the Rise of Financial Liberalization, Princeton, NJ: Princeton University Press.
Cline, W. (2010) ‘The IMF staff’s misleading new evidence on capital controls’, Peterson Institute for International Economics. Obtainable from: www.piie.com/realtime/?p=1351.
Coelho, B. and Gallagher, K. (2010) ‘Capital controls and 21st century financial crises: Evidence from Colombia and Thailand’, Political Economy Research Institute Working Paper No. 213, Amherst: University of Massachusetts-Amherst.
Cordero, J.A. (2009) ‘The IMF’s Stand-by Arrangements and the economic downturn in Eastern Europe: The cases of Hungary, Latvia, and Ukraine’, Center for Economic and Policy Research, Washington DC, Obtainable from: www.cepr.net.
David, A. (2008) ‘Controls on capital inflows and the transmission of external shocks’, Cambridge Journal of Economics, 32(5), 887–906.
DeMartino, G. (1999) ‘Global neoliberalism, policy autonomy, and international competitive dynamics’, Journal of Economic Issues, 33(2), 343–9.
Economic Times (2010) ‘RBI hints at curbs on capital inflows’. Obtainable from http://economictimes.indiatimes.com/news/economy/finance/RBI-hints-at-curbs-on-capital-inflows/articleshow/5525961.cms.
Economist (2010) ‘The won that got away’. Obtainable from http://www.economist.com/blogs/newsbook/2010/06/south_koreas_currency_controls16.
Edwards, S. (1999) ‘How effective are capital controls?’, Journal of Economic Perspectives, 13(4), 65–84.
Epstein, G., Grabel, I. and Jomo, K.S. (2004) ‘Capital management techniques in developing countries: An assessment of experiences from the 1990s and lessons for the future’, G24 Discussion Paper No. 27, New York and Geneva: United Nations.
Eurodad (2009) ‘Bail-out or blow-out? IMF policy advice and conditions for low-income countries at a time of crisis’. Obtainable from http://www.eurodad.org/uploadedFiles/Whats_New/Reports/Bail-out%20or%20blow-out.pdf.
Forbes, K. (2005) ‘Capital controls: mud in the wheels of market efficiency’, Cato Journal, 25(1), 153–66.
Gallagher, K (2010a) ‘Policy space to prevent and mitigate financial crises in trade and investment agreements’, G–24 Discussion Paper No. 58, New York and Geneva: United Nations.
Gallagher, K. (2010b) ‘Obama must ditch Bush-era trade deals’, guardian.co.uk. Obtainable from: http://www.guardian.co.uk/commentisfree/cifamerica/2010/jun/30/obama-bush-us-trade.
Grabel, I. (2003) ‘Ideology, power and the rise of independent monetary institutions in emerging economies’, in J. Kirshner (ed.), Monetary Orders: Ambiguous Economics, Ubiquitous Politics, Ithaca, NY: Cornell University Press.
Guha, K. (2009) ‘IMF refuses to rule out use of capital controls’, Financial Times. Obtainable from: http://www.ft.com/cms/s/0/e3fd1610-c818-11de-8ba8-00144feab49a.html.
Helleiner, E. (2010) ‘A Bretton Woods moment? The 2007–2008 crisis and the future of global finance’, International Affairs, 86(3), 619–36.
Helleiner, E. (1996) States and the Reemergence of Global Finance, Ithaca, NY: Cornell University Press.
Hodgson, G. (2009) ‘The Great Crash of 2008 and the reform of economics’, Cambridge Journal of Economics, 33, 1205–21.
Independent Evaluation Office (IEO), International Monetary Fund (2005), “Evaluation Report: The IMF’s Approach to Capital Account Liberalization”, Independent Evaluation Office, Washington DC: International Monetary Fund.
International Monetary Fund (2005) ‘Evaluation report: The IMF’s approach to capital account liberalization’, Independent Evaluation Office, Washington DC: International Monetary Fund.
International Monetary Fund (2009a) ‘Review of recent crisis programs’, Strategy, Policy and Review Department. Obtainable from http://www.imf.org/external/np/pp/eng/2009/091409.pdf.
International Monetary Fund (2009b) Annual Report on Exchange Rate Arrangements and Exchange Restrictions, Washington, DC: International Monetary Fund.
International Monetary Fund (2009c) ‘The implications of the global financial crisis for low-income countries’, Washington DC: International Monetary Fund. Obtainable from https://www.imf.org/external/pubs/ft/books/2009/globalfin/globalfin.pdf.
International Monetary Fund (2009d) ‘Coping with the crisis: Policy options for emerging market countries”, IMF Staff Position Note, No. 8, Washington DC: International Monetary Fund. Obtainable from http://www.imf.org/external/pubs/ft/spn/2009/spn0908.pdf.
International Monetary Fund (2009e) ‘Creating policy space — responsive design and streamlined conditionality in recent low-income country programs’, Strategy, Policy and Review Department. Obtainable from http://www.imf.org/external/np/pp/eng/2009/091009A.pdf.
International Monetary Fund (2009f) Factsheet on IMF Conditionality, Washington DC: International Monetary Fund.
International Monetary Fund (2010a) Global Financial Stability Report, Washington DC: International Monetary Fund.
International Monetary Fund (2010b) ‘How did emerging markets cope in the crisis?’, Strategy, Policy and Review Department. Obtainable from http://www.imf.org/external/np/pp/eng/2010/061510.pdf.
Johnston, T. (2010) ‘Thailand joins Asian central bankers taking on Greenspan’, Financial Times. Obtainable from http://blogs.ft.com/beyond-brics/2010/07/21/asian-central-banks-continue-to-challenge-western-status-quo/.
Kaplan, E. and Rodrik, D. (2001) ‘Did the Malaysian capital controls work?’, NBER Working Paper No. 8142, Cambridge, MA: National Bureau of Economic Research.
Krugman, P. (2010) ‘The conscience of a liberal’, New York Times. Obtainable from http://krugman.blogs.nytimes.com/.
Lipsky, J. (2009) ‘Building a post-crisis global economy — An address to the Japan Society’, New York: IMF External Relations Department, Obtainable from http://www.imf.org/external/np/speeches/2009/121009.htm.
Lipsky, J. (2010) ‘The road ahead for central banks: Meeting new challenges to financial stability’, Moscow. Obtainable from http://www.imf.org/external/np/speeches/2010/061810.htm.
Lütz, S. and Kranke, M. (2010) ‘The European rescue of the Washington Consensus? EU and IMF lending to Central and Eastern European Countries’, LEQS Paper, No. 22, London: London School of Economics.
Magud, N. and Reinhart, C. (2006) ‘Capital controls: An evaluation’, NBER Working Paper No. 11973, Cambridge: National Bureau of Economic Research.
Mander, B. (2010) ‘Venezuela begins anti-inflation plan’, Financial Times. Obtainable from http://www.ft.com/cms/s/0/ff0eeb3c-7294-11df-9f82-00144feabdc0.html.
Mirowski, P. (2010) ‘The great mortification: Economists’ responses to the crisis of 2007-and counting’, Hedgehog Review, 12(3). Obtainable from: http://www.iasc-culture.org/publications_article_2010_Summer_mirowski.php.
Muchhala, B. (2009) ‘The IMF’s financial crisis loans: No change in conditionalities’, Third World Network. Obtainable from http://www.twnside.org.sg/title2/par/IMF.Crisis.Loans-Overview.TWN.March.2009.doc.
Oliver, C. (2010) ‘IMF warns on emerging market currency controls’, Financial Times. Obtainable from http://www.ft.com/cms/s/0/5ba241aa-8ce9-11df-bad7-00144feab49a.html.
Ostry, J., Ghosh, A., Habermeier, K., Chamon, M., Qureshi, M., and Reinhardt, D. (2010) ‘Capital inflows: The role of controls’, IMF Staff Position Note No. 4. Obtainable from http://www.imf.org/external/pubs/ft/spn/2010/spn1004.pdf.
Prasad, E., Rogoff, K., Wei, S.J., and Kose, M.A. (2003) ‘Effects of financial globalization on developing countries: Some empirical evidence’. Obtainable from http://www.imf.org/external/np/res/docs/2003/031703.htm.
Rappeport, A. (2010) ‘IMF reconsiders capital controls opposition’, Financial Times, 22 February.
Reuters.com. (2009) ‘Factbox — recent capital controls in emerging markets’. Obtainable from http://in.reuters.com/article/governmentFilingsNews/idINLK53166920090520.
Rodrik, D. (2010) ‘The end of an era in finance’, Project syndicate. Obtainable from http://www.project-syndicate.org/commentary/rodrik41/English.
Solidar (2009) ‘Doing a decent job? IMF policies and decent work in times of crisis’. Obtainable from http://www.eurodad.org/uploadedFiles/Whats_New/Reports/Doing%20a%20decent%20job.pdf.
Subramanian, A. and Williamson, J. (2009) ‘The Fund should help Brazil to tackle inflows’, Financial Times. Obtainable from: http://www.ft.com/cms/s/0/0fb77bf6-c1cf-11de-b86b-00144feab49a.html.
United Nations (2010) World Economic Situation and Prospects 2010, New York: UN Department of Economic and Social Affairs.
UNICEF (2010) ‘Prioritizing expenditures for a recovery with a human face: Results from a rapid desk review of 86 recent IMF country reports’, Social and Economic Policy Working Brief, April. Obtainable from: www.unicef.org.
Van Waeyenberge, E., H. Bargawi, and T. McKinley (2010) ‘Standing in the way of development? A critical survey of the IMF’s crisis response in low-income countries, Eurodad and Third World Network’. Obtainable from http://www.eurodad.org/whatsnew/reports.aspx?id=4083.
Wade, R. (1996) ‘Japan, the World Bank, and the art of paradigm maintenance: The East Asian Miracle in political perspective’, New Left Review, 217, 3–36.
Wade, R. (2003) ‘What strategies are viable for developing countries today? The WTO and the shrinking of “development space”’, Review of International Political Economy, 10, 627–44.
Wade, R. (2007) ‘The aftermath of the Asian financial crisis: From “liberalize the market” to “standardize the market” and create a “level playing field”’, in B. Mucchala (ed.), Ten Years After: Revisiting the Asian Financial Crisis, Washington, DC: Wilson Center Press, pp. 173–94.
Wade, R. (2009) ‘Iceland as Icarus: From “miracle” to crash, and beyond’, Challenge, May–June, 5–33.
Wagsty, S. (2010) ‘Indonesia: Controls or quasi-controls on capital inflows?’, Financial Times. Obtainable from http://blogs.ft.com/beyond-brics/2010/06/16/indonesia-controls-or-quasi-controls-on-capital-inflows/.
Webber, J. (2010) ‘Argentina unveils tighter controls on US dollar buys’, Financial Times. Obtainable from http://blogs.ft.com/money-supply/2010/06/08/argentina-unveils-tighter-controls-on-dollar-buys/.
Weisbrot, M., Cordero, J. and Sandoval, L. (2009a) ‘Empowering the IMF: Should reform be a requirement for increasing the Fund’s resources?’, Center for Economic and Policy Research. Obtainable from http://www.cepr.net/documents/publications/imf-reform-2009-04.pdf.
Weisbrot, M., R. Ray, J. Johnston, J. A. Cordero, J. A. Montecino (2009b) ‘IMF-supported macroeconomic policies and the world recession: A look at fortyone borrowing countries’, Center for Economic and Policy Research, Washington DC, October. Obtainable from www.cepr.net.
Weisbrot, M. and Johnson, J. (2009) ‘IMF voting shares: No plans for significant changes’, Center for Economic and Policy Research Issue Brief, Washington, DC: Center for Economic and Policy Research.
World Bank-IMF (2009) ‘Global monitoring report 2009: A development emergency’, Obtainable from http://siteresources.worldbank.org/INTGLOMONREP2009/Resources/5924349-1239742507025/GMR09_book.pdf.
Wroughton, L. (2010) ‘IMF endorses capital controls as temporary measure’, reuters.com. Obtainable from http://www.reuters.com/article/idUSN1912428020100219.
Editor information
Editors and Affiliations
Copyright information
© 2011 Ilene Grabel
About this chapter
Cite this chapter
Grabel, I. (2011). Unsurprising to Keynes, Shocking to Economists: The Normalisation of Capital Controls in the Global Financial Crisis. In: Arestis, P. (eds) Microeconomics, Macroeconomics and Economic Policy. Palgrave Macmillan, London. https://doi.org/10.1057/9780230313750_14
Download citation
DOI: https://doi.org/10.1057/9780230313750_14
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-33137-6
Online ISBN: 978-0-230-31375-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)