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Germany and the International Financial Order

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Book cover Germany’s Uncertain Power

Part of the book series: New Perspective in German Studies ((NPG))

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Abstract

In the wake of the Mexican crisis of 1995, the G-7 countries and the International Monetary Fund (IMF) first initiated policy debates on rebuilding the world’s financial architecture. While these deliberations were still going on, a sequence of even graver and more surprising currency crashes underlined the need for reforming both national and global capital markets. Southeast Asian economies, which had recently been praised for both high growth rates and sound fundamentals, suddenly experienced rapid capital outflows that resulted in massive depreciations. Now, it was not only emerging markets in distant continents that would be affected, nor only international investors who had been willing to place risky financial bets; rather, the sequence of crises now started to threaten the very hub of global finance in New York. Heavy involvement of US banks in South Korea and the near collapse of the US hedge fund LTCM during the Russian crises of 1998 proved that nobody was immune against the risk of malign contagion.

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Authors
  1. Reinhard Wolf
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Editor information

Editors and Affiliations

  1. University of Trier, Germany

    Hanns W. Maull (Chair of Foreign Policy and International Relations) (Chair of Foreign Policy and International Relations)

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© 2006 Palgrave Macmillan, a division of Macmillan Publishers Limited

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Wolf, R. (2006). Germany and the International Financial Order. In: Maull, H.W. (eds) Germany’s Uncertain Power. New Perspective in German Studies. Palgrave Macmillan, London. https://doi.org/10.1057/9780230504189_14

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