Post-Crisis Experiments in Development Finance Architectures: A Hirschmanian Perspective On ‘Productive Incoherence’

Grabel, Ilene

doi:10.1080/00346764.2015.1089111

Cited by 9 publications

(4 citation statements)

References 35 publications

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“…And yet, EMDE institutions are evolving in ways that allow them to fill persistent gaps in the global financial architecture. In short, we find institutional proliferation and expanding mandates that place the EMDEs at the center of an evolving institutional landscape marked by complexity, density, fragmentation, and what I term pluripolarity, productive incoherence , and productive redundancy (on the latter concepts, see Grabel 2011, 2013a, 2013b, 2015, 2017a, 2017b). 1 The new arrangements in the financial landscape of EMDEs do not coalesce around a singular, grand new global architecture that displaces the BWIs.…”

Section: Introductionmentioning

confidence: 89%

Toward a Pluripolar Global Financial Architecture? The Bretton Woods Institutions and the New Landscape of Developmental Finance

Grabel

2018

Review of Radical Political Economics

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I advance three claims in the paper. First, the Asian and especially the global financial crisis occasioned discontinuities and continuities that are imparting incoherence to the global financial governance architecture and developmental finance. Second, the emergent incoherence is productive of development rather than debilitating. Third, productive incoherence can be understood most fully within a “Hirschmanian mindset,” that is, an understanding of social and regime change informed by Albert O. Hirschman’s key theoretical and epistemic commitments.

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Section: Introductionmentioning

confidence: 89%

Toward a Pluripolar Global Financial Architecture? The Bretton Woods Institutions and the New Landscape of Developmental Finance

Grabel

2018

Review of Radical Political Economics

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“…They have used new and innovative tools to answer these questions and to assess the extent to which rhetoric on change and reform at the BWIs has materialized in actual reform. While still asking the same questions of control, power, voice, change and the effects of these institutions, scholars have used innovative methodological tools and theoretical lenses, including network analysis, macro‐comparative quantitative analysis and synthesized approaches, such as a synthesis of principal–agent and intra‐organizational dynamics (Copelovitch, ; Weaver, ; Woods, ), as well as rationalist, constructivist and principal–agent theories (Ban and Gallagher, ; Chwieroth, ; Gallagher, ; Grabel, ).…”

Section: Old Dogs New Tricks?mentioning

confidence: 99%

“…While still asking the same questions of control, power, voice, change and the effects of these institutions, scholars have used innovative methodological tools and theoretical lenses, including network analysis, macro-comparative quantitative analysis and synthesized approaches, such as a synthesis of principal-agent and intra-organizational 2. See, for example, Feinberg and Bacha (1988), Griffin (2003), Helleiner (2006), van dynamics (Copelovitch, 2010;Weaver, 2008;Woods, 2000), as well as rationalist, constructivist and principal-agent theories (Ban and Gallagher, 2014;Chwieroth, 2014;Gallagher, 2015;Grabel, 2015). The most fundamental question being asked is to what extent has the IMF truly changed?…”

Section: Old Dogs New Tricks?mentioning

confidence: 99%

Strengthening the Foundations? Alternative Institutions for Finance and Development

Kring¹,

Gallagher²

2019

Development and Change

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The 21st century has ushered in the emergence of alternative institutions for liquidity provision and development finance, many of which are Southern‐led. The special issue that follows this Introduction assesses the extent to which existing theoretical perspectives and tools are sufficient for evaluating the implications of these alternatives for the global financial architecture. Our analysis finds that while an increasingly varied landscape of diverse institutions designed to foster financial stability and development comes with inherent risks, these new forms of finance bring real benefits to an architecture that has long been deemed insufficient. Larger and more capable Southern‐led institutions not only mean additional sources of financing for emerging market and developing countries, but also could increase their voice in an international financial architecture long dominated by the most advanced economies. That said, the variation in the landscape could create inequities and fault lines between new and existing institutions, which will be difficult to overcome through the coordination of a fragmented and diverse system. Finally, despite the increases in capital for liquidity provision and development made available by these new institutions, significantly more financing and coordination will be needed to achieve financial stability and economic development on a global scale.

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“…Some scholars present the emergence of RFAs as a challenge driven by economies from the global South. Grabel (: 388) argues that global governance can be best understood ‘via the concept of “productive incoherence” which is apparent in a denser, multilayered development financial architecture’. While the details of the design of RFAs and the nuances of the institutions as compared to the IMF may seem trivial, Grabel contends they should not be prematurely discounted, citing Hirschman's argument that the potential for substantive change is located ‘in the disparate, unplanned, and the experimental’ (ibid.…”

Section: Approaches To Rfasmentioning

confidence: 99%

Leaving the Nest: The Rise of Regional Financial Arrangements and the Future of Global Governance

Kring¹,

Grimes²

2019

Development and Change

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This article examines the impact of regional financial arrangements (RFAs) on the global liquidity regime. It argues that the design of RFAs could potentially alter the global regime, whether by strengthening it and making it more coherent or by decentring the International Monetary Fund (IMF) and destabilizing it. To determine possible outcomes, this analysis deploys a ‘middle‐up’ approach that focuses on the institutional design of these RFAs. It first draws on the rational design of institutions framework to identify the internal characteristics of RFAs that are most relevant to their capabilities and capacities. It then applies these insights to the interactions of RFAs with the IMF, building on Aggarwal's (1998) concept of ‘nested’ versus ‘parallel’ institutions, to create an analytical lens through which to assess the nature and sustainability of nested linkages. Through an analysis of the Chiang Mai Initiative Multilateralization (CMIM) and the Latin American Reserve Fund (FLAR), the article demonstrates the usefulness of this lens. It concludes by considering three circumstances in which fault lines created by these RFAs’ institutional design could be activated, permitting an institution to ‘leave the nest’, including changing intentions of principals, creation of parallel capabilities and facilities, and failure of the global regime to address regional needs in a crisis.

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Post-Crisis Experiments in Development Finance Architectures: A Hirschmanian Perspective On ‘Productive Incoherence’

Cited by 9 publications

References 35 publications

Toward a Pluripolar Global Financial Architecture? The Bretton Woods Institutions and the New Landscape of Developmental Finance

Toward a Pluripolar Global Financial Architecture? The Bretton Woods Institutions and the New Landscape of Developmental Finance

Strengthening the Foundations? Alternative Institutions for Finance and Development

Leaving the Nest: The Rise of Regional Financial Arrangements and the Future of Global Governance

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