Transnational Governance in Global Finance: The Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets1

Ritter, Raymond

doi:10.1111/j.1528-3585.2010.00405.x

Cited by 13 publications

(8 citation statements)

References 13 publications

(14 reference statements)

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“…However, given the complexity of TPPP projects, uncertainties, challenges and conflicts are virtually inevitable during implementation (Buurman et al 2009). Adaptation to different cultures and environments in a short period, establishment a long-term relationship between foreign investors and the local government, and a short duration to familiarize oneself with the local legislations are a few examples of wellrecognized risks of TPPP (Parola et al 2013;Ritter 2010;Wibowo and Alfen 2015).…”

Section: Introductionmentioning

confidence: 99%

Evaluation and Ranking of Risk Factors in Transnational Public–Private Partnerships Projects: Case Study Based on the Intuitionistic Fuzzy Analytic Hierarchy Process

Darko

Chan

et al. 2018

J. Infrastruct. Syst.

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Due to the growing trend of world economic globalization and "The Belt and Road" initiative launched by the Chinese government, transnational public-private partnership (TPPP) has become a crucial way for construction and investment companies to invest in other countries. However, investing in another country for PPP projects is not free of risks, due mainly to the unfamiliarity with different environments and conditions. This paper aims at identifying and evaluating risk factors in TPPP projects. Drawing on the X hydropower project, the identified 22 critical risk factors affecting the TPPP project were assessed by industry experts who had direct involvement in the project. The intuitionistic fuzzy analytic hierarchy process (IFAHP) technique was used in the assessment of the risk factors. The results indicated that technology risk, natural environment risk, construction risk, administrative risk, and political risk were the top five risk factors. The findings of this study improve the understanding of the risk factors in TPPP projects and could be useful for risk management professionals and researchers. Future research is needed to develop risk assessment and management models for TPPP projects, based on current risk factors in TPPP projects.

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Section: Introductionmentioning

confidence: 99%

Evaluation and Ranking of Risk Factors in Transnational Public–Private Partnerships Projects: Case Study Based on the Intuitionistic Fuzzy Analytic Hierarchy Process

Darko

Chan

et al. 2018

J. Infrastruct. Syst.

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“…19 Börzel and Risse (2005) argue that the shadow of public intervention compels private actors into transnational public-private governance partnerships. Ritter (2010) applies this perspective to the Principles for Stable Capital Flows (see case study below). 20 See case study below.…”

Section: From Lobby To Private Governancementioning

confidence: 99%

The Institute of International Finance: From Poacher to Gamekeeper?

Blom¹

2020

Bus. Polit.

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The Institute of International Finance (IIF) is a key actor in global finance, mixing private-interest representation and market governance roles. Analyzing the historical development of the IIF offers important insights into the interaction between state and business and the resulting patterns of public and private governance. Based on archive sources and a unique set of interviews with elite policymakers spanning three decades, I argue that market structures, interest groups, and public policymaking processes stand in a recursive relationship. Secondly, I argue that interest groups take on private governance roles with the aim to remain the focal point of public policymakers vis-à-vis competing interest groups. This has important implications for the study of interest groups and global financial governance. The analysis of interest groups should be extended to the way they shape markets through private governance mechanisms and how that recursively feeds back into interest group advocacy and public policymaking processes to fully grasp lobbying dynamics. The study of global governance should include analysis of interest group competition within the opportunities and constraints emanating from public policymaking processes so as to understand the emergence of private patterns of governance and their interaction with public governance mechanisms.

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“…This includes the important Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring , which is a privately run initiative that establishes and maintains voluntary norms and market-orientated procedures in governing the conduct of creditor–debtor relationships. As trustees, group members operate as ‘guardians’ of this global, soft-law regime, and are tasked with reviewing the development and implementation of these debt management ‘Principles’ on an ongoing basis (IIF, 2013: 6; Ritter, 2010). This close participation was extremely relevant in the handling of the European sovereign debt crisis, as the IIF’s working relationship with leading ECB officials facilitated their extensive involvement in Greek debt restructuring negotiations throughout 2011–2012.…”

Section: Instrumental Power and The Ecbmentioning

confidence: 99%

Central banking and financial political power: An investigation into the European Central Bank

Kalaitzake

2018

Competition & Change

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In the aftermath of the 2008 financial crisis, there has been a major scholarly revival of the topic of financial political power and a refocus on questions concerning democracy, elites, and inequality. Nevertheless, there remains a dearth in the literature regarding the precise nature of the political relationship between the financial sector and central banks. This is problematic given the sharp rise in institutional prominence enjoyed by central bank officials in the post crisis era and their fundamental importance in the governance of financial markets. As a corrective, this paper develops a provisional analytical framework through which the power dynamics between the financial sector and central banks can be fruitfully explored, specifically with reference to the European Central Bank. It does so by identifying four mechanisms through which financial actors potentially influence the policy choices of the European Central Bank – revolving doors, closed policy circles, capital flight/disinvestment, Too Big to Fail – and illustrates their operation empirically in the context of the bank’s organizational functioning and post crisis interventions. The paper illustrates how financial actors enjoy systematic advantages in the domain of central bank policymaking and provides significant evidence that the European Central Bank has been a key ally of the financial sector throughout the Eurozone crisis. The paper calls for a more extensive examination by scholars of the financial sector-central bank relationship as a means to clarify the precise scope of, and limitations to, contemporary financial political power.

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Transnational Governance in Global Finance: The Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets1

Cited by 13 publications

References 13 publications

Evaluation and Ranking of Risk Factors in Transnational Public–Private Partnerships Projects: Case Study Based on the Intuitionistic Fuzzy Analytic Hierarchy Process

Evaluation and Ranking of Risk Factors in Transnational Public–Private Partnerships Projects: Case Study Based on the Intuitionistic Fuzzy Analytic Hierarchy Process

The Institute of International Finance: From Poacher to Gamekeeper?

Central banking and financial political power: An investigation into the European Central Bank

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