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In
Making Financial Globalization, Clara Park challenges the conventional wisdom that finance has always been global. Drawing on original datasets of financial trade restrictions and domestic financial regulations in over 100 countries, archival research of international negotiations, and case studies of the US and China, Park details how financial firms used multilateral lobbying strategies to create an international framework for financial service liberalization. A novel political-economic explanation for financial globalization, this timely book challenges state-centric views in international relations and emphasizes the interplay of firms and politics as a central factor shaping financial globalization.
List of contents
- List of Figures
- List of Tables
- Chapter 1: Introduction
- Chapter 2: A Theory of Financial Globalization
- Chapter 3: Financial Linkage and Financial Globalization
- Chapter 4: Fragmented Liberalization in the Financial Industry
- Chapter 5: De Jure Liberalization: Lowering Entry Regulations
- Chapter 6: De Facto Liberalization: Cross-Border Financial Flows
- Chapter 7: Conclusion
- Bibliography
- Index
About the author
Clara Park is an assistant professor at the University of Colorado and a research fellow at Duke University. She received a Ph.D. in Political Science from the University of California, Berkeley, and a B.A. in Economics and Government from Cornell University. She was a project director at the Berkeley APEC Study Center and a Postdoctoral Research Associate at Duke University.
Summary
In Making Financial Globalization, Clara Park challenges the conventional wisdom that finance has always been global. Drawing on original datasets of financial trade restrictions and domestic financial regulations in over 100 countries, archival research of international negotiations, and case studies of the US and China, Park details how financial firms used multilateral lobbying strategies to create an international framework for financial service liberalization. As she shows, the powerful coalition across industries and countries exerted considerable pressure on national governments, who had to weigh the costs and benefits of liberalization, and facilitated international negotiations. A novel political-economic explanation for financial globalization, this timely book challenges state-centric views in international relations and emphasizes the interplay of firms and politics as a central factor shaping financial globalization.
Additional text
Park's Making Financial Globalization is an important addition to financial globalization research. Noteworthy is her emphasis on global financial firms as pivotal in shaping the international financial framework. Another highlight is her shift towards scrutinizing financial current account regulation, rather than capital account regulation, in the global governance of finance. Additionally, her creation of two extensive databases on financial trade restrictions and regulations will greatly benefit scholars. This work stands as a remarkable contribution from an emerging scholar.
