The Legalization of the International Monetary Fund: Exchange Rate Surveillance over China

Nonfiction, Social & Cultural Studies, Political Science, International, International Relations
Cover of the book The Legalization of the International Monetary Fund: Exchange Rate Surveillance over China by Niklas Manhart, GRIN Verlag
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Niklas Manhart ISBN: 9783656337126
Publisher: GRIN Verlag Publication: December 20, 2012
Imprint: GRIN Verlag Language: English
Author: Niklas Manhart
ISBN: 9783656337126
Publisher: GRIN Verlag
Publication: December 20, 2012
Imprint: GRIN Verlag
Language: English

Master's Thesis from the year 2011 in the subject Politics - International Politics - Topic: International Organisations, grade: 1,0, LMU Munich (Geschwister Scholl Institute for Political Sciences), language: English, abstract: Against the backdrop of the renminbi issue, this paper retraces the unique trajectory of the international law (IL) on exchange rates - from the lawlessness of the gold standard to a highly regulated system under Bretton Woods and back to the obscure arrangement that has prevailed ever since the Second Amendment of the IMF's Articles of Agreement. By employing the concept of legalization, it argues that international monetary stability is a public good which, as a collective action problem, provides strong incentives for cooperation. However, the analysis of the IMF's bilateral surveillance regime reveals that after the Second Amendment hard legalization no longer served the interests of the IMF membership, while the costs of hard legal rules tipped the scale in favour of soft commitments. Specifically, the paper finds that exchange rates are subject to high uncertainty costs stemming from measurement difficulties, complexity, goal incongruence and subjectivity; as well as sover-eignty costs due to reputational damage, distributional impact and loss of monetary power.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Master's Thesis from the year 2011 in the subject Politics - International Politics - Topic: International Organisations, grade: 1,0, LMU Munich (Geschwister Scholl Institute for Political Sciences), language: English, abstract: Against the backdrop of the renminbi issue, this paper retraces the unique trajectory of the international law (IL) on exchange rates - from the lawlessness of the gold standard to a highly regulated system under Bretton Woods and back to the obscure arrangement that has prevailed ever since the Second Amendment of the IMF's Articles of Agreement. By employing the concept of legalization, it argues that international monetary stability is a public good which, as a collective action problem, provides strong incentives for cooperation. However, the analysis of the IMF's bilateral surveillance regime reveals that after the Second Amendment hard legalization no longer served the interests of the IMF membership, while the costs of hard legal rules tipped the scale in favour of soft commitments. Specifically, the paper finds that exchange rates are subject to high uncertainty costs stemming from measurement difficulties, complexity, goal incongruence and subjectivity; as well as sover-eignty costs due to reputational damage, distributional impact and loss of monetary power.

More books from GRIN Verlag

Cover of the book Strukturierung von großen Familienvermögen by Niklas Manhart
Cover of the book Wie wird ein Mensch zum Mörder? by Niklas Manhart
Cover of the book Todesvorstellungen von Kindern - Darstellung und theologische Diskussion by Niklas Manhart
Cover of the book Der Zusammenhang von Glück und Einkommen. Erörterung zur Wechselwirkung von Prozessen des sozialen Vergleichs, Glücksempfinden und Ressourcenverfügbarkeit by Niklas Manhart
Cover of the book Attraktivitätskriterien von Einkaufszentren by Niklas Manhart
Cover of the book Haftungsprobleme im multimodalen See-Straßenverkehr by Niklas Manhart
Cover of the book Klinischer Unterricht: 4-Phasen-Modell by Niklas Manhart
Cover of the book Das interne Kontrollsystem im Rahmen der Abschlussprüfung by Niklas Manhart
Cover of the book Die Rolle des Bundespräsidenten by Niklas Manhart
Cover of the book A Reception History and Impact History of the Swastika Since the 19th Century by Niklas Manhart
Cover of the book Pädagogischer Umgang im Alltag mit traumatisierten weiblichen Jugendlichen in einer stationären Wohngruppe by Niklas Manhart
Cover of the book Bericht zum Unterrichtspraktikum im Fach Geschichte by Niklas Manhart
Cover of the book Mose im Kontext der Exodus-Überlieferung in Bibel und Bibelfilm am Beispiel der DreamWorks-Verfilmung 'Der Prinz von Ägypten' by Niklas Manhart
Cover of the book Die Balanced Scorecard in der Praxis. Nutzen und Herausforderungen by Niklas Manhart
Cover of the book Mezzanine-Kapital. Neue Finanzierungsmöglichkeiten für den Mittelstand? by Niklas Manhart
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy