International Financial Architecture

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International Financial Architecture: - A View from the Kitchen -: 

International Financial Architecture: - A View from the Kitchen - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke -

International Financial Architecture - structure of the presentation - : 

International Financial Architecture - structure of the presentation - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - Key words Structure of the text Key points & methodology Conclusion Discussion

International Financial Architecture - Key words -: 

International Financial Architecture - Key words - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - - financial & economic architecture - Asian financial crisis - inequality - deflationary bias, male breadwinner bias, privatisation bias - social justice

International Financial Architecture - structure of the text -: 

International Financial Architecture - structure of the text - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - -very dense text, divided into 5 sections, equal in volume 1) Changes in the international financial architecture 2) The Asian financial crisis and its implications 3) The IMF‘s and World Bank‘s policies following the crisis and alternative approaches 4) Biases which would make any new economic architecture insecure for women 5) Overcoming the tension between social and financial goals

1) Changes in the international financial architecture: 

1) Changes in the international financial architecture Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - - Brief description of IMF and World Bank as the core of the international financial architecture and their becoming dwarfed by international banks during the process of liberalisation - Rising importance of international banks: falling official capital inflows to developing countries and explosing private capital flows - Growing inequality between rich ‚rentier‘ households and a majority of poor indepted households - Trans-National-Concerns‘ bargaining power - International labour market liberalisation limping after financial market liberalisation

1) Changes in the international financial architecture - Methodology -: 

1) Changes in the international financial architecture - Methodology - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - Summary of the period of liberalisation of international financial markets and its impact Metaphores: The „dealing room“ has become „decontrolled“ for the benefit of international banks and big rentiers Creation of a „surreal financial architecture“ with completely different time horizons for the „kitchen“ and the „dealing room“

2) The Asian financial crisis and its implications : 

2) The Asian financial crisis and its implications Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - -Risk taking, herd behaviour, drop in assets prices leading to the collapse of credit markets, with gouvernments‘ and IFIs‘ intervention and bailing-out probably making matters worse. -High costs not only in terms of GDP: particularly women increase their amount of (paid/ unpaid/ informal) work in order to provide substitutes for public services and other goods which are no longer affordable. -Attemps to manage the Asian financial crisis failed, the IMF was denounced of aggravating the situation through its policy. -In Indonesia and the Phillipines women‘s paid and unpaid work increased, whereas in South Korea, more women than men lost their jobs.

2) The Asian financial crisis and its implications - Methodology -: 

2) The Asian financial crisis and its implications - Methodology - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - Very brief description of causes for and the consequences of financial crisis and the Asian financial crisis in particular Reference made to different authors, especially „heterodox economists“ such as Spotton, Singh, Zammit and to Stiglitz‘ criticism of the IMF Quoting from Indonesian, Philippine and South Korean statistics Korean slogan „Get Your Husband Energized“ seems absurd

3) The IMF‘s and World Bank‘s policies following the crisis and alternative approaches: 

3) The IMF‘s and World Bank‘s policies following the crisis and alternative approaches Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - -Social policy (the introduction of safety nets) should complete financial policy. -World Bank and IMF begin to accept this, but still act on the neo-liberal assumption that economic growth, restricted public expenditures and financial liberalisation are the only strategies to combat poverty efficiently. -Heterodox economists: Macroeconomic policies resulting from financial liberalisation keep employment and output below their potential. *Eatwell/Taylor: Creation of a World Financial Authority to ensure transparency and acccountability of IMF and World Bank. Lacks gender issue. *Singh/Zammit: Consider full employment as the best safety net. „The right to control capital flows must be the linchpin of any reform of the international financial system (...)“.

3) The IMF‘s and World Bank‘s policies following the crisis and alternative approaches - Methodology -: 

3) The IMF‘s and World Bank‘s policies following the crisis and alternative approaches - Methodology - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - Confrontation of IMF‘s and World Bank‘s strategies with alternative proposals IMF exposed as being too optimistic: „The IMF line of analysis shows great confidence in the speedy restoration of a sustainable long-run growth path, but we are now in a period of global recession“ (p.31) Quotation of hetereodox economists – normative point of view

4) Biases which would make any new economic architecture insecure for women: 

4) Biases which would make any new economic architecture insecure for women Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - -Taking over the approach of Singh/Zammit, the following three biases should be avoided: 1)Deflationary bias: Employment and growth stay below their potential. The negative effects of policies which aim at attracting private capital inflows outweigh the benefits of the extra finance. 2)‘Male breadwinner‘ bias: Public policies often consider women as inferior workers with fewer rights and as dependents of men. „This suggests that a target of full employment needs to be supplemented by a target of decent jobs on comparable terms for both men and women, equally family friendly for both.“ (p. 33) 3)Privatisation bias: Private provision is judged more efficient than public provision, but privatisation leads to increasing stratification in quality and access to services.

4) Biases which would make any new economic architecture insecure for women - Methodology -: 

4) Biases which would make any new economic architecture insecure for women - Methodology - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - Warning about the biases Normative approach, following the line of Singh/Zammit „(…) We need a target of universal entitlement to basic services and benefits for women and men.“

5) Overcoming the tension between social and financial goals: 

5) Overcoming the tension between social and financial goals Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - Openness of financial markets

5) Overcoming the tension between social and financial goals - Methodology -: 

5) Overcoming the tension between social and financial goals - Methodology - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - pessimistic tone The few attemps of reform, designed mainly by the G7, have rather served the interests of the investors than those of the poor. Some positive examples, however

International Financial Architecture - Conclusion -: 

International Financial Architecture - Conclusion - Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - -very dense text -directed at people who are well versed in the subject -structure can easily be followed (decontrol of the dealing room  risks downloaded to the kitchen  need of remedies, social policy  learn the lessons  difficult but not impossible mission) -convincing argument -follows heterodox economists -global recession?

Discussion points: 

Discussion points Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - How can we create spaces, „accessible from the kitchen“, for public dialogues on priorities and alternatives? What kind of spaces? What incentives could we imagine to motivate financial institutions to engage in dialogue with social interests? (Their share of financial instruments as starting point?) Glimmer of hope or illusion: *Canadian Federal Budget exercise? *Gender budget initiatives? *Ethical investment fonds? *Tobin tax?

Slide17: 

Gender Justice and Financial Liberalisation - IfPol: 17.12.2004, Helen Radeke - Thank you for your attention!