Special Journal Issue: Capital Controls and the Global Financial Crisis

GEGI co-director Kevin P. Gallagher, teamed up with economist Ilene Grabel to co-edit a special issue of the acclaimed Review of International Political Economy on capital controls and the global financial crisis. It has been well documented by economists and the International Monetary Fund that many countries were able to avoid the worst of the crisis by regulating the inflow or outflow of cross-border financial flows in their countries.  What is less well understood are the political factors that enabled some countries to regulate capital flows and others to not. In addition to articles by Gallagher and Grabel, in this special mini-symposium Silla Sigurgeirsdóttir & Robert H. Wade, Manuella Moschella, and Jeffrey Chwieroth draw on case studies of the IMF, Iceland, Brazil, South Korea, and other emerging markets. This peer-reviewed collection highlights the importance of political dimensions that need to overcome in order for countries to successfully prevent and mitigate financial crises.

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Articles include:

• ‘Capital controls and the global financial crisis: An introduction’

• The rebranding of capital controls in an era of productive incoherence

• Managing and transforming policy stigmas in international finance: Emerging markets and controlling capital inflows after the crisis

• Countervailing monetary power: Re-regulating capital flows in Brazil and South Korea

• From control by capital to control of capital: Iceland’s boom and bust, and the IMF’s unorthodox rescue package

• Currency wars in the advanced world: Resisting appreciation at a time of change in central banking monetary consensus