The IMF's Rethink of Global Banks: Critical in Theory, Orthodox in Practice

• 成果类型: Article
• 署名作者: Gabor, Daniela
• 署名单位: University of West England
• 刊物名称: GOVERNANCE-AN INTERNATIONAL JOURNAL OF POLICY ADMINISTRATION AND INSTITUTIONS
• ISSN/ISSBN: 0952-1895
• DOI: 10.1111/gove.12107
• 发表日期: 2015
• 关键词: international-monetary-fund; Financial crisis; LESSONS; RISK

摘要

The International Monetary Fund's (IMF) new financial interconnectedness agenda, developed in response to postcrisis calls from G20 to better understand systemic financial institutions, deploys a critical approach that stresses the spatial, political, and institutional dimensions of cross-border financial networks. It portrays global banks as key nodes in those networks, super-spreaders of systemic risk through complex business models that involve yield search, regulatory and tax arbitrage. Yet this critical view does not translate into its policy advice at country level. In regular surveillance of developing countries, the IMF remains committed to a benign view of transnational banking, even when confronted with growing cross-border fragilities. During crises of cross-border banking, the IMF tailors its conditionality to minimize domestic regulatory challenges to cross-border banking models and to propose crisis measures that create new profit opportunities for transnational banks.