International Monetary Power

Index

active mode of influence, 48–49 actor interests, 31, 44; power to rearticulate, 12, 15–16, 72, 174; power to reconstruct, 12, 15– 16, 72 adaptability, 14, 47–49 adaptation, 92n, 108 adjustment: autonomy and influence, 32–33; burden of, 12–14, 31–36, 79; continuing, 3, 11, 13, 36–38; domestic impacts of, 41, 122; macro-dimension of, 12–14, 31–36, 79; partisan mutual, 108–9; payments financing, 18– 19, 19, 23–24; process, 38–39; real, 23, 37, 92n, 97; transitional, 3, 11, 13, 38–41. See also Balance of payments After Hegemony (Keohane), 108–9 agent slippage, 181 Andrews, David M., 3–4, 17, 31–32, 34–35, 47n, 49, 70, 72, 120, 150, 171; power, view of, 75–76 ArticleVIII status (IMF), 191 ASEAN3, 133–34 Asian financial crisis of 1997–98, 132, 134, 151, 153, 157, 171. See also East Asia Asian Monetary Fund (AMF) proposal, 24, 134, 152 asset financing, 23 asymmetry, 103–6, 114, 122–23, 149–50; currency areas and, 164–66; limits of international monetary power and, 164–65 Australia, 172 Austria, 4, 20, 92, 186, 206; autonomy, 107, 113, 198–99; EMU and, 204–5; Germany and, 197–204; social partnership, 202, 206–7 Austrian National Bank, 198, 199 Austrian State Treaty of 1955, 197, 199 autonomy, 32–33; Austria, 107, 113, 198–99; Canada, 195–96; core importance of, 33–34; of follower states, 184, 195–96; globalization and, 149–51; modes of influence and, 34–35 balance of payments, 12–14, 99, 117; currency areas and, 171–72; current account as measure of, 36–37; disequilibrium, 10–11, 31, 47–49, 79, 97; openness and, 47–49. See also Adjustment ; Exchange-rate weapon Baldwin, David, 17 Baltic states, 170 Bank of Canada, 187, 190, 193 Bank of England, 56–58, 181 Bank of Japan, 136 Barings crisis of 1890, 56–57 Barnett, Michael, 181 benign neglect, 68, 92, 120, 157. See also Passive leadership Bergsten, Fred, 153 bilateral exchange rate, 40 Blessing letter of March 1967, 56 boat rocking metaphor, 164 Bonn summit (1978), 9, 10, 14, 112, 125, 127 borrowing, 62–63, 65, 67 borrowing capacity, 42–45 Bretton Woods system, 20n, 131; Austria and, 201–2; breakdown of, 125–27, 163; Canada and, 187, 190–91, 194–96; formalized rules and, 177–78; Germany and, 126–27; Japan and, 14, 126–27; monetary policy coordination and, 98–99, 105, 114. See also Bretton Woods system, United States and INDEX 209 Bretton Woods system, United States and, 25– 27, 105, 114; breakdown of, 125–27, 163; Canada and, 190–91, 194–96; double standards and, 64–65; limits of monetary power and, 177–78. See also Bretton Woods system Britain: currency leadership, 52, 55–57, 61–62, 67, 69, 100; gold standard and, 58–59; limited government, 57–58; monetary dependence and, 172–74; sterling and, 7–8, 67, 100; sterling area and, 67, 162–63, 177, 179, 181; Suez Canal incident and, 7–8 Bryant, Ralph C., 94–95, 100n Bundesbank, 65, 67–68, 128, 205; monetary policy coordination and, 98, 106–7, 113 Burns, Arthur, 25, 126, 194 Butler, Richard A., 7 Canada, 4, 186; 1950 float, 191–92; 1962 peg, 192–93, 196; 1970 float, 193–94, 196; Bretton Woods system and, 187, 190–91, 194–96; continuity in analysis and policy, 194–97; floating exchange rate, 20, 187, 191–94, 196; as follower state, 187–97, 205–6; inflation, 187– 88 Canada-US Free Trade Agreement, 188 capital controls, 20, 59, 157, 185, 190–91 capital mobility, 21, 97, 119–21 Carter administration, 9, 127 Casino Capitalism (Strange), 78–79 Central Bank of Russia, 177, 181 central banks, 58; Austrian National Bank, 198, 199; Bank of Canada, 187, 190, 193; Bank of England, 56–58, 181; Central Bank of Russia, 177, 181; Europe and Japan, 136–37; Iraq, 144. See also Bundesbank; European Central Bank; Federal Reserve Central Intelligence Agency (CIA), 142 Chiang Mai Initiative, 133–34, 153 China, 121, 133, 136–37, 151–54 Clark, Clifford, 194–95 Clark-Rasminsky consensus, 194–95 Clinton administration, 129 Cohen, Benjamin J., 3, 13–14, 57, 70, 103–4, 117, 121, 153; dollarization, view of, 85–86; on monetary insulation, 163–64; structural power, view of, 73, 76–78, 82 Cold War, 148–49, 160, 200, 204 Communauté financière d’Afrique (CFA), 163, 169 Connally, John, 25–27, 65, 194 continuing cost of adjustment, 3, 11, 13, 36...