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Eric Helleiner is an author and professor of political science and the Faculty of Arts Chair in International Political Economy at the University of Waterloo, and a professor at the Balsillie School of International Affairs.
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Eric Helleiner is an author and professor of political science and the Faculty of Arts Chair in International Political Economy at the University of Waterloo, and a professor at the Balsillie School of International Affairs.
He holds a Ph.D. and M.Sc. from the Department of International Relations of the London School of Economics, and received a B.A. in Economics and Political Science from the University of Toronto.
Helleiner has been a member of the Warwick Commission on International Financial Reform [1] and the High Level Panel on the Governance of the Financial Stability Board. [2] He is co-editor of the book series Cornell Studies in Money, and has served as co-editor of the journal Review of International Political Economy and associate editor of the journal Policy Sciences. Furthermore, Eric has been a Canada Research Chair and was founding Director of the MA and PhD Programs in Global Governance at the Balsillie School of International Affairs. [3]
Helleiner has edited/co-edited a number of special issues/sections of journals on the following topics: The Political Economy of International Capital Mobility (1994), The Geopolitics of North-South Monetary Relations (2002), The Dollar's Destiny as a World Currency (2008), The Geopolitics of Sovereign Wealth Funds (2009), Crisis and the Future of Global Financial Governance (2009), and The Greening of Global Financial Markets? (2011). [3]
Helleiner has taught courses on topics such as international political economy, globalization, global governance, politics of global finance, the state and economic life, and North American integration. His current research interests include: global financial crises and regulation, shifting power in the international monetary system, the origins of international development, and the history of IPE thought. [4]
Eric Helleiner has won the Trudeau Foundation Fellows Prize, [5] the Donner Book Prize, [6] Marvin Gelber Essay Prize in International Relations, and the Symons Award for Excellence in Teaching.
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Established on December 27, 1945 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary system after World War II. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through a quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. As of 2016, the fund had SDR 477 billion.
The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.
In international economics, the balance of payments of a country is the difference between all money flowing into the country in a particular period of time and the outflow of money to the rest of the world. In other words, it is economic transactions between countries during a period of time. These financial transactions are made by individuals, firms and government bodies to compare receipts and payments arising out of trade of goods and services.
The Bretton Woods system of monetary management established the rules for commercial relations among the United States, Canada, Western European countries, and Australia among 44 other countries after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold. It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits.
International political economy (IPE) is the study of how politics shapes the global economy and how the global economy shapes politics. A key focus in IPE is on the distributive consequences of global economic exchange. It has been described as the study of "the political battle between the winners and losers of global economic exchange."
The Centre for International Governance Innovation is an independent, non-partisan think tank on global governance. CIGI supports research, forms networks, advances policy debate and generates ideas for multilateral governance improvements. CIGI's interdisciplinary work includes collaboration with policy, business and academic communities around the world.
The impossible trinity is a concept in international economics and international political economy which states that it is impossible to have all three of the following at the same time:
Zhou Xiaochuan is a Chinese economist. Zhou served as the governor of the People's Bank of China from 2002 to 2018.
Embedded liberalism is a term in international political economy for the global economic system and the associated international political orientation as they existed from the end of World War II to the 1970s. The system was set up to support a combination of free trade with the freedom for states to enhance their provision of welfare and to regulate their economies to reduce unemployment. The term was first used by the American political scientist John Ruggie in 1982.
International finance is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries. International finance examines the dynamics of the global financial system, international monetary systems, balance of payments, exchange rates, foreign direct investment, and how these topics relate to international trade.
Peter Bain Kenen was an American economist, who was the Walker Professor of Economics and International Finance at Princeton University, and senior fellow in international economics at the Council on Foreign Relations.
Barry Julian Eichengreen is an American economist and economic historian who holds the title of George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987. Eichengreen currently serves as a research associate at the National Bureau of Economic Research and as a Research Fellow at the Centre for Economic Policy Research.
Monetary hegemony is an economic and political concept in which a single state has decisive influence over the functions of the international monetary system. A monetary hegemon would need:
Capital controls are residency-based measures such as transaction taxes, other limits, or outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital account. These measures may be economy-wide, sector-specific, or industry specific. They may apply to all flows, or may differentiate by type or duration of the flow.
The term exorbitant privilege refers to the benefits the United States has due to its own currency being the international reserve currency. For example, the US would not face a balance of payments crisis, because their imports are purchased in their own currency. Exorbitant privilege as a concept cannot refer to currencies that have a regional reserve currency role, only to global reserve currencies.
An international monetary system is a set of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and generally the reallocation of capital between states that have different currencies. It should provide means of payment acceptable to buyers and sellers of different nationalities, including deferred payment. To operate successfully, it needs to inspire confidence, to provide sufficient liquidity for fluctuating levels of trade, and to provide means by which global imbalances can be corrected. The system can grow organically as the collective result of numerous individual agreements between international economic factors spread over several decades. Alternatively, it can arise from a single architectural vision, as happened at Bretton Woods in 1944.
Currency war, also known as competitive devaluations, is a condition in international affairs where countries seek to gain a trade advantage over other countries by causing the exchange rate of their currency to fall in relation to other currencies. As the exchange rate of a country's currency falls, exports become more competitive in other countries, and imports into the country become more and more expensive. Both effects benefit the domestic industry, and thus employment, which receives a boost in demand from both domestic and foreign markets. However, the price increases for import goods are unpopular as they harm citizens' purchasing power; and when all countries adopt a similar strategy, it can lead to a general decline in international trade, harming all countries.
Domenico Lombardi is a former director of the Global Economy program at the Centre for International Governance Innovation (CIGI), a non-partisan global governance think tank in Waterloo, Ontario, Canada. He is also chair of the Oxford Institute for Economic Policy. Until 2013 he was a senior fellow at the Brookings Institution.
In 1945, China cofounded the International Monetary Fund (IMF) with 34 other nations. China was initially represented by the Republic of China. In April 1980, representation transferred to the People's Republic of China. The Chinese-IMF relationship mainly operates around affairs associated with IMF governance and the IMF Special Drawing Rights (SDR).
Rohinton P. Medhora is a Canadian economist. His fields of expertise are monetary and trade policy, international economic relations, and development economics. He is a Centre for International Governance Innovation (CIGI) distinguished fellow, former president of CIGI and professor of practice at McGill University's Institute for the Study of International Development.
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