IDEAS home Printed from https://ideas.repec.org/a/bla/devchg/v50y2019i1p24-45.html
   My bibliography  Save this article

Regime Complexity and the Institutions of Crisis and Development Finance

Author

Listed:
  • C. Randall Henning

Abstract

The theory of regime complexity offers a useful lens through which to analyse the increasing density of international institutions and the patterns of conflict and cooperation among them. Scholarship on crisis and development finance would benefit from more fully employing this approach to explain the emergence of overlapping institutions and offer recommendations for designing regime complexes. The theory advanced here emphasizes the strategies of key states to use institutional overlap to limit agency ‘drift’ away from their preferences. Prioritizing control often comes at the cost of conflict among the institutions, however, and can thus impede the achievement of financial stability and development goals. The regime complexity approach is distinct from the rational design of institutions, institutional experimentalism and theoretical realism. Drawing on lessons from the euro crisis, this article offers informed conjectures on financial arrangements in the regions of Latin America and East Asia and their interaction with global multilateral institutions, such as the International Monetary Fund.

Suggested Citation

  • C. Randall Henning, 2019. "Regime Complexity and the Institutions of Crisis and Development Finance," Development and Change, International Institute of Social Studies, vol. 50(1), pages 24-45, January.
    • Handle: RePEc:bla:devchg:v:50:y:2019:i:1:p:24-45
    DOI: 10.1111/dech.12472
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/dech.12472
    Download Restriction: no
    File URL: https://libkey.io/10.1111/dech.12472?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries- an early assessment," Blueprints, Bruegel, number 779, June.
    2. Martin Sandbu, 2015. "Europe’s Orphan: The Future of the Euro and the Politics of Debt," Economics Books, Princeton University Press, edition 1, number 10564.
    3. Tana Johnson, 2016. "Cooperation, co-optation, competition, conflict: international bureaucracies and non-governmental organizations in an interdependent world," Review of International Political Economy, Taylor & Francis Journals, vol. 23(5), pages 737-767, September.
    4. Edwin M. Truman, 2010. "The G-20 and International Financial Institution Governance," Working Paper Series WP10-13, Peterson Institute for International Economics.
    5. Schelkle, Waltraud, 2017. "The Political Economy of Monetary Solidarity: Understanding the Euro Experiment," OUP Catalogue, Oxford University Press, number 9780198717935.
    6. Copelovitch, Mark S. & Putnam, Tonya L., 2014. "Design in Context: Existing International Agreements and New Cooperation," International Organization, Cambridge University Press, vol. 68(2), pages 471-493, April.
    7. Barry Eichengreen & Domenico Lombardi & Anton Malkin, 2018. "Multilayered Governance and the International Financial Architecture: The Erosion of Multilateralism in International Liquidity Provision," Global Policy, London School of Economics and Political Science, vol. 9(S1), pages 7-20, June.
    8. Nye, Joseph S., 2014. "The Regime Complex for Managing Global Cyber Activities," Scholarly Articles 12308565, Harvard Kennedy School of Government.
    9. Raustiala, Kal & Victor, David G., 2004. "The Regime Complex for Plant Genetic Resources," International Organization, Cambridge University Press, vol. 58(2), pages 277-309, April.
    10. Cheng, Gong, 2015. "The Global Financial Safety Net through the Prism of G20 Summits," MPRA Paper 68070, University Library of Munich, Germany, revised Nov 2015.
    11. Frank Biermann & Philipp Pattberg & Harro van Asselt & Fariborz Zelli, 2009. "The Fragmentation of Global Governance Architectures: A Framework for Analysis," Global Environmental Politics, MIT Press, vol. 9(4), pages 14-40, November.
    12. Johnson, Tana & Urpelainen, Johannes, 2012. "A Strategic Theory of Regime Integration and Separation," International Organization, Cambridge University Press, vol. 66(4), pages 645-677, October.
    13. Julia Morse & Robert Keohane, 2014. "Contested multilateralism," The Review of International Organizations, Springer, vol. 9(4), pages 385-412, December.
    14. Henning, C. Randall, 2017. "Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis," OUP Catalogue, Oxford University Press, number 9780198801801.
    15. Ban, Cornel, 2016. "Ruling Ideas: How Global Neoliberalism Goes Local," OUP Catalogue, Oxford University Press, number 9780190600396.
    16. Kawai, Masahiro, 2015. "From the Chiang Mai Initiative to an Asian Monetary Fund," ADBI Working Papers 527, Asian Development Bank Institute.
    17. Abbott, Kenneth W. & Green, Jessica F. & Keohane, Robert O., 2016. "Organizational Ecology and Institutional Change in Global Governance," International Organization, Cambridge University Press, vol. 70(2), pages 247-277, April.
    18. Markus K. Brunnermeier & Harold James & Jean-Pierre Landau, 2016. "The Euro and the Battle of Ideas," Economics Books, Princeton University Press, edition 1, number 10828.
    19. Changyong Rhee & Lea Sumulong & Shahin Vallée, 2013. "Global and regional financial safety nets- lessons from Europe and Asia," Working Papers 801, Bruegel.
    20. Pisani-Ferry, Jean, 2014. "The Euro Crisis and Its Aftermath," OUP Catalogue, Oxford University Press, number 9780199993338.
    21. Leslie Elliott Armijo & Saori N. Katada, 2015. "Theorizing the Financial Statecraft of Emerging Powers," New Political Economy, Taylor & Francis Journals, vol. 20(1), pages 42-62, February.
    22. Jeff Colgan & Robert Keohane & Thijs Van de Graaf, 2012. "Punctuated equilibrium in the energy regime complex," The Review of International Organizations, Springer, vol. 7(2), pages 117-143, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Susan Park, 2021. "Policy Norms, the Development Finance Regime Complex, and Holding the European Bank for Reconstruction and Development to Account," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 90-100, May.
    2. Evgeny Vinokurov, 2021. "Interaction of Eurasian and international financial institutions," Post-Communist Economies, Taylor & Francis Journals, vol. 33(2-3), pages 265-282, April.
    3. Laurissa Mühlich & Barbara Fritz, 2021. "Borrowing Patterns in the Global Financial Safety Net: Does Governance Play a Role?," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 47-68, May.
    4. Evgeny Vinokurov & Artem Levenkov, 2021. "The Enlarged Global Financial Safety Net," Global Policy, London School of Economics and Political Science, vol. 12(1), pages 15-23, February.
    5. Susanne Lütz, 2021. "Global–Regional Realignments in Trade, Finance and Development: Introduction to the Special Issue," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 5-13, May.
    6. Zucker Marques, Marina & Mühlich, Laurissa & Fritz, Barbara, 2023. "Unequal access to The Global Financial Safety Net: An index for the quality of crisis finance," Discussion Papers 2023/4, Free University Berlin, School of Business & Economics.
    7. Bernhard Reinsberg & Thomas Stubbs & Alexander Kentikelenis, 2022. "Compliance, defiance, and the dependency trap: International Monetary Fund program interruptions and their impact on capital markets," Regulation & Governance, John Wiley & Sons, vol. 16(4), pages 1022-1041, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mette Eilstrup-Sangiovanni, 2022. "Ordering global governance complexes: The evolution of the governance complex for international civil aviation," The Review of International Organizations, Springer, vol. 17(2), pages 293-322, April.
    2. Bernhard Reinsberg & Oliver Westerwinter, 2021. "The global governance of international development: Documenting the rise of multi-stakeholder partnerships and identifying underlying theoretical explanations," The Review of International Organizations, Springer, vol. 16(1), pages 59-94, January.
    3. Mette Eilstrup-Sangiovanni & Oliver Westerwinter, 2022. "The global governance complexity cube: Varieties of institutional complexity in global governance," The Review of International Organizations, Springer, vol. 17(2), pages 233-262, April.
    4. Yoram Z. Haftel & Tobias Lenz, 2022. "Measuring institutional overlap in global governance," The Review of International Organizations, Springer, vol. 17(2), pages 323-347, April.
    5. Kenneth W. Abbott & Benjamin Faude, 2022. "Hybrid institutional complexes in global governance," The Review of International Organizations, Springer, vol. 17(2), pages 263-291, April.
    6. James Hollway & Jean-Frédéric Morin & Joost Pauwelyn, 2020. "Structural conditions for novelty: the introduction of new environmental clauses to the trade regime complex," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 20(1), pages 61-83, March.
    7. Abbott, Kenneth W. & Faude, Benjamin, 2022. "Hybrid institutional complexes in global governance," LSE Research Online Documents on Economics 109882, London School of Economics and Political Science, LSE Library.
    8. Susanne Lütz, 2021. "Global–Regional Realignments in Trade, Finance and Development: Introduction to the Special Issue," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 5-13, May.
    9. Thomas Gehring & Benjamin Faude, 2014. "A theory of emerging order within institutional complexes: How competition among regulatory international institutions leads to institutional adaptation and division of labor," The Review of International Organizations, Springer, vol. 9(4), pages 471-498, December.
    10. Bernhard Reinsberg & Oliver Westerwinter, 2023. "Institutional Overlap in Global Governance and the Design of Intergovernmental Organizations," The Review of International Organizations, Springer, vol. 18(4), pages 693-724, October.
    11. Corsetti, G. & Erce, A. & Uy, T., 2017. "Official Sector Lending Strategies During the Euro Area Crisis," Cambridge Working Papers in Economics 1730, Faculty of Economics, University of Cambridge.
    12. Maria J. Debre & Hylke Dijkstra, 2023. "Are international organisations in decline? An absolute and relative perspective on institutional change," Global Policy, London School of Economics and Political Science, vol. 14(1), pages 16-30, February.
    13. Indra Overland & Gunilla Reischl, 2018. "A place in the Sun? IRENA’s position in the global energy governance landscape," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 18(3), pages 335-350, June.
    14. Geng Qin & Hanzhi Yu & Chao Wu, 2023. "Global governance for digital sequence information on genetic resources: Demand, progress and reforming paths," Global Policy, London School of Economics and Political Science, vol. 14(2), pages 403-415, May.
    15. Philip R. Lane, 2021. "The Resilience of the Euro," Journal of Economic Perspectives, American Economic Association, vol. 35(2), pages 3-22, Spring.
    16. Karen J. Alter, 2022. "The promise and perils of theorizing international regime complexity in an evolving world," The Review of International Organizations, Springer, vol. 17(2), pages 375-396, April.
    17. Thomas Hickmann & Joshua Philipp Elsässer, 0. "New alliances in global environmental governance: how intergovernmental treaty secretariats interact with non-state actors to address transboundary environmental problems," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 0, pages 1-23.
    18. Wei Cui, 2017. "Macroeconomic Effects of Delayed Capital Liquidation," Discussion Papers 1719, Centre for Macroeconomics (CFM).
    19. Jon CW Pevehouse & Timothy Nordstrom & Roseanne W McManus & Anne Spencer Jamison, 2020. "Tracking organizations in the world: The Correlates of War IGO Version 3.0 datasets," Journal of Peace Research, Peace Research Institute Oslo, vol. 57(3), pages 492-503, May.
    20. Giancarlo Corsetti & Aitor Erce & Timothy Uy, 2020. "Official sector lending during the euro area crisis," The Review of International Organizations, Springer, vol. 15(3), pages 667-705, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:devchg:v:50:y:2019:i:1:p:24-45. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0012-155X .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.