Edited by Gerald A. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst, US

'This volume is a must read for everyone interested in the problems posed by the dollar-based international financial system for countries on the periphery of the world economy. The countries in question must first exchange their ''soft'' domestic currencies for ''hard'' currencies like the dollar before they can purchase goods, services, and assets in international markets. The authors of this volume offer a series of expert, well-researched, and critical analyses of the policies they can pursue to ensure greater equality and stability under these circumstances.'--Edwin Dickens, Saint Peter's University, US'This important book expands the discussion of developments in international finance to take into account the power relations between countries that issue hard or soft currencies. It makes clear that the destructive power of large financial institutions has not abated and the impact of their speculation on developing and emerging market countries has intensified. While the book notes some positive trends such as the growing acceptance of the need for capital controls, the ongoing problem remains: the global economic architecture created by US dollar hegemony perpetuates instability and pervasive inequality within these countries and in their relations with the rest of the world.'--Jane D'Arista, University of Massachusetts Amherst, US'A much needed volume on the developments in the international financial system in the post-2008 crisis era. Through a combination of theoretical analyses and case studies, it uncovers the underlying economic and power structures in international finance and puts the inequalities in the global economy into perspective by focusing on institutions and power relations. The thought-provoking contributions to this volume are essential reading for researchers, students and policymakers and an ideal starting point for further research.'--Ozgur Orhangazi, Kadir Has University, Turkey

• Contents:1. Introduction Gerald A. EpsteinPart I Capital Flows and Financial Crises2. Financial Crises Among Emerging and Developing Economies in the Modern Era: A Brief History and Some Stylized ThemesElissa Braunstein3. Too Good to Be True: What the Icelandic Crisis Revealed About Global FinanceNina Eichacker4. Reanalyzing the gender-specific effects of the Great RecessionSana KhalilPart II Managing International Capital Flows: Costs and Dilemmas5. Capital Controls In a Time of CrisisIlene Grabel6. Easing the Trilemma through Reserve Accumulation? The Latin American CaseLuis D. Rosero7. The Costs of Foreign Exchange Intervention: Trends and Implications Devika Dutt8. Monetary Policy under Financial Dollarization: The Case of Eurasian Economic Union Zhandos YbrayevPart III Power Relations in the International Financial System: Global and Regional Dimensions9. The Cost of a SWIFT Kick: Estimating the Cost of Financial Sanctions on IranMariam Majd10. Changing Rules of the Game of Global Finance: Glimpses from the Argentina's Sovereign Debt RestructuringMohit Arora11. Solidarity vs. Similarity: The Political Economy of Currency UnionsFrancisco Perez12. International Financial Flows and the Future of EU-Turkey Relations Hasan CömertIndex

Edited by Gerald A. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst, US

'This volume is a must read for everyone interested in the problems posed by the dollar-based international financial system for countries on the periphery of the world economy. The countries in question must first exchange their ''soft'' domestic currencies for ''hard'' currencies like the dollar before they can purchase goods, services, and assets in international markets. The authors of this volume offer a series of expert, well-researched, and critical analyses of the policies they can pursue to ensure greater equality and stability under these circumstances.'--Edwin Dickens, Saint Peter's University, US'This important book expands the discussion of developments in international finance to take into account the power relations between countries that issue hard or soft currencies. It makes clear that the destructive power of large financial institutions has not abated and the impact of their speculation on developing and emerging market countries has intensified. While the book notes some positive trends such as the growing acceptance of the need for capital controls, the ongoing problem remains: the global economic architecture created by US dollar hegemony perpetuates instability and pervasive inequality within these countries and in their relations with the rest of the world.'--Jane D'Arista, University of Massachusetts Amherst, US'A much needed volume on the developments in the international financial system in the post-2008 crisis era. Through a combination of theoretical analyses and case studies, it uncovers the underlying economic and power structures in international finance and puts the inequalities in the global economy into perspective by focusing on institutions and power relations. The thought-provoking contributions to this volume are essential reading for researchers, students and policymakers and an ideal starting point for further research.'--Ozgur Orhangazi, Kadir Has University, Turkey

• Contents:1. Introduction Gerald A. EpsteinPart I Capital Flows and Financial Crises2. Financial Crises Among Emerging and Developing Economies in the Modern Era: A Brief History and Some Stylized ThemesElissa Braunstein3. Too Good to Be True: What the Icelandic Crisis Revealed About Global FinanceNina Eichacker4. Reanalyzing the gender-specific effects of the Great RecessionSana KhalilPart II Managing International Capital Flows: Costs and Dilemmas5. Capital Controls In a Time of CrisisIlene Grabel6. Easing the Trilemma through Reserve Accumulation? The Latin American CaseLuis D. Rosero7. The Costs of Foreign Exchange Intervention: Trends and Implications Devika Dutt8. Monetary Policy under Financial Dollarization: The Case of Eurasian Economic Union Zhandos YbrayevPart III Power Relations in the International Financial System: Global and Regional Dimensions9. The Cost of a SWIFT Kick: Estimating the Cost of Financial Sanctions on IranMariam Majd10. Changing Rules of the Game of Global Finance: Glimpses from the Argentina's Sovereign Debt RestructuringMohit Arora11. Solidarity vs. Similarity: The Political Economy of Currency UnionsFrancisco Perez12. International Financial Flows and the Future of EU-Turkey Relations Hasan CömertIndex

Edited by Gerald A. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst, US

'This volume is a must read for everyone interested in the problems posed by the dollar-based international financial system for countries on the periphery of the world economy. The countries in question must first exchange their ''soft'' domestic currencies for ''hard'' currencies like the dollar before they can purchase goods, services, and assets in international markets. The authors of this volume offer a series of expert, well-researched, and critical analyses of the policies they can pursue to ensure greater equality and stability under these circumstances.'--Edwin Dickens, Saint Peter's University, US'This important book expands the discussion of developments in international finance to take into account the power relations between countries that issue hard or soft currencies. It makes clear that the destructive power of large financial institutions has not abated and the impact of their speculation on developing and emerging market countries has intensified. While the book notes some positive trends such as the growing acceptance of the need for capital controls, the ongoing problem remains: the global economic architecture created by US dollar hegemony perpetuates instability and pervasive inequality within these countries and in their relations with the rest of the world.'--Jane D'Arista, University of Massachusetts Amherst, US'A much needed volume on the developments in the international financial system in the post-2008 crisis era. Through a combination of theoretical analyses and case studies, it uncovers the underlying economic and power structures in international finance and puts the inequalities in the global economy into perspective by focusing on institutions and power relations. The thought-provoking contributions to this volume are essential reading for researchers, students and policymakers and an ideal starting point for further research.'--Ozgur Orhangazi, Kadir Has University, Turkey

• Contents:1. Introduction Gerald A. EpsteinPart I Capital Flows and Financial Crises2. Financial Crises Among Emerging and Developing Economies in the Modern Era: A Brief History and Some Stylized ThemesElissa Braunstein3. Too Good to Be True: What the Icelandic Crisis Revealed About Global FinanceNina Eichacker4. Reanalyzing the gender-specific effects of the Great RecessionSana KhalilPart II Managing International Capital Flows: Costs and Dilemmas5. Capital Controls In a Time of CrisisIlene Grabel6. Easing the Trilemma through Reserve Accumulation? The Latin American CaseLuis D. Rosero7. The Costs of Foreign Exchange Intervention: Trends and Implications Devika Dutt8. Monetary Policy under Financial Dollarization: The Case of Eurasian Economic Union Zhandos YbrayevPart III Power Relations in the International Financial System: Global and Regional Dimensions9. The Cost of a SWIFT Kick: Estimating the Cost of Financial Sanctions on IranMariam Majd10. Changing Rules of the Game of Global Finance: Glimpses from the Argentina's Sovereign Debt RestructuringMohit Arora11. Solidarity vs. Similarity: The Political Economy of Currency UnionsFrancisco Perez12. International Financial Flows and the Future of EU-Turkey Relations Hasan CömertIndex