ABSTRACT
This chapter examines the politics of international financial regulation starting from the demise of Bretton Woods in 1973 and continuing through the global financial crisis of 2007. In particular it examines how the IMF, BIS, G-20 and Basle Accords have functioned in the global financial crisis so far. The chapter continues with a comparison of crisis management strategies from 1998 to 2010 that were developed as part of international financial reform. It examines how the AsianRussian crises of 1997-1999 and the recent US subprime mortgage crisis offered a powerful catalyst for financial reform discussions within the G-20. Prior to the Asian financial crisis of 1997-1998, developed countries dominated financial and economic policy discussions in intergovernmental forums. The Asian and Russian financial crises, however, signaled that financial crises in developing economies could have a domino effect on developed countries, rendering emerging markets as part of the agenda (G-20) in any discussions on economic and financial reform.
