Institutional metamorphosis

Glinavos, I. 2020. Institutional metamorphosis. in: Yağcı, M. (ed.) Political Economy of Central Banking in Emerging Economies Routledge. pp. 23-37

Chapter titleInstitutional metamorphosis
AuthorsGlinavos, I.
EditorsYağcı, M.
Abstract

The predominance of technocracy and preference for institutional independence that was key to the market-state relationship since the end of the cold-war is being challenged by renewed calls for re-politicisation from across the political spectrum. The prime examples in developed economies are President Trump in the USA and the Labour Party leadership under Jeremy Corbyn in Britain. Re-politicisation points to a different, state-centric, model of accountability and legitimacy for the operation of institutions. This paper examines calls for a return to political-institutional environments long extinct in the west, and (up until recently) in retreat in the developing world. The paper argues that the contemporary critique of central bank independence has nothing to do with the literature on empowerment and greater accountability that was developed at the time of (and since) the financial crisis; and reflects on a metamorphosis of debates towards undemocratic, capricious, populist and state-centric directions. This phenomenon has profound implications for emerging economies where efforts to build a pro-market institutional and legal framework have long focused on the promotion of independent institutions, like central banks. The paper argues that these developments in the political centres of the west directly undermine modernising efforts in emerging economies.

Keywordscentral banking
Brexit
emerging economies
central banks
ECB
Federal Reserve
Corbyn
Bank of England
Book titlePolitical Economy of Central Banking in Emerging Economies
Page range23-37
Year2020
PublisherRoutledge
Publication dates
Published03 Sep 2020
ISBN9780367823054
Digital Object Identifier (DOI)https://doi.org/10.4324/9780367823054
File
Web address (URL)http://dx.doi.org/10.4324/9780367823054
JournalThe Political Economy of Central Banking in Emerging Economies

Related outputs

Hagia Sophia at ICSID? The Limits of Sovereign Discretion
Glinavos, I. 2022. Hagia Sophia at ICSID? The Limits of Sovereign Discretion. in: European Yearbook of International Economic Law 2021 Springer.

Which Way Huawei? ISDS Options for Chinese Investors
Glinavos, I. 2020. Which Way Huawei? ISDS Options for Chinese Investors. in: Handbook of International Investment Law and Policy Springer.

To ISDS or not to ISDS: A question of legitimacy in dispute resolution
Glinavos, I. 2019. To ISDS or not to ISDS: A question of legitimacy in dispute resolution. in: A brand new world: the evolution and future of arbitration London Chartered Institute of Arbitrators (CIArb).

Brexit, the City and Options for ISDS
Glinavos, I. 2018. Brexit, the City and Options for ISDS. ICSID Review - Foreign Investment Law Journal. 33 (2), pp. 380-405. https://doi.org/10.1093/icsidreview/siy003

Huffington Post: No-Deal Brexit and Fear
Glinavos, I. 2017. Huffington Post: No-Deal Brexit and Fear.

Newsweek: The City of London is preparing for a hard Brexit
Glinavos, I. 2017. Newsweek: The City of London is preparing for a hard Brexit. Newsweek.

Forbes: Brexit Negotiations: A Greek Tragedy
Glinavos, I. 2017. Forbes: Brexit Negotiations: A Greek Tragedy. Forbes.

The Conversation: Why TTIP will live on – but not for the EU
Glinavos, I. 2016. The Conversation: Why TTIP will live on – but not for the EU. The Conversation.

Solar Eclipse: Investment Treaty Arbitration and Spain’s Photovoltaic Troubles
Ioannis Glinavos 2016. Solar Eclipse: Investment Treaty Arbitration and Spain’s Photovoltaic Troubles. Bingley, Yorkshire, UK Emerald. https://doi.org/10.1108/s2051-503020160000018011

Public interests, private disputes: Investment arbitration and the public good
Glinavos, I. 2016. Public interests, private disputes: Investment arbitration and the public good. Manchester Journal of International Economic Law. 13 (1), pp. 50-62.

The Conversation: Why leaving the euro is back on the agenda in the Greek election
Glinavos, I. 2015. The Conversation: Why leaving the euro is back on the agenda in the Greek election. The Conversation.

A Crisis Beyond Law, or a Crisis of Law?
Glinavos, I. 2014. A Crisis Beyond Law, or a Crisis of Law? European Journal of Law Reform. 2014 (4), pp. 679-691.

Haircut Undone? The Greek Drama and Prospects for Investment Arbitration
I. Glinavos and Glinavos, I. 2014. Haircut Undone? The Greek Drama and Prospects for Investment Arbitration. Journal of International Dispute Settlement. 5 (3), pp. 475-497. https://doi.org/10.1093/jnlids/idu008

Permalink - https://westminsterresearch.westminster.ac.uk/item/qwyy9/institutional-metamorphosis


Share this
Tweet
Email

Usage statistics

74 total views
13 total downloads
3 views this month
3 downloads this month
These values are for the period from September 2nd 2018, when this repository was created

Export as