Download The Political Economy of International Capital Mobility by Matthew Watson PDF

By Matthew Watson

Foreign capital mobility is a primary point of the political economic climate of globalization, and this learn develops a brand new framework for knowing this important phenomenon. Matthew Watson attracts a contrast among the spatial and the sensible mobility of capital, permitting clean insights into present paintings at the topic while repoliticizing the very notion of capital being 'in motion'. The dynamics of capital mobility and the styles of probability publicity are illustrated via 4 circumstances: the Asian monetary main issue; the Tobin tax; the Enron affair; and the proposed consolidation of the ecu inventory marketplace.

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23 24 The Political Economy of International Capital Mobility the mechanisms through which financial markets become an integral feature of the constitution of contemporary risk societies. Yet, there is no reason why he should have done so, as this is not the task that he sets himself. What he does do is to provide a framework for understanding the very nature of risk within the modern world. This provides an ideal basis for grounding my prior analysis of the three generic types of financial risk.

2) The dominant form of financial risk is different today in its potential to cascade related risks through the financial system as a whole. The financial markets of the golden age were largely independent of one another, as they were constituted as specialist markets with discrete communities of buyers and sellers. One asset traded on each market and, whilst momentum trading and confidence surges could often create the Controlling, Creating and Cashing-in on Risk 31 impression that these assets were somehow linked, their economic structures were entirely autonomous.

The risk that emanates from financial markets does so with uneven effects on society, due to the asymmetries of the response of government policy to moments of market distress. In theory, it is possible for governments to entirely offset the effects of an increase in the cost of credit via a monetary expansion. In practice, however, the governments of advanced industrialised countries have increasingly adopted rulesbased programmes which are designed specifically to lock-in existing asset values (see Chapter 3).

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