International regime complexity in sovereign crisis finance: a comparison of regional architectures

C. Randall Henning

Review of International Political Economy, 2023, vol. 30, issue 6, 2069-2093

Abstract: The theory of international regime complexity that frames this study specifies expectations for international cooperation stemming from different combinations of hierarchy and differentiation among institutions in regime complexes. This paper compares relationships between regional financial arrangements and the International Monetary Fund in the regional complexes for crisis finance in East Asia, Latin America, and the euro area during 2000-2019 and tests these expectations. Creditor states that sit at the nexus between global and regional institutions are particularly influential in the choice of architecture (the combination of hierarchy and differentiation) for these complexes but are constrained by arrangements inherited from previous decades. Once chosen, the complex’s architecture in turn shapes policy adjustment in borrowing countries and influences whether states pursue regime shifting or competitive regime creation when dissatisfied with institutions. These findings generally coincide with expectations, but exceed the degree of policy adjustment that the core theory expected for the euro area. Interinstitutional collaboration, the dynamics of which are elaborated, fills this explanatory gap. The paper concludes that relations among institutions are essential for understanding the outcomes and evolution of regime complexes and underpin a more complete explanation than provided by singular institutionalism, the power-gap hypothesis and other alternative approaches.

Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09692290.2023.2243957 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:rripxx:v:30:y:2023:i:6:p:2069-2093

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rrip20

DOI: 10.1080/09692290.2023.2243957

Access Statistics for this article

Review of International Political Economy is currently edited by Gregory Chin, Juliet Johnson, Daniel Mügge, Kevin Gallagher, Ilene Grabel and Cornelia Woll

More articles in Review of International Political Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().