The Asian crisis provides heterodox economists with the opportunity to investigate counterfactually whether the financial policies they have proposed would have averted the crisis. The paper argues that neo-liberal financial integration introduces distinct risks to emerging economies--currency,...

This paper uses the term, capital management techniques, to refer to two complementary (and often overlapping) types of financial policies: policies that govern international private capital flows and those that enforce prudential management of domestic financial institutions. The paper shows...

This major Handbook consists of 29 contributions that explore the full range of exciting and interesting work on money and finance currently taking place within heterodox economics. There are many themes and facets of alternative monetary and financial economics but two major ones can be identified.

The re-branding of capital controls has occurred against a broader backdrop of change and uncertainty. This state of affairs—which I have elsewhere termed “productive incoherence”--constitutes the broader environment in which thinking and practice on capital controls is now evolving. The...

Significantly revised, April 2011The paper examines three related questions. How is the crisis affecting the governance of the IMF and the influence that developing countries have within the institution; what new policy space is available to developing countries; and what alternative financial...

The current crisis is proving to be productive of institutional experimentation in the realm of financial architecture(s) in the developing world. The drive toward experimentation arose out of the East Asian financial crisis of 1997‐98, which provoked some developing countries to take steps to...

The criterion of "credibility" is invoked today as a means of privileging neoliberal economic policies and independent monetary institutions, namely, autonomous central banks. The paper argues that the credibility criterion presents a formidable obstacle to dissent and to open debate over the...