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The new resilience of emerging and developing countries: systemic interlocking, currency swaps and geoeconomics

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posted on 2023-06-08, 23:39 authored by Andreas AntoniadesAndreas Antoniades
The vulnerability/resilience nexus that defined the interaction between advanced and developing economies in the post-WWII era is undergoing a fundamental transformation. Yet, most of the debate in the current literature is focusing on the structural constraints faced by the Emerging and Developing Countries (EDCs) and the lack of changes in the formal structures of global economic governance. This paper challenges this literature and its conclusions by focusing on the new conditions of systemic interlocking between advanced and emerging economies, and by analysing how large EDCs have built and are strengthening their economic resilience. We find that a significant redistribution of ‘policy space’ between advanced and emerging economies have taken place in the global economy. We also find that a number of seemingly technical currency swap agreements among EDCs have set in motion changes in the very structure of global trade and finance. These developments do not signify the end of EDCs’ vulnerability towards advanced economies. They signify however that the economic and geoeconomic implications of this vulnerability have changed in ways that constrain the options available to advanced economies and pose new challenges for the post-WWII economic order.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Global Policy

ISSN

1758-5880

Publisher

Wiley

Issue

2

Volume

8

Page range

170-180

Event name

British International Studies Association Annual Conference 2015

Event location

London

Event type

conference

Event date

June 19, 2015

Department affiliated with

  • International Relations Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2015-12-04

First Open Access (FOA) Date

2018-12-28

First Compliant Deposit (FCD) Date

2017-02-22

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