EDC resilience_Global Policy_accepted.pdf (457.52 kB)
The new resilience of emerging and developing countries: systemic interlocking, currency swaps and geoeconomics
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 PolicyISSN
1758-5880Publisher
WileyExternal DOI
Issue
2Volume
8Page range
170-180Event name
British International Studies Association Annual Conference 2015Event location
LondonEvent type
conferenceEvent date
June 19, 2015Department affiliated with
- International Relations Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2015-12-04First Open Access (FOA) Date
2018-12-28First Compliant Deposit (FCD) Date
2017-02-22Usage metrics
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