To map relevant themes, problems and approaches to the study of system-wide economic turning points, this chapter adopts a backwards timeline, first discussing how the main political actors have responded to the crisis of 2007-2008. Attention is particularly placed on actors, sectors, behaviour and policies (who, what), across governance levels (where, domestic-supra-international), causal mechanism (why) and time (when). The focus is then moved to outcomes and, particularly, logics that have informed political responses at the international level. Elaborating on the link between the (relative degree of) global coordination and post-crisis systemic persistence, the chapter critically reviews the main IPE, CPE and economic academic contributions on the topic, raising the issue of crisis’ endogeneity, on both epistemological and policy grounds. Building on the conceptualization of crises as endogenous variables, the analysis is then moved back in time to the micro- and macro-foundational paths that those literatures have elaborated upon to explain the origins of the 2007-08 crisis and its subsequent developments, during the Great recession. Connecting political causes and responses, the chapter deepens the focus on short and long run priors, first, and political actions-outcomes, then, in two selected cases in US policy (the anti-cyclical response of the US administrations in several macroeconomic and financial policies, respectively, between 2008 and 2013) . The two short probes are used to shed light on the relative goodness of ‘boom-bust’ models advanced in economic, IPE and CPE literatures to study responses to global crises. Discussing the post-crisis missing run against the US dollar, a notable case of non-response to the recent global shock, the analysis further problematizes the exceptionality narrative. Country and region-specific factors (Eurozone weakness, strategic and security priorities of major Emerging Market Economies- hereinafter EMEs), as well as system-wide dynamics (network and node properties of US, European and EMEs financial markets) have concurred to explain the enduring centrality of the US dollar, strengthening the case for methodological pluralism and inter-disciplinary approaches to the study of global crises. To conclude, the chapter indicates where cross-fertilization may bring further progress in the study of coordinated responses to the 2008 crisis.

IPE and the study of global crises: making sense of complexity in dire times / Eugenia Baroncelli. - STAMPA. - (2017), pp. 97-135.

IPE and the study of global crises: making sense of complexity in dire times

BARONCELLI, EUGENIA
2017

Abstract

To map relevant themes, problems and approaches to the study of system-wide economic turning points, this chapter adopts a backwards timeline, first discussing how the main political actors have responded to the crisis of 2007-2008. Attention is particularly placed on actors, sectors, behaviour and policies (who, what), across governance levels (where, domestic-supra-international), causal mechanism (why) and time (when). The focus is then moved to outcomes and, particularly, logics that have informed political responses at the international level. Elaborating on the link between the (relative degree of) global coordination and post-crisis systemic persistence, the chapter critically reviews the main IPE, CPE and economic academic contributions on the topic, raising the issue of crisis’ endogeneity, on both epistemological and policy grounds. Building on the conceptualization of crises as endogenous variables, the analysis is then moved back in time to the micro- and macro-foundational paths that those literatures have elaborated upon to explain the origins of the 2007-08 crisis and its subsequent developments, during the Great recession. Connecting political causes and responses, the chapter deepens the focus on short and long run priors, first, and political actions-outcomes, then, in two selected cases in US policy (the anti-cyclical response of the US administrations in several macroeconomic and financial policies, respectively, between 2008 and 2013) . The two short probes are used to shed light on the relative goodness of ‘boom-bust’ models advanced in economic, IPE and CPE literatures to study responses to global crises. Discussing the post-crisis missing run against the US dollar, a notable case of non-response to the recent global shock, the analysis further problematizes the exceptionality narrative. Country and region-specific factors (Eurozone weakness, strategic and security priorities of major Emerging Market Economies- hereinafter EMEs), as well as system-wide dynamics (network and node properties of US, European and EMEs financial markets) have concurred to explain the enduring centrality of the US dollar, strengthening the case for methodological pluralism and inter-disciplinary approaches to the study of global crises. To conclude, the chapter indicates where cross-fertilization may bring further progress in the study of coordinated responses to the 2008 crisis.
2017
The Political Economy of Crisis and Change in the New Global Context
97
135
IPE and the study of global crises: making sense of complexity in dire times / Eugenia Baroncelli. - STAMPA. - (2017), pp. 97-135.
Eugenia Baroncelli
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/592968
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