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

Antoniades, Andreas (2017) The new resilience of emerging and developing countries: systemic interlocking, currency swaps and geoeconomics. Global Policy, 8 (2). pp. 170-180. ISSN 1758-5880

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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.

Item Type: Article
Keywords: Resilience, Emerging Powers, BRICS, Emerging Markets, Developing Countries, Vulnerability, Geoeconomics, China, Renminbi, Decoupling
Schools and Departments: School of Global Studies > International Relations
Subjects: H Social Sciences > HG Finance > HG3691 Credit. Debt. Loans
H Social Sciences > HG Finance > HG3810 Foreign exchange. International finance. International monetary system
H Social Sciences > HJ Public Finance > HJ8001 Public debts
J Political Science > JZ International relations
Depositing User: Andreas Antoniades
Date Deposited: 04 Dec 2015 12:08
Last Modified: 11 Sep 2017 11:46

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