The resurgence of financial vulnerabilities in developed economies (financial crisis 2007, COVID pandemic, Ukraine War) has served as a reminder of the threats that a liberalized financial system poses to financial and economic stability. Although (semi-)peripheral countries, by comparison, have had to cope with volatilities related to global finance since the 1970s, little is known about the governance strategies they developed in response to them. Instead, they tend to be analyzed as passive rule-takers or as shaped by predetermining historical legacies.
In my book, I investigate how (semi-)peripheral states in Asia and Latin America (Argentina, Chile, Japan, and South Korea) have deployed agency to form their domestic governance of financialization. The development and modification of monetary, financial, and foreign exchange policies became a crucial task for these countries to manage international financial flows and financialization in general.
To explain the development of different governance strategies, this book introduces the concept of empowering expertise. This concept captures the various types of expertise that inform policymaking (expert agency), as well as the government strategies to empower them (political agency). The book argues that these instances of expert agency and political agency allow (semi-)peripheral states to retain control over the governance of financialization even in times of globalization.
You can find my book here.