C. Randall Henning's Books

Tangled Governance

International Regime Complexity, the Troika, and the Euro Crisis

By: C. Randall Henning

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Tangled Governance

International Regime Complexity, the Troika, and the Euro Crisis

By: C. Randall Henning

Tangled Governance addresses the institutions that were deployed to fight the euro crisis, reestablish financial stability in Europe, and prevent contagion to the rest of the world. Henning explains why European leaders chose to include the International Monetary Fund (IMF) in the crisis response and provides a detailed account of the decisions of the institutions that make up the troika (the European Commission, European Central Bank, and IMF). He examines the institutions negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The institutional strategies of key member states, including Germany and the United States, are also explored in this study. The book locates its analysis within the framework of regime complexity, involving clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures in the regime-complexity literature against the seven cases of financial rescues of euro area countries that were stricken by crises between 2010 and 2015. Tangled Governance concludes that states use some institutions to control others, that complexity is the consequence of a strategy to control agency drift. States mediate conflicts among institutions and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In reaching these conclusions, the book also answers several key puzzles, including why Germany and other northern European countries supported IMF inclusion despite its adopting positions opposed to their preferences; why crisis fighting arrangements endured intense conflicts among the institutions; and, finally, why the United States and the IMF promoted further steps to complete the monetary union.

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Page Count

316

Publisher

Oxford University Press

Published Date

ISBN 10

0192521950

ISBN 13

9780192521958

Currencies and Politics in the United States, Germany, and Japan

By: C. Randall Henning

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Currencies and Politics in the United States, Germany, and Japan

By: C. Randall Henning

Currencies and Politics is the first comprehensive, in-depth comparison of the institutions and processes that formulate domestic and external monetary policy in the U.S., Germany, and Japan. It outlines the differences in policymaking among the three countries and the policy patterns they produced over the postwar period.

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Page Count

434

Publisher

Peterson Institute

Published Date

ISBN 10

0881321273

ISBN 13

9780881321272

Accountability and Oversight of US Exchange Rate Policy

By: C. Randall Henning

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Accountability and Oversight of US Exchange Rate Policy

By: C. Randall Henning

The dispute over Chinese exchange rate policy within the United States has generated a series of legislative proposals to restrict the discretion of the US Treasury Department in determining currency manipulation and to reform the department's accountability to the Congress. This study reviews the Treasury's reports to the Congress on exchange rate policy—introduced by the 1988 trade act—and Congress's treatment of them. It finds that the accountability process has often not worked well in practice: The coverage of the reports has sometimes been incomplete and not provided a sufficient basis for congressional oversight. Nor has Congress always performed its own role well, holding hearings on less than half of the reports and overlooking important substantive issues. Several recommendations can improve guidance to the Treasury, standards for assessment, and congressional oversight. These include (1) refining the criteria used to determine currency manipulation and writing them into law; (2) explicitly harnessing US decisions on manipulation to the IMF's rules on exchange rates; (3) clarifying the general objectives of US exchange rate policy; (4) reaffirming the mandate to seek international macroeconomic and currency cooperation; and (5) institutionalizing multicommittee oversight of exchange rate policy by Congress. As they develop legislation targeting manipulation, furthermore, legislators should not lose sight of the broader purposes of the 1988 act relating to the effective valuation of the dollar, the current account, and their ramifications for the US economy overall.

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Page Count

141

Publisher

Columbia University Press

Published Date

ISBN 10

0881324892

ISBN 13

9780881324891

The Exchange Stabilization Fund

Slush Money Or War Chest?

By: C. Randall Henning

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The Exchange Stabilization Fund

Slush Money Or War Chest?

By: C. Randall Henning

The Exchange Stabilization Fund (ESF) holds more than $40 billion that is at the disposal of the US Secretary of the Treasury for use in foreign exchange intervention and international financial support operations. Its use in the Mexican rescue package of 1995 brought the ESF into the public spotlight for the first time in recent years, and it has been deployed in Brazil and several Asian crisis countries as well. Its availability for such packages and its total control by the Treasury secretary have therefore become very controversial. Randall Henning's study maintains that the Fund is an important element of US foreign policy and economic policy and that it should remain under the exclusive control of the Treasury, but that Congress should exercise effective oversight. Henning also covers the legislative history of the ESF and outlines the principles by which the Fund should be administered.

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Page Count

124

Publisher

Peterson Institute

Published Date

ISBN 10

0881322717

ISBN 13

9780881322712

Transatlantic Perspectives on the Euro

By: C. Randall Henning,Pier Carlo Padoan

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Transatlantic Perspectives on the Euro

By: C. Randall Henning,Pier Carlo Padoan

A Brookings Institution Press and the European Community Studies Association publication The European economic and monetary union has changed the structure of international monetary relations fundamentally. In this book two experts--one European, the other American--offer transatlantic perspectives on the ramifications of the monetary union and the launch of the euro. C. Randall Henning examines selected American views on Europe's monetary union, and looks at the political, economic, and institutional interests of the United States as they are affected by the creation of the euro. He examines the external monetary policymaking machinery of the union and discusses the relationship of the monetary union to international institutions, particularly the meetings of the G-7 finance ministers and central bank governors and the International Monetary Fund. Henning is generally sympathetic to European integration, supportive of the monetary union, and persuaded of the importance of international cooperation. Pier Carlo Padoan presents a European view of the role of the euro in the international system. He looks at the euro as a potential global currency and examines the transition phase between a regional currency and a global currency. Central to this is an analysis of the appropriate exchange rate policy for the euro. He also considers euro-dollar relations and the prospects for transatlantic cooperation. C. Randall Henning is a professor at The American University and a senior fellow at the Institute for International Economics. Pier Carlo Padoan is a professor at the University of Rome and the College of Europe.

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Page Count

142

Publisher

Brookings Institution Press

Published Date

ISBN 10

0815719949

ISBN 13

9780815719946

Book's by C. Randall Henning

Tangled Governance

Tangled Governance

Currencies and Politics in the United States, Germany, and Japan

Currencies and Politics in the United States, Germany, and Japan

Accountability and Oversight of US Exchange Rate Policy

Accountability and Oversight of US Exchange Rate Policy

The Exchange Stabilization Fund

The Exchange Stabilization Fund

Transatlantic Perspectives on the Euro

Transatlantic Perspectives on the Euro

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