FINANCE AND TRADE IN GLOBAL ECONOMIC GOVERNANCE: IMF – GATT/WTO COOPERATION AND EXCHANGE RATE REGIME – TRADE LINKAGE

Mustafa Göker; Ilkut Elif Kandil Goker

Makale detayları

FINANCE AND TRADE IN GLOBAL ECONOMIC GOVERNANCE: IMF – GATT/WTO COOPERATION AND EXCHANGE RATE REGIME – TRADE LINKAGE

Yazarlar:

Mustafa Göker | Ilkut Elif Kandil Goker

Yayıncı:

Pamukkale University

Ana Başlıklar:

Uluslararası Finans

Dergi:

Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 60, pp.129-151

Belge Tipi:

Makale

Yayın Tarihi:

1/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001309993

pISSN:

1308-2922

Anahtar kelimeler:

Özet:

 The health of the international trade flows depends on the existence of a sound international financial system. Therefore, when designing the global economic governance order after the Second World War, money and trade issues were considered as parts of a whole. Exchange rate stability was seen as a prerequisite for the functioning of the trading system, and therefore an international monetary system based on fixed exchange rates remained in force until 1971. Besides, GATT established a special form of co-operation between the GATT and the IMF, which was later extended to the WTO era in 1995. While some of the co-operation is in traditional forms, some of it is unique in that it comes from the GATT era. The study aims, by addressing these forms of co-operation, to present the state of play of the finance and trade nexus in global economic governance. It finds that i with the abandonment of the fixed exchange rates of the Bretton Woods system, the legal and institutional infrastructure of the finance-trade linkage weakened, especially in terms of the exchange rate regime and the functions of the IMF; ii reforms within the IMF and the GATTWTO and existing legal and institutional capacity are not sufficient to eliminate this weakness; and iii in the current conjuncture, there is no international will to address the negative impact caused by exchange rate misalignments on trade.

 The health of the international trade flows depends on the existence of a sound international financial system. Therefore, when designing the global economic governance order after the Second World War, money and trade issues were considered as parts of a whole. Exchange rate stability was seen as a prerequisite for the functioning of the trading system, and therefore an international monetary system based on fixed exchange rates remained in force until 1971. Besides, GATT established a special form of co-operation between the GATT and the IMF, which was later extended to the WTO era in 1995. While some of the co-operation is in traditional forms, some of it is unique in that it comes from the GATT era. The study aims, by addressing these forms of co-operation, to present the state of play of the finance and trade nexus in global economic governance. It finds that i with the abandonment of the fixed exchange rates of the Bretton Woods system, the legal and institutional infrastructure of the finance-trade linkage weakened, especially in terms of the exchange rate regime and the functions of the IMF; ii reforms within the IMF and the GATTWTO and existing legal and institutional capacity are not sufficient to eliminate this weakness; and iii in the current conjuncture, there is no international will to address the negative impact caused by exchange rate misalignments on trade.

 The health of the international trade flows depends on the existence of a sound international financial system. Therefore, when designing the global economic governance order after the Second World War, money and trade issues were considered as parts of a whole. Exchange rate stability was seen as a prerequisite for the functioning of the trading system, and therefore an international monetary system based on fixed exchange rates remained in force until 1971. Besides, GATT established a special form of co-operation between the GATT and the IMF, which was later extended to the WTO era in 1995. While some of the co-operation is in traditional forms, some of it is unique in that it comes from the GATT era. The study aims, by addressing these forms of co-operation, to present the state of play of the finance and trade nexus in global economic governance. It finds that i with the abandonment of the fixed exchange rates of the Bretton Woods system, the legal and institutional infrastructure of the finance-trade linkage weakened, especially in terms of the exchange rate regime and the functions of the IMF; ii reforms within the IMF and the GATTWTO and existing legal and institutional capacity are not sufficient to eliminate this weakness; and iii in the current conjuncture, there is no international will to address the negative impact caused by exchange rate misalignments on trade.

 Ticaret akımlarının sağlığı, sağlam bir finans sisteminin varlığına bağlıdır. Bu nedenle, İkinci Dünya Savaşı sonrası küresel ekonomik yönetişim düzeni tasarlanırken para ve ticaret konuları bir bütünün parçaları olarak ele alınmıştır. Kur istikrarı, ticaret sisteminin işleyişi bakımından ön koşul olarak görülmüş ve bu nedenle oluşturulan sabit kurlara dayalı bir uluslararası para sistemi 1971e kadar yürürlükte kalmıştır. Bazı GATT hükümleri ile de, GATT ile IMF arasında özel bir iş birliği şekli tesis edilmiştir. Bu iş birliği, kapsamı genişletilerek, 1995te DTÖ dönemine taşınmıştır. İş birliğinin bir kısmı geleneksel şekillerde iken, GATT döneminden gelen diğer bir kısmı özgün nitelikler arz etmektedir. Çalışma, bahse konu iş birliği şekillerini ele alarak, küresel ekonomik yönetişimdeki finans ve ticaret bağlantısının mevcut durumunu ortaya koymayı amaçlamaktadır. Bretton Woods sisteminin sabit kur uygulamalarının terk edilmesiyle finans-ticaret bağlantısının özellikle kur rejimi ve IMFin işlevleri bağlamında yasal ve kurumsal altyapısının zayıfladığını; IMF ve GATTDTÖ bünyesindeki reformlar ile mevcut yasal ve kurumsal kapasitenin bu zayıflığı gidermeye yeterli olmadığını; mevcut konjonktürde, yanlış kur uyarlamalarının ticaret üzerinde neden olduğu olumsuzluğu ele almaya yönelik uluslararası bir iradenin mevcut bulunmadığını tespit etmektedir.

Makale detayları

FINANCE AND TRADE IN GLOBAL ECONOMIC GOVERNANCE: IMF – GATT/WTO COOPERATION AND EXCHANGE RATE REGIME – TRADE LINKAGE

Yazarlar:

Mustafa Göker | Ilkut Elif Kandil Goker

Yayıncı:

Pamukkale University

Ana Başlıklar:

Uluslararası Finans

Dergi:

Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 60, pp.129-151

Belge Tipi:

Makale

Yayın Tarihi:

1/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001309993

pISSN:

1308-2922

Finance-Trade Linkage

Global Economic Governance

International Monetary Fund (IMF)

World Trade Organization (WTO)

Exchange Rate RegimesFinans-Ticaret Bağlantısı

Küresel Ekonomik Yönetişim

Uluslararası Para Fonu (IMF)

Dünya Ticaret Örgütü (DTÖ)

Kur Rejimleri

Sayı

Makale detayları

Yazarlar: Mustafa Göker | Ilkut Elif Kandil Goker

Yayıncı: Pamukkale University

Ana Başlıklar: Uluslararası Finans

Dergi: Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 60, pp.129-151

Belge Tipi: Makale

Yayın Tarihi: 1/2024

Belge Dili: Türkçe

Document ID (Org No.): 2001309993

pISSN: 1308-2922

Sayı

Yazarlar:

Mustafa Göker | Ilkut Elif Kandil Goker

Yayıncı:

Pamukkale University

Ana Başlıklar:

Uluslararası Finans

Dergi:

Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 60, pp.129-151

Belge Tipi:

Makale

Yayın Tarihi:

1/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001309993

pISSN:

1308-2922