Kevin P Gallagher
Biographic Data
| ID | 746979 |
|---|---|
| NAME | Kevin P Gallagher |
| GIVEN NAMES | Kevin P |
| FAMILY NAME | Gallagher |
| SIGNATURE | GALLAGHER K P |
| AFFILIATIONS | Boston University |
| ORCID | 0000-0002-1528-2683 |
| VERIFIED | Yes |
| TOTAL WORKS | 57 |
| TOTAL CITATIONS | 221 |
| WORKS AS AUTHOR | 56 |
| WORKS AS EDITOR | 1 |
| FIRST PUBLICATION YEAR | 2004 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 9 |
Adjustment without accumulation
Chinese Development Finance and Debt Crises in the Global South
The multilateral system is falling short in mobilizing the level and composition of capital flows necessary for countries in the Global South to raise living standards and avoid the catastrophic costs of climate change. Rather than channeling a stepwise increase in resources, net capital flows to emerging market and developing countries have turned negative. This predicament would have been much worse if not for the emergence of Chinese overseas …
Climate double whammy
This study examines both the physical and transition climate risks of 578 bilaterally-financed overseas power projects across 105 countries, funded by the world’s three largest economies–the United States, China, and Japan. We geolocate each power project and obtain forecasted physical climate risk exposures at these locations using data from Moody’s ESG Solutions. We measure transition climate risks using the project specific committed CO2 emiss…
Sustainable future bonds
Multilateral development banks (MDBs) are crucial players to finance a greener, more socially inclusive and sustainable future, given their unique financial model that provides low‐cost and long‐term investments in areas aligned with the Sustainable Development Goals (SDGs) and the Paris Climate commitments. To fulfill their potential, MDBs need a stepwise increase in financing, which has been a challenge given the reluctance of their shareholder…
Reforming Bretton Woods institutions to achieve climate change and development goals
Nation-states will need to mobilize a stepwise increase in domestic resources and put in place a broad array of new policies in order to meet the targets set out under the Paris Agreement on climate change and the Sustainable Development Goals. To avoid the catastrophic social, economic, and ecological damages associated with climate change, nation-states across the world need to alter the structure of their economies to deliver economic growth a…
China’s global development finance poses heterogeneous risks to coastal and marine socio-ecological systems
The IMF Covid-19 Surveillance Monitor
Promoting stability is a core component of the International Monetary Fund ( IMF ) surveillance’s mandate. The Covid-19 pandemic hit almost every country worldwide. This article evaluates whether and how the IMF surveillance documents in the aftermath of the health and economic crisis have identified risks and mitigation measures to improve health outcomes, protect vulnerable people and firms, and address climate change. Through the IMF COVID -19…
The Fiscal Impacts of Trade and Investment Treaties
This article examines the extent to which the latest wave of trade and investment treaties has impacted the fiscal stability of the world’s nations. We construct two new measures of trade liberalization based on the importance of a country in the global network of trade and investment treaties, namely the number of trade treaty links and the hub connectedness of a country. This analysis is important since many analyses of the welfare impacts of t…
Leading sector and dual economy
How do states pursue industrial policies in the context of China’s rise? Examining Indonesia and Malaysia’s mineral processing sectors, we argue that these countries illustrate two different pathways that states take to bolster their industrial policies. Indonesia has followed the leading sector strategy to increase domestic nickel processing capacity and decrease reliance on resource exports. Chinese firms and the Indonesian government built the…
Transformation Towards Renewable Energy Systems
Our paper seeks to evaluate the role of development financing institutions (DFIs) in fostering renewable energy transformations. Whereas the conventional approach to renewable energy finance emphasizes the bankability of individual projects, we advance an alternative approach for the role of DFIs in overcoming system-level constraints to enhance renewable energy transformations. We identify four constraints, namely, the incumbent entrenchment of …
Safety First
We call for strengthening the Global Financial Safety Net (GFSN) to manage the economic effects of COVID‐19, in particular the massive capital outflows from emerging market and developing economies EMDEs and the global shortage of dollar liquidity. Both the United Nations (UN) and the International Monetary Fund (IMF) estimate that EMDEs need an immediate $2.5 trillion, yet the financing available to them is just $700 to $971 billion. To meet the…
Pushing out or pulling in? The determinants of Chinese energy finance in developing countries
The Globalization of China's Coal Industry
This article examines the political economy of Chinese overseas development finance for coal fired power plants. In just over a decade China's two major policy banks provide more financing for overseas coal-fired power plant expansion than any other public financier in the world economy. We show how China's overseas surge in public financing for coal fired power plants is a function of a number of domestic push and foreign pull factors. Excess ca…
Open-source methods for estimating health risks of fine particulate matter from coal-fired power plants
Environmental impact assessments (EIAs) effectiveness and accessibility by the public is determined by local environmental enforcement and regulation. Massive energy infrastructure projects like China's Belt and Road initiative (BRI) could accentuate social and economic costs, as regulation is deferred to host countries with varying levels of domestic enforcement. To fill major gaps in the public evaluation of EIA practices and results, our objec…
Case for a New Bretton Woods
Trade Liberalization and Fiscal Stability in Developing Countries
This paper evaluates the evidence as regards the extent to which trade liberalization has led to a decline in tariff revenue, total tax revenue, government expenditure, and government debt. Conventional theory generally predicts that when tariff losses do occur, they may be recouped through better forms of taxation – though a more sophisticated body of theory suggests otherwise. The empirical evidence is also mixed. Theory driven ex‐ante models o…
Scaling Up for Sustainable Development
Multilateral development banks (MDBs) seemingly face a dilemma whereby rating agencies require them to maintain low‐risk profiles; otherwise, they may be at risk of downgrade. Meanwhile, MDBs are faced with the pressure to increase quantum of their lending operations. This paper estimates the lending headroom available to ‘AAA'‐rated MDBs under scenarios that attempt to manage both of these parameters. Our estimates suggest that MDBs can collecti…
Chinese Overseas Development Financing of Electric Power Generation
Mexico’s Road to a Green New Deal
In his December 2018 inauguration speech, Mexican president Andres Manuel Lopez Obrador declared the demise of neoliberalism and promised to eradicate corruption, identifying them as the ultimate c
Inadequate demand and reluctant supply
This paper examines the puzzle of why China has thus far channeled a tiny fraction of its massive official development finance (ODF) for energy worldwide to solar and wind power. With a supply/demand analytical framework, our empirical analysis and field research show that both the foreign demand for Chinese ODF and the supply by the country’s two global policy banks face limits. The external demand is limited because foreign countries often appr…
Whatever it takes? The global financial safety net, Covid-19, and developing countries
Impacts of intellectual property provisions in trade treaties on access to medicine in low and middle income countries
Coordinated Credit Spaces
This article examines the emergence of Chinese development finance on the global stage and evaluates the extent to which it differs from, complements and/or competes with the Western-backed development finance institutions. Whereas the new, China-backed multilaterals are closer to the Western model, especially the Asian Infrastructure Investment Bank, this analysis finds that China's national development finance is significantly distinct along th…
Strengthening the Foundations? Alternative Institutions for Finance and Development
The 21st century has ushered in the emergence of alternative institutions for liquidity provision and development finance, many of which are Southern-led. The special issue that follows this Introduction assesses the extent to which existing theoretical perspectives and tools are sufficient for evaluating the implications of these alternatives for the global financial architecture. Our analysis finds that while an increasingly varied landscape of…
Greening Development Lending in the Americas
Understanding developing country resistance to the Doha Round
The Doha Round negotiations at the World Trade Organization have come to a halt. The vast majority of analyses of the (at least temporary) demise of the Doha Round have focused on the lack of the United States and the European Union to reach consensus on the agricultural proposals that were tabled during the round. Relatively little attention has focused on explaining the rationale for why a large part of the developing world would not agree to p…
Recalibrating Policy Orthodoxy
This special issue reviews patterns of policy stability and change at the International Monetary Fund (IMF) since the Great Recession and attempts to explain their causes. The contributors show that the crisis ignited a reassessment regarding how the IMF would position itself as a pivotal player in global economic governance. Some new ideas and evidence definitely found their way into IMF decision making, but this process was often tempered by th…
Countervailing monetary power
In the wake of the global financial crisis most emerging market and developing countries experienced a surge in capital inflows that accentuated financial fragility in those countries. Unlike similar surges in the 1990s and in the five years leading to the global financial crisis in 2008, this time many emerging market and developing countries re-regulated cross-border financial flows. According to the literature such acts are seen as quite diffi…
Whatever it takes? The global financial safety net, Covid-19, and developing countries
Coordinated Credit Spaces
This article examines the emergence of Chinese development finance on the global stage and evaluates the extent to which it differs from, complements and/or competes with the Western-backed development finance institutions. Whereas the new, China-backed multilaterals are closer to the Western model, especially the Asian Infrastructure Investment Bank, this analysis finds that China's national development finance is significantly distinct along th…
Globalizing Chinese Energy Finance
This article explores the magnitude, motivations, and mechanisms of the globalization of Chinese finance for energy. Like the national development banks and export–import banks of industrialized countries before them, China’s policy banks have provided large amounts of financing to Chinese energy companies to enter global energy markets. What is more, China’s two global policy banks, the China Development Bank and the Export–Import Bank of China,…
Strengthening the Foundations? Alternative Institutions for Finance and Development
The 21st century has ushered in the emergence of alternative institutions for liquidity provision and development finance, many of which are Southern-led. The special issue that follows this Introduction assesses the extent to which existing theoretical perspectives and tools are sufficient for evaluating the implications of these alternatives for the global financial architecture. Our analysis finds that while an increasingly varied landscape of…
The Dynamism of Mexican Exports
Inadequate demand and reluctant supply
This paper examines the puzzle of why China has thus far channeled a tiny fraction of its massive official development finance (ODF) for energy worldwide to solar and wind power. With a supply/demand analytical framework, our empirical analysis and field research show that both the foreign demand for Chinese ODF and the supply by the country’s two global policy banks face limits. The external demand is limited because foreign countries often appr…
China's Economic Statecraft in Latin America
Most scholars and policy makers classify the motivation behind China’s global economic activity as an effort to project soft power or to exercise “extractive diplomacy” by locking up natural resources across the globe. In this paper we argue that China, through its state financial institutions and firms, is also significantly motivated by simply commercial reasons. To shed light on this debate, we examine the extent to which China’s policy banks …
Trading Away the Ladder? Trade Politics and Economic Development in the Americas
Pushing out or pulling in? The determinants of Chinese energy finance in developing countries
Contesting the Governance of Capital Flows at the IMF
Financial crises can trigger different actors to reassess their ideas, interests, and policies, and sometimes change them. The Global Financial Crisis triggered a reassessment at the International Monetary Fund (IMF) regarding the utility of capital account liberalization and the management of capital flows. In 2010, the IMF embarked upon an official reassessment of these issues and in 2012 published an official “institutional view” on capital ac…
Missing Links
Integrating the Americas
Capital controls and the global financial crisis
The global financial crisis of 2008 opened a new chapter in the debate over the consequences and management of international private capital flows. During the neo-liberal era, one had to look to th
The Shrinking Gains from Global Trade Liberalization in Computable General Equilibrium Models
(2008). The Shrinking Gains from Global Trade Liberalization in Computable General Equilibrium Models: A Critical Assessment. International Journal of Political Economy: Vol. 37, No. 1, pp. 50-77
China’s Global Energy Finance
The future of international political economy
An anniversary issue provides an inescapably inviting opportunity to reflect on the past, evaluate the present, and contemplate the future. Eschewing the self-congratulatory rhetoric of traditional anniversary celebrations, we have devoted this 20th anniversary issue of RIPE to contributions that critically examine the academic discipline of international political economy, focusing on our collective challenges and limitations as much as on our a…
Leading sector and dual economy
How do states pursue industrial policies in the context of China’s rise? Examining Indonesia and Malaysia’s mineral processing sectors, we argue that these countries illustrate two different pathways that states take to bolster their industrial policies. Indonesia has followed the leading sector strategy to increase domestic nickel processing capacity and decrease reliance on resource exports. Chinese firms and the Indonesian government built the…
The Globalization of China's Coal Industry
This article examines the political economy of Chinese overseas development finance for coal fired power plants. In just over a decade China's two major policy banks provide more financing for overseas coal-fired power plant expansion than any other public financier in the world economy. We show how China's overseas surge in public financing for coal fired power plants is a function of a number of domestic push and foreign pull factors. Excess ca…
Open-source methods for estimating health risks of fine particulate matter from coal-fired power plants
Environmental impact assessments (EIAs) effectiveness and accessibility by the public is determined by local environmental enforcement and regulation. Massive energy infrastructure projects like China's Belt and Road initiative (BRI) could accentuate social and economic costs, as regulation is deferred to host countries with varying levels of domestic enforcement. To fill major gaps in the public evaluation of EIA practices and results, our objec…
The Quest for Inclusive Growth
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
Policies for industrial learning in China and Mexico
Economic reform and foreign direct investment in Latin America
After almost 25 years of experimenting with the neo-liberal economic reforms collectively known as ‘Washington Consensus’ policies, Latin Americans are starting to re-assess the merits of these policies at the voting booth. Whereas one of the key policies of the ‘Washington Consensus’ package was the liberalization of investment regimes, many of the newly elected governments are beginning to scrutinize the role of foreign direct investment (FDI) …
Paying For Nafta
Integrating the Americas
Economic reform and foreign direct investment in Latin America
After almost 25 years of experimenting with the neo-liberal economic reforms collectively known as ‘Washington Consensus’ policies, Latin Americans are starting to re-assess the merits of these policies at the voting booth. Whereas one of the key policies of the ‘Washington Consensus’ package was the liberalization of investment regimes, many of the newly elected governments are beginning to scrutinize the role of foreign direct investment (FDI) …
Understanding developing country resistance to the Doha Round
The Doha Round negotiations at the World Trade Organization have come to a halt. The vast majority of analyses of the (at least temporary) demise of the Doha Round have focused on the lack of the United States and the European Union to reach consensus on the agricultural proposals that were tabled during the round. Relatively little attention has focused on explaining the rationale for why a large part of the developing world would not agree to p…
China Matters
This paper analyzes two aspects of China's economic relationship with Latin America and the Caribbean (LAC). First, we examine the extent to which China's economic growth is affecting trade and investment fl ows between China and LAC. Second, we analyze the extent to which the emergence of China as a world exporter affects the ability of LAC countries to compete in world markets both in terms of exports as well as in the capacity to attract forei…
Trading Away the Ladder? Trade Politics and Economic Development in the Americas
The Shrinking Gains from Global Trade Liberalization in Computable General Equilibrium Models
(2008). The Shrinking Gains from Global Trade Liberalization in Computable General Equilibrium Models: A Critical Assessment. International Journal of Political Economy: Vol. 37, No. 1, pp. 50-77
The Dynamism of Mexican Exports
Missing Links
What’s Left for Latin America to Do With China
(2010). What’s Left for Latin America to Do With China? NACLA Report on the Americas: Vol. 43, No. 3, pp. 50-52
Policies for industrial learning in China and Mexico
The Quest for Inclusive Growth
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
A Survey of Sustainable Development
The future of international political economy
An anniversary issue provides an inescapably inviting opportunity to reflect on the past, evaluate the present, and contemplate the future. Eschewing the self-congratulatory rhetoric of traditional anniversary celebrations, we have devoted this 20th anniversary issue of RIPE to contributions that critically examine the academic discipline of international political economy, focusing on our collective challenges and limitations as much as on our a…
Coping with Crisis
For over four years now it seems that a book per week comes out on the global financial crisis of 2008–2009. Most bookshelves and brains are getting overcrowded. Nevertheless, room should be made f
Ruling Capital
emerging markets and the reregulation of cross-border finance / Kevin P.
Bartering Globalization
In just over a decade, China has become a source of finance for emerging market and developing country governments. Recipient governments and the Chinese have been less than transparent with respect to the scale, terms and composition of this finance, engendering a great deal of speculation about its nature. This article provides preliminary estimates of Chinese finance to both Africa and Latin America since the turn of the century, with a specif…
Ruling Capital
Tables, FiGures, and TexTboxes 8.4.Countries with US free-trade agreements and bilateral investment treaties, current and pending 8.5.Political economy of capital account regulation and the trading system 9.1.Pillars of countervailing monetary power
Ruling Capital
This book demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level. It also shows that some EMDs, particularly the BRICS coalition, were able to maintain or expand their sovereignty to regulate cross-border finance under global economic governance institution…
Capital controls and the global financial crisis
The global financial crisis of 2008 opened a new chapter in the debate over the consequences and management of international private capital flows. During the neo-liberal era, one had to look to th
Austerity
‘Austerity doesn’t work. Period.’ (p. 239). This quote is the punch-line of Mark Blyth’s book. If that quote was made into bumper stickers and t-shirts it would have been icing on the cake for what
Countervailing monetary power
In the wake of the global financial crisis most emerging market and developing countries experienced a surge in capital inflows that accentuated financial fragility in those countries. Unlike similar surges in the 1990s and in the five years leading to the global financial crisis in 2008, this time many emerging market and developing countries re-regulated cross-border financial flows. According to the literature such acts are seen as quite diffi…
The Economics of Regulating Cross-border Finance
For much of the 20th century the dominant view in macroeconomics was that cross-border finance needed to be regulated in order to balance the ‘impossible trinity’ first sketched by John Maynard Keynes in his two books on monetary theory. The dominant view in development economics during the same period was that cross-border capital flows need to be regulated for similar reasons but also to mobilize domestic resources for economic development. The…
Contesting the Governance of Capital Flows at the IMF
Financial crises can trigger different actors to reassess their ideas, interests, and policies, and sometimes change them. The Global Financial Crisis triggered a reassessment at the International Monetary Fund (IMF) regarding the utility of capital account liberalization and the management of capital flows. In 2010, the IMF embarked upon an official reassessment of these issues and in 2012 published an official “institutional view” on capital ac…
Recalibrating Policy Orthodoxy
This special issue reviews patterns of policy stability and change at the International Monetary Fund (IMF) since the Great Recession and attempts to explain their causes. The contributors show that the crisis ignited a reassessment regarding how the IMF would position itself as a pivotal player in global economic governance. Some new ideas and evidence definitely found their way into IMF decision making, but this process was often tempered by th…
Economics (44 works) · Political science (40 works) · International Development and Aid (27 works) · Business (26 works) · Finance (23 works) · China (18 works) · Politics (15 works) · Law (13 works) · International trade (12 works) · Macroeconomics (12 works)