Reading Kindleberger in Washington and Berlin: Ideas and Leadership in a Time of Crisis

摘要: Both the 2008-09 global financial crisis (GFC) and 2010-13 euro were ‘systemic’ crises with worldwide repercussions. Led by United States, economy dealt GFC in a relatively swift decisive manner: acute phase of wound down spring 2009, about seven months after Lehman Brothers’ fall. By contrast, it took almost three years before markets stopped fearing disorderly Eurozone breakup. In absence intervention Germany or EU, ‐ though contained early 2013 ECB’s pledge to do ‘whatever takes’ was still simmering on four its eruption. Why did policymakers respond so differently? This paper will explain different outcomes as caused conflicting narratives distinct ideas leadership Washington Berlin. wake GFC, U.S. acted responsible hegemon for world economy, showing ‘benign’ leadership, while failed play similar role within Europe’s regional context, instead practicing form rule-based ‘coercive’ leadership. reviving extending Charles Kindleberger’s original version hegemonic stability theory (HST), clarifies why not define interest providing necessary public goods system recover sustain itself, including market distress goods, countercyclical long-term lending, lending last resort facilities, macroeconomic policy coordination. The crucial constrained structural factors domestic institutions defining interests leading states during be included key independent variable analysis. thus breathe new life into HST literature, expand explanatory reach causally infer consequences type understanding effectiveness responses.