PUBLICATIONS
My research addresses the politics and institutions of international economic relations, broadly speaking. International economic coordination in the finance G-7 and G-8 summits, exchange rate politics and macroeconomic conflict and cooperation are themes of earlier phases of work. More recently, I have focused on the global financial governance, regional arrangements and the IMF, Asian regionalism, the European debt crisis, lessons for Europe from fiscal federalism in the United States and international regime complexity. Most of my publications, or links to them, are provided below.
Latest Research: International Regime Complexity
Hierarchy and differentiation in international regime complexes: a theoretical framework for comparative research, Review of International Political Economy, DOI: 10.1080/09692290.2023.2259424 (23 October 2023) with Tyler Pratt
International regime complexity in sovereign crisis finance: a comparison of regional architectures, Review of International Political Economy, DOI: 10.1080/09692290.2023.2243957 (09 August 2023)
International regime complexity in sovereign crisis finance: a comparison of regional architectures, Review of International Political Economy, DOI: 10.1080/09692290.2023.2243957 (09 August 2023)
Tangled Governance: International Regime Complexity, The Troika, and the Euro Crisis
Tangled Governance addresses the institutions that were deployed to fight the euro crisis, re-establish financial stability, and prevent contagion beyond Europe. By locating the analysis within the framework of regime complexity, the book addresses why European leaders chose to include the IMF and provides a detailed account of the decisions of the institutions that make up the 'Troika' (the European Commission, ECB, and IMF). I explain the institutions' negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The book also explores the strategies of the member states, including Germany and the United States, with respect to the institutions and the advantages they sought in directing them to work together.
https://global.oup.com/academic/product/tangled-governance-9780198801801?lang=en&cc=us#
Video summary (April 2017): https://www.youtube.com/watch?v=iaJBbwzh8UA
Video of book launch at Bruegel (Brussels, June 14, 2017): https://youtu.be/0k8h0fKgLOI
Reviews
[Tangled Governance] is an innovative and interesting argument, which Henning supports with an excellent array of case studies. More important, Henning’s argument adds to our understanding of international regimes in a way that resonates with what we know about domestic politics. Politicians seek to ‘entangle’ international, intergovernmental or supranational institutions for the same reason they strive for a separation of powers in constitutional arrangements. Division creates checks, balances and veto points that help to prevent an excessive (or unrepresentative) centralisation of authority.
-- Erik Jones in Survival
See, also, Andrew Moravcsik in Foreign Affairs
Ben Clift in Perspectives on Politics
Landon Thomas in the New York Times
Daniel Drezner in Review of International Organizations
Sebastian Heidebrecht in Journal of Common Market Studies
Malcolm Campbell-Verduyn in EuropeNow
Tangled Governance addresses the institutions that were deployed to fight the euro crisis, re-establish financial stability, and prevent contagion beyond Europe. By locating the analysis within the framework of regime complexity, the book addresses why European leaders chose to include the IMF and provides a detailed account of the decisions of the institutions that make up the 'Troika' (the European Commission, ECB, and IMF). I explain the institutions' negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The book also explores the strategies of the member states, including Germany and the United States, with respect to the institutions and the advantages they sought in directing them to work together.
https://global.oup.com/academic/product/tangled-governance-9780198801801?lang=en&cc=us#
Video summary (April 2017): https://www.youtube.com/watch?v=iaJBbwzh8UA
Video of book launch at Bruegel (Brussels, June 14, 2017): https://youtu.be/0k8h0fKgLOI
Reviews
[Tangled Governance] is an innovative and interesting argument, which Henning supports with an excellent array of case studies. More important, Henning’s argument adds to our understanding of international regimes in a way that resonates with what we know about domestic politics. Politicians seek to ‘entangle’ international, intergovernmental or supranational institutions for the same reason they strive for a separation of powers in constitutional arrangements. Division creates checks, balances and veto points that help to prevent an excessive (or unrepresentative) centralisation of authority.
-- Erik Jones in Survival
See, also, Andrew Moravcsik in Foreign Affairs
Ben Clift in Perspectives on Politics
Landon Thomas in the New York Times
Daniel Drezner in Review of International Organizations
Sebastian Heidebrecht in Journal of Common Market Studies
Malcolm Campbell-Verduyn in EuropeNow
Recent Publications
Regional Financial Arrangements and the International Monetary Fund: Sustaining Coherence of Global Financial Governance, Special Report, Centre for International Governance Innovation (Waterloo, Ontario, January 2020).
EUCROSS Webinar (Leuven, April 24, 2020)
EUCROSS Webinar (Leuven, April 24, 2020)
Regional Arrangements and the IMF at 75: Defending Global Financial Governance on the Anniversary of Bretton Woods, CIGI Papers No. 222 (Waterloo, Ontario, July 2019).
Video summary
Video summary
"U.S. Policy in the Euro Crisis and the Institutional Deepening of the Monetary Union," Journal of Economic Policy Reform (13 July 2020), final submitted manuscript here, Version of Record at https://doi.org/10.1080/17487870.2020.1760099
"Regime Complexity and the Institutions of Crisis and Development Finance," Development and Change 50 (1) (January 2019): 24–45. DOI: 10.1111/dech.12472. Pdf file here.
Global Governance and International Institutions
"Hierarchy and Differentiation in International Regime Complexes: A Theoretical Framework for Comparative Research" (June 2021), with Tyler Pratt (working manuscript).
"Designing Institutional Collaboration into Global Governance," CIGI Policy Brief No. 167, Centre for International Governance Innovation (Waterloo, Ontario, July 2021).
“Avoiding Fragmentation of Global Financial Governance,” Global Policy 8 (no. 1, February 2017): 101-106,
“Global and Regional Financial Governance: Designing Cooperation,” in Global Order and the New Regionalism, a Discussion Paper on Global and Regional Governance edited by Miles Kahler (New York: Council on Foreign Relations, September 2016).
Global Financial Governance Confronts the Rising Powers: Emerging Perspectives on the New G20, edited with Andrew Walter (Waterloo, Ontario: Centre for International Governance Innovation, April 2016). Contains a foreword by Barry Eichengreen and Miles Kahler and our introductory chapter, “Global Governance and the Changing Structure of International Finance,” viewable at the book’s site.
"The Global Liquidity Safety Net: Institutional Cooperation on Precautionary Facilities and Central Bank Swaps." New Thinking and the New G20 Series, Paper No.5. Waterloo, Ontario: CIGI, 2015.
Global Economics in Extraordinary Times: Essays in Honor of John Williamson. Washington, D.C.: Peterson Institute for International Economics, 2012. Edited with C. Fred Bergsten. Book can be purchased here.
“Coordinating Regional and Multilateral Financial Institutions,” Working Paper 11-9, Peterson Institute for International Economics, Washington, D.C., March 2011.
U.S. Interests and the International Monetary Fund, Peterson Institute for International Economics Policy Brief 09-12, Washington, D.C., June 2009.
“Regional Arrangements and the International Monetary Fund,” in Reform of the International Monetary Fund, edited by Edwin M. Truman (Washington, D.C.: Peterson Institute for International Economics, 2006), pp. 171-184.
“Institutional Strategy for the Global Economy,” in C. Fred Bergsten and the Global Economy, edited by Michael Mussa (Washington, D.C.: Peterson Institute for International Economics, 2006), pp. 333-351.
“Political Economy of the Bretton Woods Institutions,” The World Economy 19 (March 1996). pp. 173-193.
Global Economic Leadership and the Group of Seven. With C. Fred Bergsten. (Washington, D.C.: Institute for International Economics, 1996).
“The Bonn Summit of 1978: A Case Study in Coordination” (with Robert D. Putnam), in Can Nations Agree? Issues in International Economic Cooperation. (Washington, D.C.: Brookings Institution, 1989). Book can be purchased here.
"Designing Institutional Collaboration into Global Governance," CIGI Policy Brief No. 167, Centre for International Governance Innovation (Waterloo, Ontario, July 2021).
“Avoiding Fragmentation of Global Financial Governance,” Global Policy 8 (no. 1, February 2017): 101-106,
“Global and Regional Financial Governance: Designing Cooperation,” in Global Order and the New Regionalism, a Discussion Paper on Global and Regional Governance edited by Miles Kahler (New York: Council on Foreign Relations, September 2016).
Global Financial Governance Confronts the Rising Powers: Emerging Perspectives on the New G20, edited with Andrew Walter (Waterloo, Ontario: Centre for International Governance Innovation, April 2016). Contains a foreword by Barry Eichengreen and Miles Kahler and our introductory chapter, “Global Governance and the Changing Structure of International Finance,” viewable at the book’s site.
"The Global Liquidity Safety Net: Institutional Cooperation on Precautionary Facilities and Central Bank Swaps." New Thinking and the New G20 Series, Paper No.5. Waterloo, Ontario: CIGI, 2015.
Global Economics in Extraordinary Times: Essays in Honor of John Williamson. Washington, D.C.: Peterson Institute for International Economics, 2012. Edited with C. Fred Bergsten. Book can be purchased here.
“Coordinating Regional and Multilateral Financial Institutions,” Working Paper 11-9, Peterson Institute for International Economics, Washington, D.C., March 2011.
U.S. Interests and the International Monetary Fund, Peterson Institute for International Economics Policy Brief 09-12, Washington, D.C., June 2009.
“Regional Arrangements and the International Monetary Fund,” in Reform of the International Monetary Fund, edited by Edwin M. Truman (Washington, D.C.: Peterson Institute for International Economics, 2006), pp. 171-184.
“Institutional Strategy for the Global Economy,” in C. Fred Bergsten and the Global Economy, edited by Michael Mussa (Washington, D.C.: Peterson Institute for International Economics, 2006), pp. 333-351.
“Political Economy of the Bretton Woods Institutions,” The World Economy 19 (March 1996). pp. 173-193.
Global Economic Leadership and the Group of Seven. With C. Fred Bergsten. (Washington, D.C.: Institute for International Economics, 1996).
“The Bonn Summit of 1978: A Case Study in Coordination” (with Robert D. Putnam), in Can Nations Agree? Issues in International Economic Cooperation. (Washington, D.C.: Brookings Institution, 1989). Book can be purchased here.
Regional Integration
“Economic Crises and Regional Institutions,” in Integrating Regions: Asia in Comparative Context, edited by Miles Kahler and Andrew MacIntyre, pp. 170-92. Stanford: Stanford University Press, 2013.
“Regional Economic Integration and Institution Building,” in Regional Economic Integration in a Global Framework, edited by Julie McKay, Maria Oliva Armengol, Georges Pineau (Frankfurt: European Central Bank and People’s Bank of China, 2005), pp. 79-100.
“The Complex Political Economy of Cooperation and Integration,” in Financial Governance in East Asia: Policy Dialogue, Surveillance and Cooperation, edited by Gordon de Brouwer and Yunjong Wang (London and New York: RoutledgeCurzon, 2004), pp. 83-100. Book can be purchased here.
“Systemic Conflict and Regional Monetary Integration: The Case of Europe,” International Organization, 52 (Summer 1998). pp. 537-574.
Reproduced in International Monetary Relations in the New Global Economy, edited by Benjamin J. Cohen. (Cheltenham, UK ; Northampton, MA : Edward Elgar Publishing, 2004.)
“Regional Economic Integration and Institution Building,” in Regional Economic Integration in a Global Framework, edited by Julie McKay, Maria Oliva Armengol, Georges Pineau (Frankfurt: European Central Bank and People’s Bank of China, 2005), pp. 79-100.
“The Complex Political Economy of Cooperation and Integration,” in Financial Governance in East Asia: Policy Dialogue, Surveillance and Cooperation, edited by Gordon de Brouwer and Yunjong Wang (London and New York: RoutledgeCurzon, 2004), pp. 83-100. Book can be purchased here.
“Systemic Conflict and Regional Monetary Integration: The Case of Europe,” International Organization, 52 (Summer 1998). pp. 537-574.
Reproduced in International Monetary Relations in the New Global Economy, edited by Benjamin J. Cohen. (Cheltenham, UK ; Northampton, MA : Edward Elgar Publishing, 2004.)
Europe's Monetary Union
"The ECB as a Strategic Actor: Central Banking in a Politically Fragmented Monetary Union." in Europe's Crises: Economic and Political Challenges of the Monetary Union, edited by James A. Caporaso and Martin Rhodes (New York: Oxford University Press, April 2016). School of International Service Research Paper No. 2015-1.
Fiscal Federalism: US History for Architects of Europe’s Fiscal Union, Bruegel Essays and Lectures. Brussels: January 2012. Co-published by the Peterson Institute; co-author Martin Kessler. Can also be found on the Bruegel site here.
"Organizing Foreign Exchange Intervention in the Euro Area." Journal of Common Market Studies, 45 (June 2007).
"Democratic Accountability and the Exchange Rate Policy of the Euro Area." Review of International Political Economy, 14 (December 2007), pp. 774-799. Part of a joint project on "Legitimacy, Accountability and Governance of the Single Currency" organized by Erik Jones, Tal Sadeh and Amy Verdun.
The External Policy of the Euro Area: Organizing Foreign Exchange Intervention. (Washington, D.C.: Peterson Institute for International Economics Working Paper, June 2006).
“United Against the United States?: The EU’s Role in Global Trade and Finance” (with Sophie Meunier), in The State of the European Union Volume 7: With US or Against US? European Trends in American Perspective, edited by Nicolas Jabko and Craig Parsons (Oxford: Oxford University Press, 2005), pp. 75-102. Book can be purchased here.
Transatlantic Perspectives on the Euro. (Washington, D.C.: Brookings Institution, with the European Community Studies Association, 2000.) With Pier Carlo Padoan.
Cooperating with Europe's Monetary Union. Policy Analyses in International Economics No. 49. (Washington, D.C.: Institute for International Economics, 1997).
Fiscal Federalism: US History for Architects of Europe’s Fiscal Union, Bruegel Essays and Lectures. Brussels: January 2012. Co-published by the Peterson Institute; co-author Martin Kessler. Can also be found on the Bruegel site here.
"Organizing Foreign Exchange Intervention in the Euro Area." Journal of Common Market Studies, 45 (June 2007).
"Democratic Accountability and the Exchange Rate Policy of the Euro Area." Review of International Political Economy, 14 (December 2007), pp. 774-799. Part of a joint project on "Legitimacy, Accountability and Governance of the Single Currency" organized by Erik Jones, Tal Sadeh and Amy Verdun.
The External Policy of the Euro Area: Organizing Foreign Exchange Intervention. (Washington, D.C.: Peterson Institute for International Economics Working Paper, June 2006).
“United Against the United States?: The EU’s Role in Global Trade and Finance” (with Sophie Meunier), in The State of the European Union Volume 7: With US or Against US? European Trends in American Perspective, edited by Nicolas Jabko and Craig Parsons (Oxford: Oxford University Press, 2005), pp. 75-102. Book can be purchased here.
Transatlantic Perspectives on the Euro. (Washington, D.C.: Brookings Institution, with the European Community Studies Association, 2000.) With Pier Carlo Padoan.
Cooperating with Europe's Monetary Union. Policy Analyses in International Economics No. 49. (Washington, D.C.: Institute for International Economics, 1997).
East Asian Regional Cooperation
“Cooperation without Institutions: The Case of East Asian Currency Arrangements,” in Asian Designs: Interests, Identities and States in External Institutions, edited by Saadia Pekkanen. Cambridge University Press, November 2016. With Saori Katada.
“Currency,” in the Oxford Handbook of the International Relations of Asia, edited by Rosemary Foot, Saadia Pekkanen and John Ravenhill. New York/London: Oxford University Press, 2014. With Saori Katada.
“Asia and Global Financial Governance,” in Asia’s Regional Architecture in Global Governance [preliminary title], edited by Peter Drysdale. Canberra: Australian National University Press, forthcoming. With Mohsin Khan. Early version available here
“Choice and Coercion in East Asian Exchange Rate Regimes,” in Power in a Changing World Economy: Lessons from Emerging Asia, edited by Benjamin J. Cohen and Eric M. P. Chiu. New York: Routledge, 2013. An early version is available here.
Japanese translation, “Coordinating Regional and Multilateral Financial Institutions,” in Why Regionalism Now?, edited by Keiji Nakatsuji, pp. 95-137. Kyoto: Nakanishiya Press, 2013.
“The Role of the Euro and the Dollar in East Asia,” in The Euro at Ten: The Next Global Currency?, edited by Jean Pisani-Ferry and Adam Posen (Washington/Brussels: Peterson Institute/Bruegel, 2009), pp. 103-120. Full book can be purchased here.
The Future of the Chiang Mai Initiative: An Asian Monetary Fund? Policy Brief PB09-5. (Washington, D.C.: Peterson Institute for International Economics, 2009).
Presentation to the Annual Meeting of the Asian Development Bank. Link to seminar’s website at ADB.
East Asian Financial Cooperation. Policy Analyses in International Economics 68. (Washington, D.C.: Peterson Institute for International Economics, 2002).
“Currency,” in the Oxford Handbook of the International Relations of Asia, edited by Rosemary Foot, Saadia Pekkanen and John Ravenhill. New York/London: Oxford University Press, 2014. With Saori Katada.
“Asia and Global Financial Governance,” in Asia’s Regional Architecture in Global Governance [preliminary title], edited by Peter Drysdale. Canberra: Australian National University Press, forthcoming. With Mohsin Khan. Early version available here
“Choice and Coercion in East Asian Exchange Rate Regimes,” in Power in a Changing World Economy: Lessons from Emerging Asia, edited by Benjamin J. Cohen and Eric M. P. Chiu. New York: Routledge, 2013. An early version is available here.
Japanese translation, “Coordinating Regional and Multilateral Financial Institutions,” in Why Regionalism Now?, edited by Keiji Nakatsuji, pp. 95-137. Kyoto: Nakanishiya Press, 2013.
“The Role of the Euro and the Dollar in East Asia,” in The Euro at Ten: The Next Global Currency?, edited by Jean Pisani-Ferry and Adam Posen (Washington/Brussels: Peterson Institute/Bruegel, 2009), pp. 103-120. Full book can be purchased here.
The Future of the Chiang Mai Initiative: An Asian Monetary Fund? Policy Brief PB09-5. (Washington, D.C.: Peterson Institute for International Economics, 2009).
Presentation to the Annual Meeting of the Asian Development Bank. Link to seminar’s website at ADB.
East Asian Financial Cooperation. Policy Analyses in International Economics 68. (Washington, D.C.: Peterson Institute for International Economics, 2002).
Exchange Rate Politics and Macroeconomic Conflict
Accountabilty and Oversight of US Exchange Rate Policy. (Washington, D.C.: Institute for International Economics, 2008).
"The Exchange Rate Weapon," in the Princeton Encyclopedia of the World Economy, edited by Ramkishen S. Rajan and Kenneth A. Reinert (Princeton: Princeton University Press, 2008). Book can be purchased and previewed here.
“The Exchange Rate Weapon and Macroeconomic Conflict,” in International Monetary Power, edited by David M. Andrews (Ithaca: Cornell University Press, 2005). Book can be purchased here.
Governing the World’s Money. Edited by David M. Andrews, C. Randall Henning, and Louis W. Pauly. (Ithaca, NY: Cornell University Press, 2002.)
The Exchange Stabilization Fund: Slush Money or War Chest? Analyses in International Economics No. 57. (Washington D.C.: Institute for International Economics, 1999.)
Currencies and Politics in the United States, Germany, and Japan. (Washington, D.C.: Institute for International Economics, 1994).
Dollar Politics: Exchange Rate Policymaking in the United States (with I. M. Destler). (Washington, D.C.: Peterson Institute for International Economics, 1989).
“From Neglect to Activism: American Politics and the 1985 Plaza Accord,” (with I. M. Destler). Journal of Public Policy 8 (June-December 1988), pp. 317-33.
"The Exchange Rate Weapon," in the Princeton Encyclopedia of the World Economy, edited by Ramkishen S. Rajan and Kenneth A. Reinert (Princeton: Princeton University Press, 2008). Book can be purchased and previewed here.
“The Exchange Rate Weapon and Macroeconomic Conflict,” in International Monetary Power, edited by David M. Andrews (Ithaca: Cornell University Press, 2005). Book can be purchased here.
Governing the World’s Money. Edited by David M. Andrews, C. Randall Henning, and Louis W. Pauly. (Ithaca, NY: Cornell University Press, 2002.)
The Exchange Stabilization Fund: Slush Money or War Chest? Analyses in International Economics No. 57. (Washington D.C.: Institute for International Economics, 1999.)
Currencies and Politics in the United States, Germany, and Japan. (Washington, D.C.: Institute for International Economics, 1994).
Dollar Politics: Exchange Rate Policymaking in the United States (with I. M. Destler). (Washington, D.C.: Peterson Institute for International Economics, 1989).
“From Neglect to Activism: American Politics and the 1985 Plaza Accord,” (with I. M. Destler). Journal of Public Policy 8 (June-December 1988), pp. 317-33.