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Canada as a principal financial power:
G-7 and IMF diplomacy in the crisis of 1997-9

Professor John Kirton
Department of Political Science
Centre for International Studies
University of Toronto

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This article is based on papers prepared for an international forum on The Challenges of Globalization, Bishop's University, 6-8 June 1999, and an international conference on Canadian and Taiwanese public policy at National Chengchi University, Taipei, Taiwan, 18 December 1998. I gratefully acknowledge the comments of colleagues at these conferences, the research assistance of Gina Stephens, Natalie Armstrong, Paul Jacobelli, Ivan Savic, Diana Juricevic, and other members of the G8 Research Group, and the co-operation of many interviewees in G-7 governments and IFIs.

1 David Dewitt and John Kirton, Canada as a Principal Power (Toronto: John Wiley 1983); Michael Hawes, Principal Power, Middle Power or Satellite? Competing Perspectives in the Study of Canadian Foreign Policy (Toronto: York Research Programme in Strategic Studies 1984); Andrew Cooper, Canadian Foreign Policy: Old Habits and New Directions (Scarborough: Prentice Hall 1997); and Kim Richard Nossal, The Politics of Canadian Foreign Policy (3rd ed; Scarborough: Prentice-Hall 1997).

2 Nicholas Bayne, 'Impressions of the Denver summit,' 1997, at

3 Michael Fry, John Kirton and Mitsuru Kurosawa, eds, The North Pacific Triangle: The United States, Japan and Canada at Century's End (Toronto: University of Toronto Press 1998).

4 John Kirton, 'Explaining G8 effectiveness,' in Michael Hodges, John Kirton and Joseph Daniels, eds, The G8's Role in the New Millennium (Aldershot: Ashgate 1999), 45-68. See also Theodore Cohn, Global Political Economy: Theory and Practice (New York: Longman 1999), 31-5.

5 Dane Rowlands, 'High finance and low politics: Canada and the Asian financial crisis,' in Fen Hampson, Michael Hart and Martin Rudner, eds, A Big League Player: Canada Among Nations 1999 (Toronto: Oxford University Press 1999), 113-36.

6 International Monetary Fund, World Economic Outlook, October 1998 (Washington DC: International Monetary Fund 1998).

7 Tsuyoshi Kawasaki, 'Managing macroeconomic relations with the United States: Japanese and Canadian experiences,' in Michael Fry et al, The North Pacific Triangle, 36-59.

8 Charles Kindleberger, The International Economic Order: Essays on Financial Crisis and International Public Goods (Cambridge: MIT Press 1988). See also John J. Kirton, ‘Deepening integration and global governance: America as a globalized partner,' in tom Brewer and Gavin Boyd, eds, Globalizing America: the USA in World Integration (Cheltenham: Edward Elgar, forthcoming 2000).

9 Michael Webb, 'Canada and the international monetary regime,' in Claire Cutler and Mark Zacher, eds, Canadian Foreign Policy and International Economic Regimes (Vancouver: UBC Press 1992), 153-85. See also Michael C. Webb, 'The Group of Seven and Political Management of the Global Economy,' University of Victoria, 10 June 1999; and Randall D. Germain, 'The Long Road to Reform: Current Political Obstacles to Reforming the International Financial Architecture, 1999,' paper for Challenges of Globalization forum, Bishop's University, 6-8 June 1999.

10 John Kirton, 'Canada, the G-7 and the Denver summit of the eight: implications for Asia and Taiwan,' Canadian Studies (no 2, 1997), 339-66. See also John Kirton and Ella Kokotsis, 'Revitalizing the G-7: prospects for the 1998 Birmingham summit of the eight,' International Journal 53(winter 1997-8), 38-56, on which this section is based in part.

11 Peter Hajnal, The G7/G8 System: Evolution, Role and Documentation (Aldershot: Ashgate 1999); and Nicholas Bayne, Hanging in There: The G7 and G8 Summits in Maturity and Renewal (Aldershot: Ashgate, forthcoming 2000).

12 John Kirton, 'The diplomacy of concert: Canada, the G-7 and the Halifax summit,' Canadian Foreign Policy 3(spring 1995), 63-80; and John Kirton, 'The G-7, the Halifax summit and international financial system reform,' North American Outlook 5(June 1995), 43-66. See also Paul Martin, 'Canada and the G-7,' Notes for remarks by the Honourable Paul Martin, minister of finance, to the University of Toronto G-7 Research Group, November 1997, at

13 Canada, Finance Canada, 'Canada to join Thailand assistance package,' Washington DC, 15 April 1998, 98-042.

14 Nicholas Bayne, 'Continuity and leadership in an age of globalization,' in Michael Hodges et al, The G8's Role in the New Millennium.

15 Finance Canada, 'International supervisory and surveillance initiative proposed,' Washington DC, 15 April 1998.

16 Finance Canada, 'Remarks by the Honourable Paul Martin, minister of finance, to the Commonwealth Business Forum,' Ottawa, 29 September 1998.

17 G-7, Statement by the G-7 Finance Ministers and Central Bank Governors, Washington DC, 3 October 1998.

18 International Monetary Fund, World Economic Outlook, October 1998.

19 G-7 Leaders Statement on the World Economy, 30 October 1998; and Statement by the G-7 Finance Ministers and Central Bank Governors, 30 October 1998.

20 Finance Canada, 'Minister welcomes declaration of G-7 finance ministers and central bank governors,' Ottawa, 30 October 1998.

21 Barry Eichengreen, Toward A New International Financial Architecture: A Practical Post-Asia Agenda (Washington DC: Institute for International Economics 1999), 9, 92, 125. For a more welcoming view, see Alan Blinder, ‘Eight steps to a new financial order,' Foreign Affairs 78(September/October 1999), 50-63.

22 G-7 Statement, 18 June 1999. For an overall evaluation, see John J. Kirton, ‘An assessment of the 1999 Cologne G7/G8 summit by issue area,'

23 G-8, G8 Communiqué Koln 1999, 20 June 1999, 4.

24 Wendy Dobson, 'Fallout from the global financial crisis: should capitalism be curbed?' International Journal 54(summer 1999), 375-86.

25 Rowlands, 'High finance and low politics,' 131.

26 Tom Keating, Canada and World Order: The Multilateralist Tradition in Canadian Foreign Policy (Toronto: McClelland and Stewart 1993).

27 Andrew Cooper, Kim Richard Nossal, and Richard Higgott, Relocating Middle Powers: Australia and Canada in a Changing World Order (Vancouver: UBC Press 1993); and Andrew Cooper, ed, Niche Diplomacy: Middle Powers after the Cold War (New York: St Martin's 1997). See also Heather Smith, ‘Caution warranted: niche diplomacy assessed,' Canadian Foreign Policy 6(spring 1999), 57-72.

28 John Kirton, 'Le rôle du G-7 dans le couple intégration régionale-sécurité globale,' Etudes Internationales 28(juin 1997), 255-70; L. Fawcett and A. Hurrell eds, Regionalism in World Politics (London: Oxford University Press); and Michael Hawes, 'NAFTA, Asia and potential trans-Pacific linkages: understanding the logic of defensive regionalism,' in K. Hirano, ed, Japan, Asia and the Global System: Toward the 21st Century (Tokyo: Kodansha 1998). 8371

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