Papers by Matthias Kaelberer
The Journal of Politics, Aug 1, 2004
Journal of Social, Political, and Economic Studies, Oct 1, 2005
What are the sources of monetary power and how does the concept of monetary power explain the pol... more What are the sources of monetary power and how does the concept of monetary power explain the politics of international monetary relations? This paper argues that international monetary power rests on the differential domestic costs of macroeconomic adjustment obligations between weak and strong currency countries. At their very core, exchange rate relations reflect questions of how to distribute the burden of adjustment. Monetary interdependence implies that countries need to establish consistency between internal macroeconomic policy and external exchange rate policy. Countries solve the consistency issue on the basis of market power. Strong monetary players have greater bargaining leverage in monetary negotiations because they do not face a reserve constraint. They can use their leverage to protect their own domestic macroeconomic priorities and to compromise merely on questions of external adjustment and financing. The paper evaluates these analytical assumptions by comparing two European exchange rate regimes (the snake and the European Monetary System), the Bretton Woods system of 1944 to 1971 and the current monetary relations between the United States and China (often referred to as Bretton Woods II). Key Words: Monetary power; macroeconomic adjustment; Bretton Woods System; European Monetary System; Renminbi-dollar peg. The absence of power considerations in the contemporary literature on monetary politics is rather striking. Scholars have for the most part devoted attention to domestic factors such as central bank independence, attributes of political institutional structure or policy ideas.2 While these studies yield important insights into monetary politics, this literature has overlooked an important implication of the domestic monetary sphere. Domestic monetary politics is the basis for international monetary power. I argue in this article that monetary power results from differential macroeconomic adjustment obligations of weak and strong monetary countries. Strong monetary players are in a position to choose more freely among their various adjustment options, whereas weak monetary players are constrained in their adjustment options. The differential adjustment situations translate into monetary power and the ability to shape international monetary politics. At its very core, international monetary politics is about how to distribute the burden of adjustment. Monetary regimes - whether they are fixed or pegged exchange rate systems or whether they are a floating system -allocate adjustment obligations either de jure through explicit rules, or de facto because some areas of adjustment remain uncodified. The paper develops two broader conceptual claims. First, I argue that there is a distinct structural logic to monetary interaction. Exchange rates, by their very nature, are expressions of interdependence. Simply speaking, an exchange rate represents the price of one currency in terms of another currency. Because exchange rates constitute the point of convergence between domestic policy autonomy and the exogenous international environment, monetary regimes specify the mechanisms by which participants establish equilibrium between their own domestic macroeconomic policy and that of their external environment. In other words, governments need to establish consistency among their policies. For the purpose of this article, I call this the "consistency problem." My second conceptual claim deals with the solution that countries devise for the consistency problem. In theory, governments have two options to establish consistency. They can do so either through internal adjustment (change in macroeconomic policy) or external adjustment (exchange rate change). A third instrument that is relevant in this context, but that does not constitute real adjustment, is the potential to delay or soften real adjustment through the financing of the disequilibrium. I argue that countries solve the consistency problem on the basis of market power. …
Soccer & Society, Dec 30, 2018
This paper analyzes three German political discourses that accompanied the 2016 UEFA European Cha... more This paper analyzes three German political discourses that accompanied the 2016 UEFA European Championship: The debate about the rightwing politician Alexander Gauland's comments that people would not enjoy having a Boateng as a neighbor; the public's response to a regional Pegida group's criticism of featuring childhood pictures of Jérôme Boateng and Ilkay Gündogan on chocolate wrappers; and the public discussion triggered by the decision of a German television channel for the first to let a woman serve as an announcer for games during the European Championship. The comparison of these discourses reveals that sexism is the least challenged form of discrimination in the realm of soccer, while explicit racist acts are more or less widely condemned. And it demonstrates that the form of sexism in soccer is quite different from other areas of society, in that soccer still tolerates overt and explicit sexism.
Global Society, Oct 1, 2010
Money represents a form of trust among the members of a community. They share a belief that certa... more Money represents a form of trust among the members of a community. They share a belief that certain symbolic tokens constitute real value. Sceptics frequently point out that the euro area does not have the characteristics of a community. In particular they view the euro as money without a demos. According to this sceptical view, then, the euro is backed by an insufficient level of solidarity and suffers from a deficit of legitimacy. This article identifies the main flaws and contradictions of the no-demos theory. Most importantly, no-demos theory suffers from the fundamental misconception that political community and democracy are possible only in the nation-state. This conceptualisation of community represents a zero-sum understanding of community that cannot capture the dynamic interaction of multiple communities as well as complex and overlapping identities. In addition, no-demos theory is trapped in an internal contradiction. In order for democracy to be possible among the members of a community, that membership in the community is given and rests on pre-democratic criteria. I argue in this article that we need to accept the notion of disaggregated communities and should drop the concept of a unified and fully sovereign demos altogether. Moreover, under conditions in which the gap between sovereignty and authority continues to grow, European Monetary Union is actually a more democratic form of governance than the pre-Maastricht monetary regime in Europe.
Journal of Gender Studies, May 3, 2018
Soccer in Germany represents a social sphere for the expression of masculinity and features signi... more Soccer in Germany represents a social sphere for the expression of masculinity and features significant ideological battles over gender roles. This paper discusses whether the growth of women's soccer can challenge the prevailing hegemonic masculinity in an area that represents an important economic aspect of consumer culture and social identity. Does women's soccer have the potential to subvert existing gender norms and challenge dominant understandings of gender? While women's soccer has seen some important areas of growth in Germany, there are reasons to remain sceptical about the subversive potential of women's soccer. This article argues that the unholy trinity of the sports-media-business alliance is the root cause for the limitations women's soccer faces in challenging hegemonic masculinity. This sports-media-business alliance has served as the structural framework that has shaped societal discourses about women's soccer in Germany. This paper discusses three of those discourses: the evolution of the macrohistorical discourse over the societal role of women's soccer in post-World War II Germany; the discourse comparing men's and women's soccer and asserting the superiority of men's soccer; and the discourse on the role of femininity in women's soccer and the sexualization of the players. Soccer in Germany represents a social sphere for the expression of masculinity and features significant ideological battles over gender roles. This paper discusses whether the growth of women's soccer in Germany can challenge the prevailing hegemonic masculinity in an area that is an important aspect of consumer culture and social identity. Does women's soccer have the potential to subvert existing gender norms? While women's soccer has seen some growth in Germany, there are reasons to remain sceptical about the subversive potential of women's soccer. Actually, in some areas women's soccer lost its oppositional qualities and now contributes to the stabilization of the prevailing heterosexual matrix imposed by hegemonic masculinity. The core argument in this paper is that the unholy trinity of the sports-media-business-alliance is the root cause for the limitations women's soccer faces in challenging hegemonic masculinity. This sports-media-business-alliance has framed societal discourses on women's soccer in Germany. This paper examines three groups of discourses: the evolution of the macro-historical discourse over the societal role of women's soccer in post-World War II Germany; the discourse comparing men's and women's soccer and asserting the superiority of men's soccer; and the discourse on the role of femininity in women's soccer and the sexualization of the players.
Journal of European Public Policy, 2003
TRANSFERT D'IDEE ET RESISTANCES AU CHANGEMENT : LE CAS DE LA BANQUE CENTRALE EUROPEENNE APRES LA ... more TRANSFERT D'IDEE ET RESISTANCES AU CHANGEMENT : LE CAS DE LA BANQUE CENTRALE EUROPEENNE APRES LA CRISE RESUME Cette communication a pour but d'analyser l'action politique de la Banque Centrale Européenne (BCE) tout en présentant mes avancées de thèse. La littérature montre que le consensus autour des paradigmes néoclassiques a été un facteur décisif dans la création d'une Banque Centrale indépendante et attachée à la stabilité des prix au sein de l'Union Economique et Monétaire (UEM). La Banque et ses missions sont les fruits d'un construit politique et idéel et elle n'est donc pas qu'une institution économique gérant la politique monétaire de l'UE. C'est une institution imbriquée dans un jeu d'acteurs complexe au niveau communautaire, qui est en partie dépendante des relations avec ses partenaires et entre lesquels se construisent des jeux de pouvoir (I). L'analyse du discours officiel de la Banque donne des indices quand à sa manière d'élaborer un modèle d'organisation économique et des arguments qu'elle utilise pour le promouvoir auprès de ses partenaires (II). Ces indices nous amènent à construire des hypothèses sur la manière dont la Banque met en place un transfert d'idée auprès de ses partenaires. Le principal but de ce transfert est de stabiliser et de renforcer le consensus idéel qui a justifié l'indépendance de la BCE auprès des forums scientifiques communautaires (III). La crise financière de l'automne 2008 permet de voir en filigrane de toute cette communication le lien entre le transfert d'idée que la Banque a mis en place et les résistances aux changements que la crise pourrait provoquer.
Review of International Studies, Mar 17, 2004
Journal of Balkan and Near Eastern Studies, Jul 30, 2014
This paper provides an alternative interpretation of the euro crisis to the dominant sovereign de... more This paper provides an alternative interpretation of the euro crisis to the dominant sovereign debt narrative. I argue that at the core of the euro crisis is a balance of payments disequilibrium—only this time the balance of payments crisis is taking place within a common currency. The frame of reference—sovereign debt crisis or balance of payments crisis—makes a significant difference not only for determining the causes of the euro crisis but also for the adequacy of policy measures to address the crisis. The sovereign debt crisis narrative has missed the interrelated nature of the macroeconomic imbalances within the eurozone. Despite the expectation of many observers at the time of the creation of the euro that the common currency would distribute the burden of adjustment more evenly across its member countries, the reverse is actually true. Compared to the European Monetary Union's predecessor regime, the European Monetary System (EMS), deficit countries are saddled with even higher adjustment costs in the common currency than before. In particular, they no longer have the tool of a nominal exchange rate change to address balance of payments disequilibria. This situation allows surplus countries—most importantly Germany—to exercise leverage over the key bargaining issues at stake in solving the eurozone crisis.
International Journal of Politics, Culture and Society, Jul 28, 2016
This article interprets German national identity discourses through the lens of soccer. Germany's... more This article interprets German national identity discourses through the lens of soccer. Germany's four World Cup championships came in a roughly 20-year rhythm and happened at critical moments and turning points in its post-World War II history. Looking at the four World Cup wins in 1954, 1974, 1990, and 2014 allows one to trace changes in German national identity that were reflected in the winning teams themselves as well as in the relationship of the celebrating public to the team and the country. International soccer events offer an opportunity to discern continuities and discontinuities in German national identity discourses. This article contributes to the literature by providing a comparative interpretation across six decades of soccer/national identity discourses. In such a comparative perspective, it becomes easier to see the changes and continuities that have characterized these discourses. Keywords Soccer. World Cup. Germany. National identity Soccer and German national identity discourses are intensely intertwined. In particular, World Cup tournaments bring into focus the powerful connection between soccer and national identity in Germany. In this article, I interpret German national identity discourses through the lens of soccer. Germany's four World Cup championships came in a roughly 20-year rhythm and happened at critical moments and turning points in its post-World War II history. Looking at the four World Cup wins in 1954, 1974, 1990, and 2014 allows one to trace changes in German socio-political discourses that were reflected in the winning teams themselves as well as in the relationship of the celebrating public to the team and the country. International soccer events let fans weave success on the soccer field into the broader narrative of the nation. Thus, they offer an opportunity to discern continuities and discontinuities in German national identity discourses.
German Politics, Sep 1, 2005
... 9. On these mechanics of the EMS see Daniel Gros and Niels Thygesen, European Monetary Integr... more ... 9. On these mechanics of the EMS see Daniel Gros and Niels Thygesen, European Monetary Integration (London: Longman, 1992); RW ... Elie Cohen, 'The Euro, Economic Federalism, and National Sovereignty', in Anthony Pagden (ed.), The Idea of Europe: From Antiquity to the ...
Contemporary Politics, Sep 1, 1998
German Politics and Society, Mar 1, 2017
Wal-Mart's failed entry into the German retail market represents a puzzle for theories of globali... more Wal-Mart's failed entry into the German retail market represents a puzzle for theories of globalization, which assert that more efficient producers will drive out poorly performing competitors, producing profits for themselves and gains for consumers. Wal-Mart's ability to dominate its input network and to provide low-cost leadership through lean production has often been seen as the global example of creating efficiencies in the retail sector. In 2006, however Wal-Mart abandoned an eight-year effort to become a dominant player in Germany's retail market. I argue that efficiency is not absolute, but rather context-specific and socially constructed. Domestic culture and institutions interact to constrain convergence towards a single business model in the retail sector. In the end, it was not the rigidity of German market conditions-such as high labor costs or union power-that led to failure, but rather the inflexibility of Wal-Mart's strategy in coping with complex local conditions.
This paper investigates the ways monetary power affects the rules and operations of pegged exchan... more This paper investigates the ways monetary power affects the rules and operations of pegged exchange rate regimes. Two puzzles form the basis of this analysis: Why are exchange rate regimes inherently asymmetrical and why do monetary negotiations result in similar bargaining outcomes? Monetary power is the key to solving these puzzles. Drawing on other contributions to this project, the paper argues that monetary power results from differential adjustment obligations of weak and strong countries. At their very core, the rules and operations of pegged exchange rate regimes reflect issues of how to distribute the burden of adjustment. Conceptually, the paper starts with the argument that there is a distinct structural logic of monetary interaction owing to the interdependent nature of exchange rates. Under these conditions, participants in an exchange rate regime need to establish consistency between internal macroeconomic policy and external exchange rate policy. Countries solve the consistency issue on the basis of market power. Strong monetary players have greater bargaining leverage in monetary negotiations because they do not face a reserve constraint. They can use their leverage to protect their own domestic macroeconomic priorities and to compromise merely on questions of external adjustment and financing. The paper evaluates these analytical assumptions by comparing two European exchange rate regimes (the snake and the European Monetary System) and a global regime (the Bretton Woods system).
Sexuality and Culture, Oct 16, 2019
German society and even German soccer have become more acceptant of the idea of inclusive masculi... more German society and even German soccer have become more acceptant of the idea of inclusive masculinities. Hyper-masculinity is no longer the only paradigm dominating discourses on soccer. Other forms of masculinities have become more accepted in the German public and its soccer community. Nevertheless, two major aspects of homophobia remain part of the German soccer scene. First, homophobic epithets and chants continue to represent a major ingredient of the climate in soccer stadiums. Second, there is the absence of openly homosexual top-level soccer players. So far, no active players in top division German soccer have come out as gay. What explains this contrast between the acceptance of inclusive masculinities and the continued homophobia of the game? This paper analyses discourses on masculinity, homosexuality and homophobia in German professional soccer to address this puzzle. I argue that the increasing commercialization of the game and the efforts of preserving the tradition of the game tend to pull in the same direction and, therefore, reinforce each other. There simply are no large constituencies and advocacy groups that would have strong interests in eradicating homophobia.
European Journal of International Relations, Mar 1, 1997
Uploads
Papers by Matthias Kaelberer