Financial Globalization And Democracy In Emerging Markets
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Financial Globalization And Democracy In Emerging Markets
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Author : L. Armijo
language : en
Publisher: Springer
Release Date : 1999-01-13
Financial Globalization And Democracy In Emerging Markets written by L. Armijo and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-13 with Business & Economics categories.
When Mexico's peso crisis occurred in December 1994, all of Latin America experienced the 'tequila effect'. In January 1998, after seven months of financial turmoil in East Asia, Alan Greenspan, the usually reticent Chairman of the US Federal Reserve Bank, noted that such 'vicious cycles...may, in fact, be a defining characteristic of the new high-tech international financial system'. This book examines the impact of the new, highly liquid portfolio capital flows on governments, opposition, politicians, business and the workforce in such emerging market countries as Mexico, Brazil, Russia, Indonesia, Vietnam, Thailand and Indonesia. Hailed as 'exemplary and innovative', 'fine-grained and accessible' and 'a must read', this collection of original essays in newly available in paperback.
The Globalization Paradox
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Author : Dani Rodrik
language : en
Publisher: Oxford University Press
Release Date : 2012-05-17
The Globalization Paradox written by Dani Rodrik and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-17 with Political Science categories.
For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.
Emerging Market Democracies
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Author : Laurence Whitehead
language : en
Publisher: JHU Press
Release Date : 2002-09-16
Emerging Market Democracies written by Laurence Whitehead and has been published by JHU Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-09-16 with Political Science categories.
Over the 1980s Latin America made great strides in democratization, while East Asia led the world in economic growth. Are the two converging toward a model that combines economic and political liberalization? This text examines increased scope for mutual support among aspiring democratic forces.
Banking On Democracy
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Author : Javier Santiso
language : en
Publisher: MIT Press
Release Date : 2013-06-14
Banking On Democracy written by Javier Santiso and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-14 with Business & Economics categories.
A data-driven investigation of the interaction between politics and finance in emerging markets, focusing on Latin America. Politics matter for financial markets and financial markets matter for politics, and nowhere is this relationship more apparent than in emerging markets. In Banking on Democracy, Javier Santiso investigates the links between politics and finance in countries that have recently experienced both economic and democratic transitions. He focuses on elections, investigating whether there is a “democratic premium”—whether financial markets and investors tend to react positively to elections in emerging markets. Santiso devotes special attention to Latin America, where over the last three decades many countries became democracies, with regular elections, just as they also became open economies dependent on foreign capital and dominated bond markets. Santiso's analysis draws on a unique set of primary databases (developed during his years at the OECD Development Centre) covering an entire decade: more than 5,000 bank and fund manager portfolio recommendations on emerging markets. Santiso examines the trajectory of Brazil, for example, through its presidential elections of 2002, 2006, and 2010 and finds a decoupling of financial and political cycles that occurred also in many other emerging economies. He charts this evolution through the behavior of brokers, analysts, fund managers, and bankers. Ironically, Santiso points out, while some emerging markets have decoupled politics and finance, in the wake of the 2008–2012 financial crisis many developed economies (Europe and the United States) have experienced a recoupling between finance and politics.
The Politics Of Market Discipline In Latin America
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Author : Daniela Campello
language : en
Publisher:
Release Date : 2015
The Politics Of Market Discipline In Latin America written by Daniela Campello and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Capital market categories.
The Politics of Market Discipline in Latin America uses a multi-method approach to challenge the conventional wisdom that financial markets impose broad and severe constraints over leftist economic policies in emerging market countries. It shows, rather, that in Latin America, this influence varies markedly among countries and over time, depending on cycles of currency booms and crises exogenous to policy making. Market discipline is strongest during periods of dollar scarcity, which, in low-savings commodity-exporting countries, occurs when commodity prices are high and international interest rates low. In periods of dollar abundance, when the opposite happens, the market's capacity to constrain leftist governments is very limited. Ultimately, Daniela Campello argues that financial integration should force the Left toward the center in economies less subject to these cycles, but not in those most vulnerable to them. Multi-method approach that includes formal modeling, statistical analyses, and in-depth case studies Covers two phenomena closely studied by students of Latin American economics: leftist government's embrace of neoliberal policies in the 1990s, and the resurgence of a leftist agenda in the 2000s A solid text for those interested in the globalization of finance in emerging markets, understudied in comparison with the OECD.--
Financial Openness Democracy And Redistributive Policy
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Author : Mansoor Dailami
language : en
Publisher: World Bank Publications
Release Date : 2000
Financial Openness Democracy And Redistributive Policy written by Mansoor Dailami and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and Banking Reform categories.
What explains the spread of both democracy and financial openness at this time in history, given the constraining impact of financial market integration on national policy autonomy? International policy coordination is part of the answer, but not all. Also important is the presence of cost-effective redistributive schemes that provide insurance against the risk of financial instability.
Emerging Markets And The State
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Author : Christopher Wylde
language : en
Publisher: Springer
Release Date : 2017-07-27
Emerging Markets And The State written by Christopher Wylde and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-27 with Political Science categories.
This book, through an analysis of case studies in Latin America and Southeast Asia, sets out to understand the form and function of contemporary states seeking to guide and cajole markets, hoping to stimulate economic growth and generate robust development outcomes. In the context of contemporary globalization, and the hegemony of a neoliberal mode of capital accumulation, independent state-directed development has moved away from the reach of many emerging markets. Wylde’s analysis reveals that, contrary to much of the literature espousing the ‘end of the state’, the role of the state in the 21st century development process continues to be of pivotal importance.
Globalization And Austerity Politics In Latin America
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Author : Stephen B. Kaplan
language : en
Publisher: Cambridge University Press
Release Date : 2013-01-28
Globalization And Austerity Politics In Latin America written by Stephen B. Kaplan and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-28 with Political Science categories.
In an age of financial globalization, are markets and democracy compatible? For developing countries, the dramatic internationalization of financial markets over the last two decades deepens tensions between politics and markets. Notwithstanding the rise of left-leaning governments in regions like Latin America, macroeconomic policies often have a neoliberal appearance. When is austerity imposed externally and when is it a domestic political choice? By combining statistical tests with extensive field research across Latin America, this book examines the effect of financial globalization on economic policymaking. Kaplan argues that a country's structural composition of international borrowing and its individual technocratic understanding of past economic crises combine to produce dramatically different outcomes in national policy choices. Incorporating these factors into an electoral politics framework, the book then challenges the conventional wisdom that political business cycles are prevalent in newly democratizing regions. This book is accessible to a broad audience and scholars with an interest in the political economy of finance, development and democracy, and Latin American politics.
Banking On Democracy
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Author : Director and Chief Economist Javier Santiso
language : en
Publisher: MIT Press (MA)
Release Date : 2013-06-14
Banking On Democracy written by Director and Chief Economist Javier Santiso and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-14 with Business & Economics categories.
Politics matter for financial markets and financial markets matter for politics, and nowhere is this relationship more apparent than in emerging markets. In "Banking on Democracy," Javier Santiso investigates the links between politics and finance in countries that have recently experienced both economic and democratic transitions. He focuses on elections, investigating whether there is a "democratic premium" -- whether financial markets and investors tend to react positively to elections in emerging markets. Santiso devotes special attention to Latin America, where over the last three decades many countries became democracies, with regular elections, just as they also became open economies dependent on foreign capital and dominated bond markets. Santiso's analysis draws on a unique set of primary databases (developed during his years at the OECD Development Centre) covering an entire decade: more than 5,000 bank and fund manager portfolio recommendations on emerging markets. Santiso examines the trajectory of Brazil, for example, through its presidential elections of 2002, 2006, and 2010 and finds a decoupling of financial and political cycles that occurred also in many other emerging economies. He charts this evolution through the behavior of brokers, analysts, fund managers, and bankers. Ironically, Santiso points out, while some emerging markets have decoupled politics and finance, in the wake of the 2008--2012 financial crisis many developed economies (Europe and the United States) have experienced a recoupling between finance and politics.
Emerging Market Economies
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Author : Grzegorz W. Kołodko
language : en
Publisher: Ashgate Publishing
Release Date : 2003
Emerging Market Economies written by Grzegorz W. Kołodko and has been published by Ashgate Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Developing countries categories.
Emerging Market Economies: Globalization and Development is the result of a comprehensive international research project co-ordinated within the TIGER (Transformation, Integration and Globalization Economic Research). It deals with economic, social and political implications of globalization for the development of emerging market economies and is authored by a host of international scholars from the USA, Chile, Tanzania, the UK, Italy, Hungary, Poland, Romania, China and Japan. globalization on the markets for capital, goods and labour and for the growth and development in emerging markets including post-communist countries. The study includes a number of comprehensive and compatible works which deal especially with the chances for and mechanism of catching-up on these emerging markets.