The Politics of Market Discipline in Latin America

Globalization and Democracy

Häftad, Engelska, 2016

AvDaniela Campello

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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.

Produktinformation

Utgivningsdatum2016-01-21
Mått154 x 230 x 14 mm
Vikt390 g
FormatHäftad
SpråkEngelska
Antal sidor254
FörlagCambridge University Press
ISBN9781107649866

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Politik och statsskick inom Samhälle och politik

Daniela Campello is an Assistant Professor of Politics and International Affairs at the Getúlio Vargas Foundation (FGV), Brazil. Before joining the FGV in July 2013, Campello was an Assistant Professor of Politics and International Affairs in the Department of Politics and at the Woodrow Wilson School of Public and International Affairs at Princeton University, New Jersey. Her work has been published in Comparative Political Studies, the Oxford Handbook of Latin American Political Economy, and in edited volumes published in the United States, Spain, Uruguay, and Brazil.

1. Globalization, democracy, and market discipline; 2. Between votes and capital: redistribution and uncertainty in unequal democracies; 3. Investors' 'vote' in presidential elections; 4. The politics of currency booms and crises: explaining the influence of the investors' 'vote'; 5. Currency crisis, policy switch, and ideological convergence: presidential elections in Brazil; 6. Exogenous shocks and investors' political clout: presidential elections in Ecuador; 7. Controlling for incumbency: financial markets' influence in Chávez's Venezuela; 8. 'Vivir con lo nuestro': default and market discipline in Argentina; 9. Who governs?: market discipline in the developed world; 10. Conclusion.

'Daniela Campello tackles a very controversial and perhaps most misunderstood topic in the political economy of contemporary Latin America: to what extent do global markets and foreign investors constrain governments, particularly those on the left, preventing them from pursuing redistributive policies voters demand? Her answer is sophisticated and unexpected. The book is a lasting contribution to understand globalization, the emergent left, and the politics of policy making not only in Latin America but elsewhere in the developing world.' Alberto Díaz-Cayeros, Stanford University, California