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The Politics of Market Discipline in Latin America
Daniela Campello
出版
Cambridge University Press
, 2015-04-16
主題
Business & Economics / Finance / General
Political Science / General
Political Science / Political Process / Campaigns & Elections
Political Science / Constitutions
Political Science / Public Policy / Economic Policy
Political Science / American Government / General
Political Science / World / General
Political Science / Political Ideologies / Conservatism & Liberalism
Political Science / World / Caribbean & Latin American
ISBN
1107039258
9781107039254
URL
http://books.google.com.hk/books?id=rdXeBgAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
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.