The Politics of Market Discipline in Latin America Globalization and Democracy 2015 Edition at Meripustak

The Politics of Market Discipline in Latin America Globalization and Democracy 2015 Edition

Books from same Author: Daniela Campello

Books from same Publisher: Cambridge

Related Category: Author List / Publisher List


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  • General Information  
    Author(s)Daniela Campello
    PublisherCambridge
    ISBN9781107039254
    Pages254
    BindingHardback
    LanguageEnglish
    Publish YearApril 2015

    Description

    Cambridge The Politics of Market Discipline in Latin America Globalization and Democracy 2015 Edition by Daniela Campello

    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.