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Institutions, Partisanship and Credibility in Global Financial Markets (Paperback)
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Institutions, Partisanship and Credibility in Global Financial Markets (Paperback)
Series: Routledge Research in Comparative Politics
Expected to ship within 12 - 17 working days
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Increasingly integrated global financial markets have been shaken
by a series of severe shocks in recent decades, from Mexico's
Tequila crisis to the upheavals in the Eurozone. These crises have
demonstrated that signs of uncertain local economic and political
conditions can result in market fluctuations which in turn cause
economic, social, and political instability. Such instability is
particularly severe for developing countries that rely heavily on
international financial markets for their financial needs. Building
credibility in these markets is therefore important for national
governments who wish to prevent market panic and capital flight
and, ultimately, to achieve stable economic growth. Earlier studies
have argued that institutional arrangements that constrain
governments and commit them to protecting private property rights
and market-friendly policies can send a strong positive signal to
the markets about a given country's sovereign credibility. This
book argues, however, that the market perception of such
credibility-building institutions is significantly contingent on
which party governs the country. Formal institutions confer
significant credibility-building effects on left-wing governments,
whereas less or no significant effects are enjoyed by right-wing
governments. And beyond that, any significant changes in a
country's institutional landscape-such as a breakdown of democracy
or joining an international organization that can influence
domestic politics-have particularly strong impact on the
credibility of left-wing governments. This argument is supported by
a quantitative analysis of sovereign credit ratings data collected
from around 90 developing countries from 1980 to 2007, by case
studies from South Asia, Eastern Europe and Latin America, and by
face-to-face interviews with 24 financial market experts based in
Hong Kong, Seoul, and Paris.
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