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Global Capital and National Governments

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  • 25 b/w illus. 40 tables
  • Page extent: 402 pages
  • Size: 228 x 152 mm
  • Weight: 0.59 kg

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 (ISBN-13: 9780521521628 | ISBN-10: 0521521629)

Global Capital and National Governments
Cambridge University Press
9780521815215 - Global Capital and National Governments - By Layna Mosley
Frontmatter/Prelims

Global Capital and National Governments

To what extent do international financial market pressures influence or constrain government policy choices? Global Capital and National Governments suggests that international financial integration does not mean the end of social democratic welfare policies. Capital market openness allows investors to react swiftly and severely to government policy, but in the developed world, capital market participants consider only a few government policies when making decisions. Governments that conform to capital market pressures in macroeconomic areas remain relatively unconstrained in supply-side and microeconomic policy areas. Therefore, despite financial globalization, cross-national policy divergence among advanced democracies remains likely. Still, in the developing world, the influence of financial markets on government policy autonomy is more pronounced. The risk of default renders market participants willing to consider a range of government policies. This conclusion, however, must be tempered with an awareness that governments retain choices. As evidence for its conclusions, Global Capital and National Governments draws on interviews with fund managers, quantitative analyses, and archival investment banking materials.

Layna Mosley is the Thomas J. and Robert T. Rolfs Assistant Professor in the Department of Political Science at the University of Notre Dame. Her research interests include the impact of global capital markets on policy choices, the governance of international financial flows, and the politics of European financial integration. Mosley received her Ph.D. in Political Science from Duke University in 1999.


Cambridge Studies in Comparative Politics

General Editor

Margaret Levi
University of Washington, Seattle

Assistant General Editor

Stephen Hanson
University of Washington, Seattle

Associate Editors

Robert H. Bates
Harvard University
Peter Hall
Harvard University
Peter Lange
Duke University
Helen Milner
Columbia University
Frances Rosenbluth
Yale University
Susan Stokes
University of Chicago
Sidney Tarrow
Cornell University

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Global Capital and National Governments

Layna Mosley

University of Notre Dame


CAMBRIDGE UNIVERSITY PRESS
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Cambridge University Press
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www.cambridge.org
Information on this title: www.cambridge.org/9780521815215

© Layna Mosley 2003

This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press.

First published 2003
Reprinted 2006

Printed in the United States of America

A catalog record for this publication is available from the British Library.

Library of Congress Cataloging in Publication Data

Mosley, Layna.
Global capital and national governments.
Layna Mosley.
p. cm. – (Cambridge studies in comparative politics)
Includes bibliographical references and index.
ISBN-13: 978-0-521-81521-5 – ISBN-10: 0-521-52162-9 (pb.)
1. Capital market – Government policy. 2. Finance – Government policy.
3. International finance – Government policy. I. Title. II. Series.
HG4523 .M67 2002
332 – dc21 2002023442

ISBN-13 978-0-521-81521-5 hardback
ISBN-10 0-521-81521-8 hardback

ISBN-13 978-0-521-52162-8 paperback
ISBN-10 0-521-52162-9 paperback

Cambridge University Press has no responsibility for the persistence or accuracy of URLs for external or third-party Internet Web sites referred to in this publication and does not guarantee that any content on such Web sites is, or will remain, accurate or appropriate.


For my parents, Janie and Steve Mosley


Contents

List of Figures and Tables
xi
Acknowledgments
xv
1             NATIONAL GOVERNMENTS AND GLOBAL CAPITAL: A RECASTING
1
2             FINANCIAL MARKET INFLUENCE ON GOVERNMENT POLICY: THEORY AND HYPOTHESES
25
3             FINANCIAL MARKET INFLUENCE IN DEVELOPED NATIONS: AN EMPIRICAL ASSESSMENT
50
4             FINANCIAL MARKET–GOVERNMENT RELATIONS IN EMERGING MARKETS
102
5             POLITICS MEETS MARKETS: DOMESTIC RESPONSES TO FINANCIAL MARKET PRESSURES
157
6             ALTERNATIVE DOMESTIC RESPONSES: CHANGES TO FINANCIAL MARKET–GOVERNMENT RELATIONS
199
7             HISTORY REPEATING ITSELF? FINANCIAL MARKETS AND NATIONAL GOVERNMENT POLICIES BEFORE THE FIRST WORLD WAR
249
8             FINANCIAL MARKET–GOVERNMENT RELATIONS IN THE TWENTY-FIRST CENTURY
304
APPENDIX 2.1: FINANCIAL MARKET INTERVIEWS
321
APPENDIX 3.1: DATA DEFINITIONS AND SOURCES
323
APPENDIX 3.2: FULL RESULTS FOR MACROINDICATORS MODEL
326
APPENDIX 4.1: THE COMPONENTS OF THE SDDS
327
APPENDIX 4.2: RATING AGENCY METHODOLOGIES
330
APPENDIX 4.3: RATING AGENCY OUTCOMES, 1997
333
APPENDIX 6.1: NATIONS IN CAPITAL CONTROLS DATA SET
337
References
339
Index
373




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