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Global Capital and National Governments

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  • 25 b/w illus. 40 tables
  • Page extent: 402 pages
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  • 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
Index

Index

accountability 8, 208, 304

Adserà, Alicia 10, 158

advanced capitalist democracies

See developed countries

Alesina, Alberto 63, 65, 87, 88, 89, 97, 168, 204, 205, 209, 210, 211, 230, 234

Argentina 129, 155, 164, 294–295

agreement with IMF (1997) 128

pre-World War I borrowing 264–265, 269

2001 crisis 20, 281

Armijo, Leslie Elliot 109, 111, 124–125, 129, 143

Asian financial crisis 36, 45, 116–117, 128, 137, 138

credit ratings and 137–138

equity markets and 52–53

foreign currency denomination and 223

Australia 163, 178–179, 192–194, 223, 308

banks

Baring Brothers 261, 262, 264, 272, 288–289, 292–302

lending in developing nations 105–106

regulation of 36, 110, 240–241, 275–276, 315

Baring crisis 255, 294

Basinger, Scott 12

Bayesian updating 32, 37

Belgium 173, 239, 247

Bernhard, William 15, 65, 75, 79, 167, 173, 208, 213

Block, Fred 4, 8

Boix, Carles 10, 92, 158

Brady bonds 105, 221

Brazil 115, 163, 174, 197, 214

agreement with IMF (1998) 127–128

pre-World War I borrowing 264

Britain

See United Kingdom

Brooks, Sarah 108, 194, 319

budget deficits

See fiscal policy

Bulgaria 273

Calvo, Guillermo 33, 40, 42, 143, 150, 152, 230, 231

Cameron, David 10, 160

Canada 67, 231–232, 313, 315

Cantor, Richard 138, 139, 140

capital controls 47, 167, 201, 223–230

See also capital mobility

capital investment 40, 97, 98

capital mobility 50–51, 73–74

in developed countries 84, 85–86, 251–257

in developing nations 105, 110–112, 251–257

implications for financial market influence 29–30, 46–47

causal model of financial market–government relations 14–16, 24, 157, 202–203

central banks 75, 124, 159, 200, 204–208, 213

Cerny, Philip 6, 8, 62, 165

certainty, investors’ 20, 26, 33, 38

changes versus levels as dependent variable 82–83

Chevalier, Judith 30, 31, 43

Chile 129–130, 214, 224–225

clarity of political responsibility 166–168

Clark, William 11, 168, 205, 208

coalition government 167, 204

Cohen, Benjamin 5, 11, 12, 15, 164, 208, 265, 271, 272

cohesion of political parties 167

Colombia 214

comparative advantage 9

compensation and domestic politics 10, 170–171

competition among lenders 256–257, 260–267, 284–285, 291

conditionality 277

convergence among government policies 6–9, 12–14, 15, 65, 69, 305

Cooper, Richard 5, 29

Corporation of Foreign Bondholders 269, 283

Costa Rica 269–270

credible commitment 203–204, 210, 211, 246–247, 279–280

Credit Lyonnais 276

credit ratings 136–137, 183–184, 192

methodology of 139–143, 330–332

outcomes of 143–145, 314–315, 333–336

credit rationing 19–20, 71, 113, 153

cross-sectional time series analysis 69–72, 90, 123, 326

Cuba 265, 292–294

currency board 221, 251, 279–280, 310

currency risk 34, 55, 281

current account balance 78, 84, 147–149

Czech Republic 153

data, description of 70, 323–325

debt, public

See government debt

debt maturity 114–115, 172, 179, 201, 230–239

default risk 3, 20, 24–25, 228

and credit ratings 140

in developed nations 36–37, 53–55, 87, 313–315

in developing nations 55, 112–114, 125–128, 140–141, 149

in pre–World War I period 260, 275–276, 283, 286–287, 293, 309

demographic change 188

Denmark 178–179, 190–191

developed countries, financial market influence in 17, 20, 36–37

developing countries

financial market influence in 17, 21, 38–40

policy variation among 119–122

Devlin, Robert 42, 105, 113, 114, 136, 265

divergence 170–171, 309

among government policies 3, 6, 9–11, 12–14, 15, 59, 69

in social policies 92–94

diversification 33, 111, 118–120

dollarization 221, 280

Dominican Republic 270

Dryzek, John 157, 160, 164, 267, 319

Economic and Monetary Union (EMU) 75, 77, 197, 236, 251, 279–280, 312–316

and convergence 13, 75, 77–78, 188, 197

prospects for 55, 66–67, 165

See also Maastricht Treaty criteria

economic voting 165–168

Economist magazine 18, 154

Ecuador 152

Edwards, Sebastian 105, 113, 225

Eichengreen, Barry 115, 152–153, 162, 224–225, 252, 257–258, 260–261, 272, 277, 279

elections 62–66, 168–169

in developed nations 81–82, 89–90

in developing nations 116, 129–130

electoral institutions 65, 90, 166–168, 204, 213

electronic herd 1, 2, 25

Ellison, Glenn 30, 31, 43

embedded liberalism 6–7, 10

emerging markets 3, 103–109

volatility of investment in 111–112, 154–155, 245, 259, 267

See also developing countries

endogenous growth theory

See new growth theory

equity markets 17, 52–53, 169, 317–318

in developing nations 106–109

Euromoney credit ratings 143–145

European Central Bank 205

Exchange Rate Mechanism (ERM) 75, 150, 162, 181, 188

exchange rates 18, 55, 124, 126, 171, 239, 310

in developed nations 78, 85, 86

See also fixed exchange rates, floating exchange rates

exit, threat of 7, 29, 105, 240

federalism 167–168

financial crises 230–231, 252, 259

See also Asian financial crisis, Latin American debt crisis, Mexican peso crisis

financial market influence 165–166

scope of 28, 45–46, 102–103, 112–117

strength of 28, 31, 45–46, 105, 110–112

financial market operation 17, 30

Finnemore, Martha 269, 270–271

fiscal policy 3, 11, 76–78, 92

in developed nations 55, 57, 76–78, 85, 87

in developing nations 125, 147–149

effectiveness of 86

fiscal policymaking institutions 124, 200, 208–214

fixed exchange rates 11, 13, 126, 167, 205

Flandreau, Marc 276, 286

floating exchange rates 11, 13

foreign aid 109

foreign currency denomination 114, 172–173, 200–201, 219–223, 291–292

and default risk 39, 114

foreign direct investment 107, 251, 266, 318

France 197, 233

1997 election 64, 65

Mitterand’s policies in 57, 159–160, 196

pre-World War I capital markets and 272–273

Franzese, Robert 63, 80, 89, 159, 205

Freeman, John 15, 65, 84, 90, 205

Frieden, Jeffry 171, 205

Friedman, Benjamin 42

Friedman, Thomas 1, 25, 105, 152, 170, 187, 198, 241, 266, 267

fund managers 59, 263

See also institutional investors

Garrett, Geoffrey 5, 7, 12, 14, 79, 80, 88, 111, 140, 226, 230, 318

Germain, Randall 8, 150, 251, 254, 260, 268, 272, 276

Germany 64, 162, 274

globalization 1, 304, 317

gold standard 163, 249–253, 276, 278–282, 297

Gould, Erica 127, 277

government bond market 17–19, 176–177, 240, 316–317

as dependent variable 19–20, 70

determinants of rates on 21, 54, 146–149

implications of EMU for 312–316

importance of 18, 51, 108

pre-World War I 253–257, 288

government budget balance

See fiscal policy

government consumption spending 94–95, 97–98

government debt 55, 57, 86–87, 126, 172–173

See also debt maturity

government partisanship 21, 62–66, 168

in developed nations 79–81, 87–89, 142, 175–176

in developing nations 129–130

government spending, overall level of 57, 58, 93, 95–97

Graham, John 43

Greece 140, 269, 287

Guatemala 270

Hagen, Juergen von 204, 209–212

Haggard, Stephan 14, 111, 158, 163, 166, 167, 207, 229

Hall, Peter 159, 160, 161, 205

Hallerberg, Mark 11, 12, 168, 204, 205, 209–212

Hambro and Sons 288–289

health care policy 94–95, 98–99

Held, David 280

herd behavior 33, 43–45, 152, 259, 311

Hibbs, Douglas 165, 166, 168

Hirschman, Albert 29, 240

Honduras 270, 278, 287

Huber, Evelyne 168, 171, 177, 187, 188

Hungary 153–154, 195

ideology

See government partisanship

impossible trinity 2

Inclan, Carla 111, 167, 229–230

indexed debt

See inflation-linked debt

inflation 3, 34, 74–76, 91

in developed countries 54, 55–56, 74–76, 84, 217–218

in developing countries 125, 147–149

inflation-linked debt 200–201, 215–219

information

in developing countries 39, 110, 112, 130–132

economization on the use of 16, 53

investors’ use of 20, 26, 32–33, 241, 259–262

quality of 116–117, 258–263

information shortcuts 34

Institutional Investor credit ratings 141–142, 143–145

institutional investors 30–32, 106, 241

defined 26–28, 51–52

pre-World War I 258–259

similarity of decision-making indicators among 59–61

surveys of 132–136

institutions, domestic political 22, 49, 158, 164, 307–308

interdependence 5

interest rates

See government bond market, United States interest rates

International Finance Corporation (IFC) 103–104

international financial architecture 311–312

International Monetary Fund (IMF) 224, 277–278, 311–312

international trade

See trade

interviews

with government officials 18–19, 100

with institutional investors 51–59, 125–132, 321–322

interwar period 47, 163, 233

Ireland 178–179, 192, 221, 235, 316

Israel 215

Italy 54–55, 172, 197, 239

electoral institutions 167

and pre-World War I capital markets 275

resident investment in 241, 243

Iversen, Torben 9, 159, 164, 171, 180, 187, 191, 204, 205, 305

Japan 56, 161, 167, 298–302

J. P. Morgan and Co. 264, 270, 272, 287–289, 295

Katzenstein, Peter 5, 164, 170

Kaufman, Robert 111, 158, 163, 165, 167

Keefer, Philip 139, 207

Keeler, John 160, 162–163, 169, 206

Keohane, Robert 5, 6, 165

Keynes, John Maynard 42, 59–60, 224

Kindleberger, Charles 255

Kingstone, Peter 197, 286

Kitschelt, Herbert 165, 177, 187, 191, 198

Knack, Stephen 139

Kontopolous, Yianos 79, 80, 89, 187

Kurzer, Paulette 8, 62, 76, 79, 180

labor market policy 57, 159

Lange, Peter 12, 80, 158

Latin American debt crisis 163–164, 229

Lawson, Nigel 162, 209, 215

League of Nations loans 278

Lebanon 154, 240–241

Leblang, David 15, 65, 79, 158, 167, 170, 173

Lindblom, Charles 4

Lupia, Arthur 32, 33, 35

Maastricht Treaty criteria 55, 66–69, 77, 142, 208, 209, 314

investors’ use of 36–37, 60

macropolicy indicators 70–79, 134–136

See also fiscal policy, inflation

Malaysia 137, 225, 229

mania 151–152, 156, 310–311

Marquand, David 9, 101

maturity structure of government debt

See debt maturity

Mauro, Paolo 259, 260, 265

Maxfield, Sylvia 18, 75, 111, 113, 147, 159, 178, 206, 207, 229, 318

McCubbins, Mathew 32, 33, 35

McNamara, Kathleen 205, 304

Mendoza, Enrique 33, 40, 42, 143, 230, 231

merchant banking 256–257, 260–267

Mexican peso crisis 33, 114, 117, 129, 155, 277

credit ratings and 137

debt maturity and 230–231, 233

foreign currency denomination and 223

Mexico 273, 300

micropolicy indicators

See supply-side policies

Min, Hong 113

Missale, Alessandro 55, 199, 215, 223, 230–232, 234, 237–239

Mitchell, Deborah 7, 10, 12, 318

monetary policy 11

See also central banks

moral hazard 268, 271, 275, 277–278

Morgan Grenfell 288–289

Morse, Edward 5

mortgage rates 169

Moses, Jonathon 55, 170, 187, 188, 219, 223

Mueller, Dennis 7, 10, 170

Mundell-Fleming conditions 10–11, 13

mutual funds 30–31

See also institutional investors

N. M. Rothschild and Sons 264–265, 272, 288–289, 296, 298–299

neoliberalism 6, 124, 163

Neville, Richard 308

new growth theory 9, 36, 62

New Zealand 65, 167, 212–213, 311

Nickerson, David 12

Notermans, Ton 11, 74, 77, 80, 158, 163, 170, 188, 198

Oatley, Thomas 11, 13, 199, 205

Obstfeld, Maurice 251, 253–254, 260, 282

OECD nations

See developed countries

Ohmae, Kenichi 1, 7

open-economy models 10–11

Pacek, Alexander 166, 170

Packer, Frank 138, 139, 140

Palmerston circular 268

panic 151, 152–153, 156, 263, 310–311

partisanship

See government partisanship

Pauly, Louis 1, 127, 208

pensions 97, 98, 169, 187–188, 194, 240

Perotti, Roberto 79, 80, 97, 187, 204, 205, 209

Persia 275

Pierson, Paul 163, 170, 180, 182, 187, 189, 190

Poland 163

Polanyi, Karl 2, 4, 249, 271–272, 280

policy outcomes versus policy outputs 55–56

political business cycle 168–169

political risk 124, 128–130, 139–140

See also default risk, elections, government partisanship

Portugal 36

Powell, G. Bingham 166

professional investors

See institutional investors

Przeworski, Adam 4, 68, 79, 145, 158

public investment spending

See capital investment

push versus pull factors 149–156, 259

Quinn, Dennis 49, 111, 167, 170–171, 226, 229–230

race to the bottom 7

See also convergence

Radcliff, Benjamin 166, 170

relative performance evaluation 26, 40–45, 258–259

resident investment 201, 239–246, 315–316

Road Runner analogy 60

Rodrik, Dani 2, 10, 14, 111, 163, 170, 182, 208, 225, 319

Romania 273

Rudra, Nita 14, 158

Russia 115, 155, 309

default, August 1998 106, 153, 271, 277

pre-World War I era 272, 286, 295–298

Sassen, Saskia 7

scapegoating 163

Serbia 275, 287

signaling 32, 34, 37, 40

Simmons, Beth 47, 73, 76, 80, 158, 162, 163, 165, 169, 173, 206, 224, 282

Simon, Herbert 32

Sinclair, Timothy 7, 76, 198, 229

Smith, Adam 4

Sobel, Andrew 5, 140, 143, 153

social democracy 2, 92, 101, 170–171, 188–189, 224

social policy 2, 58, 62, 98–99, 170–171, 281–282

social security

See pensions

sovereign borrowing database 289–292

sovereign credit ratings

See credit ratings

sovereign debt

See government bond market, government debt

Spain 65, 229, 235

Special Data Dissemination Standard (SDDS) 131–132, 311, 327–329

Speyer and Co. 265, 269–270, 293–294, 302

Stability and Growth Pact 67, 68, 173

Standard and Poor’s credit ratings 143–145

Steinmo, Sven 94

Stephens, John 80, 81, 168, 171, 177, 187, 188, 194

stock markets

See equity markets

Stokes, Susan 160, 161, 163, 195

Strange, Susan 7

structural dependence 4–5, 7

supply-side policies 21, 38, 54, 69–70

in developed countries 58, 90–100

in developing countries 39, 116, 126–128, 134–136, 141–142

and financial market pressures 99–100

Swank, Duane 4, 12, 94, 158, 164, 168, 170, 184, 187, 188, 189, 197

Sweden 22, 170, 176–179, 180–189, 196–197

government debt in 218–219, 231

1998 election 64–65, 187–188

taxation 12, 49, 196

in developed nations 93–94, 97, 99

in developing nations 126–128

investors’ views regarding 57–58

term structure of interest rates 233

Thacker, Strom 278

Thailand 225

Tiebout, Charles 9

time horizons

of governments 168–169

of investors 26, 34, 60, 61–62

Tomz, Michael 265

trade 6, 10, 14, 17, 319

and domestic politics 166, 169, 171–172

Turkey 287

Ul Haque, Nadeem 141

uncertainty

See certainty

underwriting 257, 264

United Kingdom 161–162, 170, 178–179, 190, 218, 232

1997 election in 63–64

Labour Party in 63

and pre-World War I capital markets 274

United States 215–216, 232, 315, 316

United States interest rates 55, 73

Venezuela 129, 164, 270

veto players 167, 168

Waigel, Theo 68

Wallerstein, Michael 4, 68

welfare state policies

See social democracy, social policy

Weyland, Kurt 162, 195

Whitten, Guy 166

Wibbels, Erik 168

Willett, Thomas 117

Wolf, Martin 67, 304

Wren, Anne 9, 159, 164




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