Global Capital and National Governments / Edition 1

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This book examines the degree to which international financial markets affect governments' policy choices. It provides empirical evidence as to whether financial globalization creates pressures on governments of developed and developing nations to pursue similar policies and to reduce spending on social policies. The book suggests that financial globalization does not lead to a "race to the bottom" among governments, especially in developed nations. It deploys several types of evidence; the most unique are interviews and surveys of investment fund managers. It also compares contemporary government-financial market relations to those prior to World War I.

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Editorial Reviews

From the Publisher
'The book is a very interesting empirical case-study … well structured … offers a rare and highly relevant insight into the thinking and judgments of institutional investors … Mosley offers considerable empirical depth and goes beyond the generalizations often employed in other studies within the wider discourse of how globalization has affected national policy autonomy. She offers an important contribution to the growing literature on how domestic economies interact with the wider global economy and how these two arenas influence each other at different points in time.' International Affairs
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Product Details

  • ISBN-13: 9780521521628
  • Publisher: Cambridge University Press
  • Publication date: 3/28/2013
  • Series: Cambridge Studies in Comparative Politics Series
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 400
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.91 (d)

Meet the Author

Layna Mosley is Assistant Professor in the Department of Political Science at the University of North Carolina. From 1999 to 2004, she was a member of faculty at the University of Notre Dame.

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Table of Contents

List of Figures and Tables
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
App. 2.1 Financial Market Interviews 321
App. 3.1 Data Definitions And Sources 323
App. 3.2 Full Results For Macroindicators Model 326
App. 4.1 The Components of The SDDS 327
App. 4.2 Rating Agency Methodologies 330
App. 4.3 Rating Agency Outcomes, 1997 333
App. 6.1 Nations in Capital Controls Data Set 337
References 339
Index 373
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