Power and Politics After Financial Crises: Rethinking Foreign Opportunism in Emerging Markets

Power and Politics After Financial Crises: Rethinking Foreign Opportunism in Emerging Markets

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Overview

Power and Politics After Financial Crises: Rethinking Foreign Opportunism in Emerging Markets by J. Robertson

Foreign exploitation of financial crises in the developing world has been a central claim of neoliberal critics over the past decade. This important and recurring international economic theme is the subject of closer scrutiny in this new collection, where contributors offer competing interpretations of the interaction between international and domestic forces after crises. In revisiting the aftermath of economic turbulence in leading emerging markets, the collection uncovers the extent to which foreign firms, governments and institutions liberalized and penetrated these economies.

Encompassing studies of key international actors such as foreign banks, private creditors, the OECD and the US Treasury Department, as well as a range of case studies, including Argentina, Brazil, Central Europe, Indonesia, Malaysia, Russia, and Turkey, this book provides an invaluable resource for upper-level undergraduates, postgraduates and scholars.

Product Details

ISBN-13: 9781349354740
Publisher: Palgrave Macmillan UK
Publication date: 01/01/2008
Series: International Political Economy Series
Edition description: 1st ed. 2008
Pages: 296
Product dimensions: 5.51(w) x 8.50(h) x (d)

About the Author

ANDREW BAKER Senior Lecturer in Political Economy in the School of Politics, International Studies and Philosophy at the Queen's University of Belfast, UK
KORSAN CEVDET Executive Manager, Group Risk Management, at the Commonwealth Bank of Australia
ROBET CULL Senior Economist in the Finance and Private Sector Development Team of the Development Research Group of the World Bank
GISELLE DATZ Visiting Assistant Professor of Political Science at the University of the District of Columbia, USA
MAHRUKH DOCTOR Lecturer in Political Economy at the University of Hull, UK, Visiting Adjunct Lecturer at the Bologna Center of the Johns Hopkins University (SAIS), Italy, and Research Associate at the Centre for Brazilian Studies, University of Oxford, UK
LUIZ FERNANDO DE PAULA Associate Professor of Economics at the State University of Rio de Janeiro (UERJ), Brazil
MARIA SOLEDAD MARTINEZ PERIA Senior Economist in the Finance and Private Sector Development Team of the Development Research Group of The World Bank
MARIA PIA RIGGIROZZI holds an ESRC Postdoctoral Fellowship in the Department of Politics, University of Sheffield, UK
OR RAVIV PhD candidate at the University of Sussex, UK
NEIL ROBINSON Senior Lecturer in the Department of Politics and Public Administration at the University of Limerick, Ireland
ANDREW ROSSER Senior Lecturer in Development Studies at the University of Adelaide, Australia
BEN THIRKELL-WHITE Lecturer in International Relations at the University of St Andrews, UK

Table of Contents

List of Tables and Figures     ix
List of Acronyms     xi
Preface     xiii
Notes on Contributors     xiv
Introduction: Key Theoretical Divides and Directions   Justin Robertson     1
The foreign-domestic faultline in studying crisis outcomes     2
Mixed patterns below the surface     4
Major theoretical divides and directions     6
A typology of analytic frameworks     19
Conclusion     27
International Actors and Issue Areas
Financial Crises and US Treasury Policy: The Institutional and Ideational Basis of American Capability   Andrew Baker     31
The strong American power thesis     32
The gaps and limitations of the strong American power thesis     34
The institutional mandate and position of the US Treasury Department     35
Ideology, knowledge and beliefs     40
Treasury-private sector relations     44
Resource scarcity     48
Conclusions     49
Crises as Catalysts for Foreign Bank Activity in Emerging Markets   Robert Cull   Maria Soledad Martinez Peria     52
Introduction     52
Trends in foreign bank participation     53
Survey of the causes andimplications of foreign bank participation     58
Foreign bank participation and crises     65
Conclusions     79
Adaptable Agendas: Private Creditors and the Politics of Debt in Emerging Markets   Giselle Datz     82
Restructuring sovereign debt: old process, new tools?     83
Adaptable agendas     88
Private interest and public success: the Argentine debt restructuring, 2001-2006     91
Conclusion     98
The Political Economy of International Financial Reform Since the Asian Crisis: The Case of Corporate Governance   Andrew Rosser     102
Introduction     102
Understanding the NIFA     103
The case of corporate governance     107
Conclusion     121
Country Studies
Argentina: State Capacity and Leverage in External Negotiations   Maria Pia Riggirozzi     125
International and domestic factors affecting crisis and crisis resolution     126
From strong neoliberal governance to state failure     128
Restoring state capacity     133
Augmenting state bargaining power with international actors     137
A final note on state power, interests and governance     141
Brazil: Mixed Impact of Financial Crises on Manufacturing and Financial Sectors   Mahrukh Doctor   Luiz Fernando de Paula     144
Economic context and financial crises in Brazil     145
Foreign penetration in the banking sector     153
FDI in the manufacturing sector     159
Conclusion     165
Central Europe: Predatory Finance and the Financialization of the New European Periphery   Or Raviv     168
Banking in the Austro-Hungarian empire     170
The politics of neoliberalism in Europe     173
Banking strategies in the European Union     176
Conclusions     185
Indonesia and Malaysia: The Persistence of a Domestic Politico-Business Class   Ben Thirkell-White     187
The crisis in context     188
Domestic opposition and the political economy of post-crisis reform     197
Conclusions     208
Russia: Limiting the Impact of Crisis in a Post-Communist Transitional Economy   Neil Robinson     212
Introduction     212
Soviet legacies, the national economy and Russia's relative economic isolation     214
Russia's transnationalized economy and the state: shifting balances of power before and after 1998     218
Crisis and the future     224
Conclusion      228
Turkey: Risk-Conscious Foreign Firms and a Maturing Domestic Banking Sector   Korsan Cevdet     230
Qualifying concepts     231
The Turkish case     233
Financial crises leading to economic collapse     235
Post-crisis developments     239
Interlocking EU and IMF reforms     241
How has the TBS fared?     242
Future risks and challenges     247
Conclusion     250
Conclusion: Contesting the Return to State-Led Economies   Justin Robertson     252
No closing to foreign investment     253
Incremental foreign business penetration     255
Argentina and Russia as exceptions?     258
Looking to the future     259
References     261
Index     286

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