Financial Globalization and Democracy in Emerging Markets

by Armijo, Leslie Elliott

• ISBN13: 9780333930670
• ISBN10: 0333930673
• Edition: Reprint
• Format: Paperback
• Copyright: 2001-06-02
• Publisher: Palgrave Macmillan

Summary

When Mexico's peso crisis occurred in December 1994, all of Latin America experienced the "tequila effect." In January 1998, after seven months of financial turmoil in East Asia, Alan Greenspan, the normally reticent Chairman of the US Federal Reserve Bank, noted that such "vicious cycles...may, in fact, be a defining characteristic of the new high-tech international financial system." Financial Globalization and Democracy in Emerging Markets examines the impact of the new, highly liquid, portfolio capital flows on governments, opposition politicians, business, and labor in such emerging market countries as Mexico, Brazil, Russia, India, Vietnam, Thailand, and Indonesia.

Author Biography

Leslie Elliott Armijo is Visiting Scholar at Reed College.

Table of Contents

List of Tables	vii
List of Figures	viii
Notes on the Contributors	ix
Foreword	xi
Thomas J. Biersteker
Preface to the Paperback Edition	xiii
List of Abbreviations	xviii
Introduction and Overview	1	(16)
Leslie Elliott Armijo
Part I Democracy and the Evolution of Global Capital Markets
Mixed Blessing: Expectations about Foreign Capital Flows and Democracy in Emerging Markets	17	(34)
Lelie Elliott Armijo
Capital Flows to Developing Economies throughout the Twentieth Century	51	(23)
Stefano Manzocchi
Emerging Market Makers: The Power of Institutional Investors	74	(17)
Mary Ann Haley
The Transnational Agenda for Financial Regulation in Developing Countries	91	(26)
Tony Porter
Part II Country Cases
Mexico: The Trajectory to the 1994 Devaluation	117	(16)
William C. Gruben
Mexico: Foreign Investment and Democracy	133	(18)
Carlos Elizondo Mayer-Serra
Brazil: Short Foreign Money, Long Domestic Political Cycles	151	(26)
Peter R. Kingstone
Russia: The IMF, Private Finance, and External Constrainsts on a Fragile Polity	177	(30)
Randall W. Stone
India: Financial Globalization, Liberal Norms, and the Ambiguities of Democracy	207	(26)
John Echeverri-Gent
Indonesia: On the Mostly Negative Role of Transnational Capital in Democratization	233	(18)
Jeffrey A. Winters
Vietnam and Foreign Direct Investment: Speeding Economic Transition or Prolonging the Twilight Zone?	251	(25)
Jonathan Haughton
Thailand: What Goes Up...	276	(25)
Danny Unger
Part III Conclusions
Tequila versus the Dragon: Comparing the Crises in Mexico and Thailand	301	(8)
Walter Molano
Mixed Blessing: Preliminary Conclusions	309	(28)
Leslie Elliott Armijo
Index	337