The Politics of Market Discipline in Latin America: Globalization and Democracy (by Daniela Campello)


Author(s): Daniela Campello

Publisher: Cambridge University Press
Publish date: 2015-04-16
ISBN-10: 1107039258
ISBN-13: 9781107039254
Language: English
Description: The Politics of Market Discipline in Latin America uses a
multi-method approach to challenge the conventional wisdom that
financial markets impose broad and severe constraints over leftist
economic policies in emerging market countries. It shows, rather,
that in Latin America, this influence varies markedly among
countries and over time, depending on cycles of currency booms and
crises exogenous to policy making. Market discipline is strongest
during periods of dollar scarcity, which, in low-savings
commodity-exporting countries, occurs when commodity prices are
high and international interest rates low. In periods of dollar
abundance, when the… more…

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