ENGLISH

Financial Globalization and Democracy in Emerging Markets

By Leslie Elliott Armijo

Book information

Publisher
Palgrave Macmillan
Year
2001
ISBN
9780333730904, 0333730909
LCC
HG5993 .F557 1999
Open Library ID
OL22456883M
Language
english
Format
PDF
Filesize
1 MB (1401588 bytes)
Series
International Political Economy
Pages
371\371
Topic
Economy
Time added
2010-05-31 00:48:14

Description

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'. This book examines the impact of the new, highly liquid, portfolio capital flows on governments, opposition politicians, business and the work-force in such emerging market countries as Mexico, Brazil, Russia, India, Vietnam, Thailand and Indonesia. The contributors lament the economic and political strains on often fragile governments forced by global markets to reduce expenditures and employment drastically in order to defend their currencies. Possible silver linings of financial globalization include the discrediting of incumbent authoritarian regimes and external reinforcement for sound macroeconomicpolicies.

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