Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisis
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Economia e Sociedade |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0104-06182020000200407 |
Resumo: | Abstract Thanks to lessons learned and reforms implemented after the financial crises of the late 1990s, most emerging market economies proved relatively resilient to the 2008 global crisis. Yet to cope with the turbulence that ensued, several interventions by monetary authorities in foreign exchange and capital markets were carried out. The literature on Latin American financial systems and central bank reform tends to emphasize international actors and pressures as key determinants of policy change. In contrast, this paper raises the hypothesis that domestic concerns were the main drivers of financial policymaking after the 2008 crisis even in countries with different institutional arrangements and macroeconomic trajectories such as Brazil, Mexico and Argentina. Through a comparative case study analysis, it is concluded that indeed the three countries’ approaches to exchange markets and capital controls contradicted international perceptions and even the IMF’s stance on foreign exchange policies and the management of capital flows. By pursuing more autonomy and responding to domestic priorities, each of the three countries adopted different policy measures. |
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Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisisFinancial policyFinancial integrationEmerging economiesLatin American economiesAbstract Thanks to lessons learned and reforms implemented after the financial crises of the late 1990s, most emerging market economies proved relatively resilient to the 2008 global crisis. Yet to cope with the turbulence that ensued, several interventions by monetary authorities in foreign exchange and capital markets were carried out. The literature on Latin American financial systems and central bank reform tends to emphasize international actors and pressures as key determinants of policy change. In contrast, this paper raises the hypothesis that domestic concerns were the main drivers of financial policymaking after the 2008 crisis even in countries with different institutional arrangements and macroeconomic trajectories such as Brazil, Mexico and Argentina. Through a comparative case study analysis, it is concluded that indeed the three countries’ approaches to exchange markets and capital controls contradicted international perceptions and even the IMF’s stance on foreign exchange policies and the management of capital flows. By pursuing more autonomy and responding to domestic priorities, each of the three countries adopted different policy measures.Instituto de Economia da Universidade Estadual de CampinasPublicações2020-08-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0104-06182020000200407Economia e Sociedade v.29 n.2 2020reponame:Economia e Sociedadeinstname:Universidade Estadual de Campinas (UNICAMP)instacron:UNICAMP10.1590/1982-3533.2020v29n2art03info:eu-repo/semantics/openAccessLins,Maria Antonieta Del Tedescoeng2020-09-16T00:00:00Zoai:scielo:S0104-06182020000200407Revistahttps://periodicos.sbu.unicamp.br/ojs/index.php/ecosPUBhttps://periodicos.sbu.unicamp.br/ojs/index.php/ecos/oaicbaltar@unicamp.br||ppec@unicamp.br||prates@unicamp.br1982-35330104-0618opendoar:2022-11-08T14:23:44.102854Economia e Sociedade - Universidade Estadual de Campinas (UNICAMP)false |
dc.title.none.fl_str_mv |
Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisis |
title |
Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisis |
spellingShingle |
Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisis Lins,Maria Antonieta Del Tedesco Financial policy Financial integration Emerging economies Latin American economies |
title_short |
Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisis |
title_full |
Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisis |
title_fullStr |
Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisis |
title_full_unstemmed |
Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisis |
title_sort |
Varieties of state interventionism in financial policy in the aftermath of the 2008 global crisis |
author |
Lins,Maria Antonieta Del Tedesco |
author_facet |
Lins,Maria Antonieta Del Tedesco |
author_role |
author |
dc.contributor.author.fl_str_mv |
Lins,Maria Antonieta Del Tedesco |
dc.subject.por.fl_str_mv |
Financial policy Financial integration Emerging economies Latin American economies |
topic |
Financial policy Financial integration Emerging economies Latin American economies |
description |
Abstract Thanks to lessons learned and reforms implemented after the financial crises of the late 1990s, most emerging market economies proved relatively resilient to the 2008 global crisis. Yet to cope with the turbulence that ensued, several interventions by monetary authorities in foreign exchange and capital markets were carried out. The literature on Latin American financial systems and central bank reform tends to emphasize international actors and pressures as key determinants of policy change. In contrast, this paper raises the hypothesis that domestic concerns were the main drivers of financial policymaking after the 2008 crisis even in countries with different institutional arrangements and macroeconomic trajectories such as Brazil, Mexico and Argentina. Through a comparative case study analysis, it is concluded that indeed the three countries’ approaches to exchange markets and capital controls contradicted international perceptions and even the IMF’s stance on foreign exchange policies and the management of capital flows. By pursuing more autonomy and responding to domestic priorities, each of the three countries adopted different policy measures. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-08-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0104-06182020000200407 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0104-06182020000200407 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
10.1590/1982-3533.2020v29n2art03 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Instituto de Economia da Universidade Estadual de Campinas Publicações |
publisher.none.fl_str_mv |
Instituto de Economia da Universidade Estadual de Campinas Publicações |
dc.source.none.fl_str_mv |
Economia e Sociedade v.29 n.2 2020 reponame:Economia e Sociedade instname:Universidade Estadual de Campinas (UNICAMP) instacron:UNICAMP |
instname_str |
Universidade Estadual de Campinas (UNICAMP) |
instacron_str |
UNICAMP |
institution |
UNICAMP |
reponame_str |
Economia e Sociedade |
collection |
Economia e Sociedade |
repository.name.fl_str_mv |
Economia e Sociedade - Universidade Estadual de Campinas (UNICAMP) |
repository.mail.fl_str_mv |
cbaltar@unicamp.br||ppec@unicamp.br||prates@unicamp.br |
_version_ |
1800216546134458368 |