Financial Globalization and Democracy in Emerging Markets by Leslie Elliott Armijo

By Leslie Elliott Armijo

Whilst Mexico's peso hindrance happened in December 1994, all of Latin the US skilled the "tequila effect." In January 1998, after seven months of monetary turmoil in East Asia, Alan Greenspan, the in most cases reticent Chairman of the USA Federal Reserve financial institution, famous that such "vicious cycles...may, in reality, be a defining attribute of the hot high-tech foreign monetary system." monetary Globalization and Democracy in rising Markets examines the influence of the hot, hugely liquid, portfolio capital flows on governments, competition politicians, enterprise, and exertions in such rising industry international locations as Mexico, Brazil, Russia, India, Vietnam, Thailand, and Indonesia.

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21 The portfolio investors in emerging markets of the late 1980s and the 1990s differ from their predecessors in two respects.

Section three then links the four intermediate variables with some possible consequences for democratic development. VARIABLES DEFINED: DEMOCRACY AND INTERNATIONAL FINANCIAL FLOWS The effects of foreign capital inflows on democracy in emerging market countries are what I hope to explain or predict. This section briefly defines 20 Mixed Blessing: Expectations the dependent variable, democracy, and distinguishes a hitherto relatively underexamined source of variation in the independent dimension, foreign capital flows.

Through early January 1998, Thailand’s economic adjustment to its financial crisis looked rather better than Indonesia’s, at least plausibly because Thailand’s greater political openness provided greater adjustment flexibility. ) We end with two different levels of conclusions. Emerging markets analyst Walter Molano briefly compares the late 1994 Mexican peso crisis with the mid-1997 Thai baht crisis, emphasizing elements tracked by the international investor community. Among his more surprising and intriguing comments is the observation that the process of adjustment in Thailand is likely to be more severe than in Mexico precisely because it was the local private sector (in particular, domestic banks) that borrowed the bulk of the short-term portfolio capital flows in the years immediately preceding the crisis, rather than the government, as had been the case in Mexico.

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