Global Capital and National Governments

出版者:Cambridge University Press

作者:Layna Mosley

页数:402

出版时间:2003-4-17

价格:GBP 36.99

装帧:Paperback

isbn号码:9780521521628

丛书系列:Cambridge Studies in Comparative Politics

图书标签:国际政治经济学政治经济学政治学国际关系

Global Capital and National Governments suggests that international financial integration does not mean the end of social democratic welfare policies. Capital market openness allows participants to react swiftly and severely to government policy; but in the developed world, capital market participants consider only a few government policies when making decisions. Governments that conform to capital market pressures in macroeconomic areas remain relatively unconstrained in supply-side and micro-economic policy areas. Therefore, despite financial globalization, cross-national policy divergence among advanced democracies remains likely. Still, in the developing world, the influence of financial markets on government policy autonomy is more pronounced. The risk of default renders market participants willing to consider a range of government policies in investment decisions. This inference, however, must be tempered with awareness that governments retain choice. As evidence for its conclusions, Global Capital and National Governments draws on interviews with fund managers, quantitative analyses, and archival investment banking materials.