Power and Politics After Financial Crises: Rethinking Foreign Opportunism in Emerging Markets (International Political Economy)

Cover......Page 0
Contents......Page 5
List of Tables and Figures......Page 9
List of Acronyms......Page 11
Preface......Page 13
Notes on Contributors......Page 14
1 Introduction: Key Theoretical Divides and Directions......Page 17
The foreign–domestic faultline in studying crisis outcomes......Page 18
Mixed patterns below the surface......Page 20
Major theoretical divides and directions......Page 22
A typology of analytic frameworks......Page 35
Conclusion......Page 43
Part I: International Actors and Issue Areas......Page 45
2 Financial Crises and US Treasury Policy: The Institutional and Ideational Basis of American Capability......Page 47
The strong American power thesis......Page 48
The gaps and limitations of the strong American power thesis......Page 50
The institutional mandate and position of the US Treasury Department......Page 51
Ideology, knowledge and beliefs......Page 56
Treasury–private sector relations......Page 60
Resource scarcity......Page 64
Conclusions......Page 65
Introduction......Page 68
Trends in foreign bank participation......Page 69
Survey of the causes and implications of foreign bank participation......Page 74
Foreign bank participation and crises......Page 81
Conclusions......Page 95
4 Adaptable Agendas: Private Creditors and the Politics of Debt in Emerging Markets......Page 98
Restructuring sovereign debt: old process, new tools?......Page 99
Adaptable agendas......Page 104
Private interest and public success: the Argentine debt restructuring, 2001–2006......Page 107
Conclusion......Page 114
Introduction......Page 118
Understanding the NIFA......Page 119
The case of corporate governance......Page 123
Conclusion......Page 137
Part II: Country Studies......Page 139
6 Argentina: State Capacity and Leverage in External Negotiations......Page 141
International and domestic factors affecting crisis and crisis resolution......Page 142
From strong neoliberal governance to state failure......Page 144
Restoring state capacity......Page 149
Augmenting state bargaining power with international actors......Page 153
A final note on state power, interests and governance......Page 157
7 Brazil: Mixed Impact of Financial Crises on Manufacturing and Financial Sectors......Page 160
Economic context and financial crises in Brazil......Page 161
Foreign penetration in the banking sector......Page 169
FDI in the manufacturing sector......Page 175
Conclusion......Page 181
8 Central Europe: Predatory Finance and the Financialization of the New European Periphery......Page 184
Banking in the Austro-Hungarian empire......Page 186
The politics of neoliberalism in Europe......Page 189
Banking strategies in the European Union......Page 192
Conclusions......Page 201
9 Indonesia and Malaysia: The Persistence of a Domestic Politico-Business Class......Page 203
The crisis in context......Page 204
Domestic opposition and the political economy of post-crisis reform......Page 213
Conclusions......Page 224
Introduction......Page 228
Soviet legacies, the national economy and Russia's relative economic isolation......Page 230
Russia's transnationalized economy and the state: shifting balances of power before and after 1998......Page 234
Crisis and the future......Page 240
Conclusion......Page 244
11 Turkey: Risk-Conscious Foreign Firms and a Maturing Domestic Banking Sector......Page 246
Qualifying concepts......Page 247
The Turkish case......Page 249
Financial crises leading to economic collapse......Page 251
Post-crisis developments......Page 255
Interlocking EU and IMF reforms......Page 257
How has the TBS fared?......Page 258
Future risks and challenges......Page 263
Conclusion......Page 266
12 Conclusion: Contesting the Return to State-Led Economies......Page 268
No closing to foreign investment......Page 269
Incremental foreign business penetration......Page 271
Argentina and Russia as exceptions?......Page 274
Looking to the future......Page 275
References......Page 277
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B......Page 303
C......Page 304
E......Page 305
F......Page 306
I......Page 307
M......Page 308
O......Page 309
R......Page 310
T......Page 311
Y......Page 312