Institutions, Partisanship and Credibility in Global Financial Markets

Hye Jee Cho

$83.99

Paperback

Not in-store but you can order this
How long will it take?

Availability Information

We source books from suppliers in Australia and overseas. For books we don't currently have in stock, the time it takes to get them from our suppliers can vary widely - from a few days to a few months - so we check each book with each supplier to determine the expected time it will take to be supplied to us.

We then advise you accordingly. If the time taken to get any book is too long for you, you can let us know and we will cancel or adjust your order, and refund as required.

To find out the anticipated arrival time for specific items prior to ordering, please contact us by phone or email:

Phone +61 2 9264 3111, or 1800 4 BOOKS (1800 4 26657) if outside Sydney:
option 1 Abbey's Bookshop (Crime, History, Science, Kids & more) • info@abbeys.com.au
option 2 Language Book Centre (ESL & Foreign Languages) • language@abbeys.com.au
option 3 Galaxy Bookshop (Sci-fi, Fantasy, Romance, Graphic Novels) • sf@galaxybooks.com.au

QTY:

English

Routledge
21 March 2019

Political science & theory; Political ideologies; Political economy

Series: Routledge Research in Comparative Politics

Increasingly integrated global financial markets have been shaken by a series of severe shocks in recent decades, from Mexico’s Tequila crisis to the upheavals in the Eurozone. These crises have demonstrated that signs of uncertain local economic and political conditions can result in market fluctuations which in turn cause economic, social, and political instability. Such instability is particularly severe for developing countries that rely heavily on international financial markets for their financial needs. Building credibility in these markets is therefore important for national governments who wish to prevent market panic and capital flight and, ultimately, to achieve stable economic growth.

Earlier studies have argued that institutional arrangements that constrain governments and commit them to protecting private property rights and market-friendly policies can send a strong positive signal to the markets about a given country’s sovereign credibility. This book argues, however, that the market perception of such credibility-building institutions is significantly contingent on which party governs the country. Formal institutions confer significant credibility-building effects on left-wing governments, whereas less or no significant effects are enjoyed by right-wing governments. And beyond that, any significant changes in a country’s institutional landscape—such as a breakdown of democracy or joining an international organization that can influence domestic politics—have particularly strong impact on the credibility of left-wing governments. This argument is supported by a quantitative analysis of sovereign credit ratings data collected from around 90 developing countries from 1980 to 2007, by case studies from South Asia, Eastern Europe and Latin America, and by face-to-face interviews with 24 financial market experts based in Hong Kong, Seoul, and Paris.

By: Hye Jee Cho
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 362g
ISBN: 9780367272821
ISBN 10: 0367272822
Series: Routledge Research in Comparative Politics
Pages: 184
Publication Date: 21 March 2019
Audience: Professional and scholarly , College/higher education , Undergraduate , Further / Higher Education
Format: Paperback
Publisher's Status: Active

1 Institutions, Partisanship and Market Perceptions 2 Sovereign Credibility in Global Financial Markets 3 Left Party Governments and Perceived Creditworthiness 4 Democracy and Sovereign Creditworthiness 5 Political Constraints and Sovereign Creditworthiness 6 The IMF and Sovereign Creditworthiness 7 Conclusion: Partisan Politics and Credibility in Global Financial Markets Appendices References

Hye Jee Cho is Assistant Professor of Political Science at the Hong Kong University of Science and Technology, Hong Kong.