Gatekeepers of growth : the international political economy of central banking in developing countries / Sylvia Maxfield.
Central banks can shape economic growth, affect income distribution, influence a country's foreign relations, and determine the extent of its democracy. While there is considerable literature on the political economy of central banking in OECD countries, this is the first book-length study focu...
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| Online Access: |
Full Text (via ProQuest) |
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| Main Author: | |
| Format: | eBook |
| Language: | English |
| Published: |
Princeton, N.J. :
Princeton University Press,
©1997.
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| Subjects: |
| Summary: | Central banks can shape economic growth, affect income distribution, influence a country's foreign relations, and determine the extent of its democracy. While there is considerable literature on the political economy of central banking in OECD countries, this is the first book-length study focused on central banking in emerging market countries. Surveying the dramatic worldwide trend toward increased central bank independence in the 1990s, the book argues that global forces must be at work. These forces, the book contends, center on the character of international financial intermediation. Going beyond an explanation of central bank independence, Sylvia Maxfield posits a general framework for analyzing the impact of different types of international capital flows on the politics of economic policymaking in developing countries. The book suggests that central bank independence in emerging market countries does not spring from law but rather from politics. As long as politicians value them, central banks will enjoy independence. Central banks are most likely to be independent in developing countries when politicians desire international creditworthiness. Historical analyses of central banks in Brazil, Mexico, South Korea, and Thailand and quantitative analysis of a larger sample of developing countries corroborate this investor signaling explanation of broad trends in central bank status. |
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| Physical Description: | 1 online resource (x, 187 pages) |
| Bibliography: | Includes bibliographical references (pages 151-179) and index. |
| ISBN: | 9781400822287 1400822289 140081264X 9781400812646 9780691002439 0691002436 |
| Source of Description, Etc. Note: | Print version record. |