A01=Sylvia Maxfield
Asset management
Author_Sylvia Maxfield
Bank failure
Bank of Mexico
Bank regulation
Barry R. Weingast
Bond (finance)
Bretton Woods system
Capital control
Category=JPA
Category=JPQB
Category=KCL
Category=KCM
Category=KFFK
Central bank
Credit (finance)
Credit control
Credit crunch
Credit risk
Currency
David Romer
Debt crisis
Debt overhang
Deficit spending
Democracy and economic growth
Devaluation
Doug Henwood
Economic forces
Economic ideology
Economic interventionism
Economic liberalization
Economic policy
Economics
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
eq_society-politics
Eurodollar
Fiat money
Finance
Financial integration
Financial intermediary
Financial repression
Fiscal policy
Foreign direct investment
Global financial system
Government bond
Government revenue
Governor of the Bank of England
Inflation
Inflation targeting
Insolvency
International Finance Corporation
International Monetary Fund
Liberalization
Margin (finance)
Monetary authority
Monetary policy
Monetary reform
Nationalization
New Economic Policy
New Keynesian economics
Open market operation
Paul Krugman
Paul Volcker
Popular sovereignty
Producer price index
Public finance
Real bills doctrine
Right-wing politics
Seigniorage
Sovereign default
Stabilization policy
Stagflation
State bank
Tax
Technocracy
Tight Monetary Policy
Total loss
Trade credit
Product details
- ISBN 9780691002439
- Weight: 28g
- Dimensions: 197 x 254mm
- Publication Date: 02 Aug 1998
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Paperback
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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 analyses of a larger sample of developing countries corroborate this investor signaling explanation of broad trends in central bank status.
Sylvia Maxfield is Associate Professor of Political Science and Management at Yale University. Among her works is Letting Capital Loose: Financial Liberalization in Interventionist States.
