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• W1538021251 abstract "Financial liberalization programs have been adopted by many countries in LatinAmerica during the past twenty years. Opening the economy to inflows and outflows ofcapital – ‘opening the capital account’ – has been a key part of these programs. Manyeconomists have heralded capital account liberalization as a ‘fast track’ to economicgrowth and efficiency in developing countries, partly due to the way that it tightens theconstraints on governments and disciplines them to avoid ‘bad’ policies. Others,however, have emphasized the dangers of capital account openness, such as its closerelationship with financial crises and the substantial risks it poses for macroeconomicstability.While some governments have sustained the opening of their capital account overdecades, others have reversed course after only a short time. The existing literature hasfocused on the adoption of capital account liberalization, but has neglected to considerthe reasons for its durability or fragility. My dissertation addresses the question of whydifferent countries have sustained their opening of the capital account to differentdegrees and for different periods. The central argument is that the sustainability ofcapital account openness is determined by domestic informal institutions. By informalinstitutions I refer to the shared understandings or rules among a country’spolicymaking and business elites about legitimate economic policies. Whether capitalaccount openness is sustained over time depends on the extent of domestic agreement asto whether capital controls continue to be effective and legitimate, or whether they havelost their effectiveness and legitimacy as instruments of macroeconomic policymaking.Not only is my dissertation the first study of the sustainability of capital accountopenness, it is the first to emphasize the importance of informal institutions as distinctfrom formal ones.The next question refers to the factors that determine the content of domestic informalinstitutions, such that they favor capital account openness in some countries, and aremuch more equivocal in others. My answer emphasizes the legacy of pre-liberalizationstate-business relations. Capital account openness is unlikely to be sustained over timeif the export-oriented sector of the economy – concerned about a stable and competitiveexchange rate – preserves its leverage over national policymaking. Conversely, capitalaccount openness tends to become a durable policy if economic actors benefitting fromcapital mobility and largely unaffected by exchange-rate issues dominate state-businessrelations.After the introduction, Chapter 2 describes the essential elements of capital accountpolicy and explains the methodological approach of the dissertation. Chapter 3 providesan overview of the literature to explain capital account policy. It distinguishes betweeninterest-based, institutionalist, and ideas-based approaches located at different levels ofanalysis. This review highlights a notable gap in the literature. Analyses of the role ofinformal institutions at the domestic level are conspicuously lacking. My dissertationseeks to fill this analytical lacuna.Chapter 4 analyzes the international campaign for capital freedom, personified by theInternational Monetary Fund. How did the push for capital account liberalization comeinto being at the international level, and how has the capital account policy discoursewithin the IMF evolved until the present time? Ultimately, the attempt to transform capital freedom into an international norm was not successful. The effects of the Asianfinancial crisis in 1997-98 within and outside the IMF undermined the internationalnorm campaign, symbolized by the failure of the attempt to change the IMF’s Articlesof Agreement in order to give the organization the legal mandate over member-states’capital account policies. However, the IMF still subscribes to the idea that the freemovement of capital is a desirable policy for all countries.Yet country responses have been very different. Chapters 5 and 6 examine the linkbetween IMF prescriptions and domestic policy outcomes, fleshing out the centralargument with case studies of Peru and Colombia, respectively, in the time period from1990 to the present day. Both countries shared similar economic challenges, a nationalcommunity of elite economists convinced of free-market principles, and outsidepressure from the IMF. At the start of the liberalization period in the early 1990s, bothswitched from a largely closed to a largely open capital account. However, due to theeffect of different informal institutions based on different state-business relations, Peruand Colombia then followed different paths. The two cases serve to illustrate that, in thebroader context of financial liberalization, socially shared understandings aboutlegitimate economic policies reinforce or constrain the impact of international norms,thus making – or breaking – attempts at economic reform.Scholars interested in explaining the sustainability of neoliberal economic reforms andthe impact of international norms and ideas on domestic policy choices ignore the roleof domestic informal institutions at their peril. Traditional approaches focused onmaterial interests, formal political and economic institutions, and global norms andideas fail to account for the variation of capital account policy in an age of mobilecapital. Paying heed to the change and continuity of shared understandings aboutlegitimate economic policies is key to understanding both the influence of internationalnorms on domestic policy, and the durability or fragility of economic reforms. In orderto become institutionalized in the domestic political economy, international normssetting out to diffuse free-market policies must encounter a social context in whichalternative development strategies have lost their legitimacy." @default.
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• W1538021251 date "2010-01-01" @default.
• W1538021251 modified "2023-09-23" @default.
• W1538021251 title "Sustaining open capital accounts : international norms and domestic institutions : a comparison between Peru and Colombia" @default.
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