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- W2148810080 abstract "Why did a number of emerging markets liberalize controls over capital movements in the late 1980s through the Asian financial crisis? While previous accounts highlight a number of key factors, they each assume that policymakers make policy choices independently of the policy choices made by external actors, such as by other states or international organizations. In other words, the literature on capital account liberalization has largely neglected the possibility of diffusion. By contrast, I argue that capital account policy decisions can be understood, in part, as a policy choice influenced by external actors, particularly the United States and the International Monetary Fund. Relying on the literature on policy diffusion and interdependence, I highlight a number of yet unexamined sources of leverage for promotion of liberalization by external actors. Using time-series cross-sectional data on 34 countries from 1983 to 1995, I provide the first systematic test of the influence of external actors on capital account policy decisions in emerging markets. The results provide evidence that external actors do influence the decision to liberalize in emerging markets. In particular, the results suggest that U.S. policymakers are able to exploit asymmetries in their security and trade relationships with other states as well as their influence within the IMF to promote liberalization in emerging markets." @default.
- W2148810080 created "2016-06-24" @default.
- W2148810080 creator A5058389791 @default.
- W2148810080 date "2005-03-01" @default.
- W2148810080 modified "2023-09-23" @default.
- W2148810080 title "U.S. Policy, IMF Financing Arrangements, and the Coercive Diffusion of Capital Account Liberalization to Emerging Markets" @default.
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