Financialization and Government Borrowing Capacity in Emerging Markets (International Political Economy Series)
Iain Hardie, "Financialization and Government Borrowing Capacity in Emerging Markets (International Political Economy Series)"
Publisher: P…ve M….lan | ISBN: 0230360556 | 2012 | PDF | 232 pages | 3.2 MB
Publisher: P…ve M….lan | ISBN: 0230360556 | 2012 | PDF | 232 pages | 3.2 MB
How much can governments borrow? In practice, government debt levels vary markedly relative to the size of their economies. Some countries face a debt crisis, and, as a result, face the need to cut spending or raise taxes, at half the level of indebtedness of others. Hardie explains this difference by focusing on three emerging markets: Brazil, Lebanon and Turkey. He highlights the nature of the investor base as central to borrowing capacity. Based on interviews with 126 financial market actors, he considers financial markets in a detail rarely seen in political economy studies. Hardie argues that increased financialization decreases government borrowing capacity, and shows how increasing the ability of investors to trade risk – increasing financialization – decreases, rather than increases, the ability of emerging market governments to borrow on a sustainable basis.
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