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Emerging Market Economies and Financial Globalization Ii Aneta Lipska Aneta WRI TRAVEL THE ‘Superbly researched and beautifully written, Aneta Lipska’s book brings back into welcome focus one of the most intriguing women authors of the early nineteenth century. This is a significant contribution to travel writing studies.’ EmERGING MARKET ECONOMIES —Peter Hulme, Emeritus Professor in Literature, University of Essex, UK ‘In this pioneering study, Aneta Lipska saves Marguerite Blessington’s travel accounts AND FINANCIAL GLOBALIZATION from near oblivion and convincingly proves that Blessington was more than Lord Byron’s scandalous interlocutor. She was a gifted writer who mastered the convention of a travelogue in the epoch of pre-commercial journeying.’ T Argentina, Brazil, China, India and INGS OF MARGUERI OF INGS —Zbigniew Białas, Professor of English, University of Silesia, Poland South Korea ‘This is a very useful addition to recent studies of Lady Blessington, offering a sophisticated, theoretically informed approach to women’s travel writing in the nineteenth century. It illuminates distinctive features of her style, such as the intermingling of “fact” and “fiction”, and deepens understanding of the cultural context of British travel in Europe in the period.’ — Michael Hollington, Honorary Research Fellow, University of Kent, Canterbury, UK ‘Lady Blessington’s reputation has grown considerably in recent years and she is now T acknowledged as a key writer, editor and salonnière of the 1820s, 30s and 40s. Aneta BLESSING E Lipska provides a fresh analysis of Blessington’s eclectic travel writing. This enjoyably quirky study interweaves Blessington’s tours with their rich biographical, cultural and critical contexts. Brimming with new insights and offering a commanding survey of existing work in the field, Lipska’s study is the first full-length study of Blessington’s unique blend of memoir and tour guide. Lipska is particularly good on the paradox of T Blessington’s self-presentation as an “idler” who restlessly traversed Europe, cramming ON in sight-seeing, soirées and shopping. Explaining how Blessington re-energizes the travel discourses of her time, Lipska provides a fascinating and evocative account of “silver fork” society and the strenuous ease of the British aristocrat on tour.’ —Jane Stabler, Professor in Romanticism, University of St Andrews, Scotland estowing scholarly attention on Marguerite Blessington (1788–1849) as a travel writer, Aneta Lipska’s Travel Writings of Marguerite Blessington offers the first B detailed analysis of Blessington’s four travel books: A Tour in the Isle of Wight, in the Autumn of 1820 (1822), Journal of a Tour through the Netherlands to Paris in 1821 (1822), The Idler in Italy (1839) and The Idler in France (1841). Lipska reveals that travelling and writing offered Blessington endless opportunities to reshape her public personae, demonstrating that her predilection for self-fashioning was related to the various tendencies in tourism and literature as well as the changing aesthetic and social trends in the first half of the nineteenth century. Aneta Lipska is a senior lecturer in the Department of English at the State College in Włocławek, Poland. Her main research interests include travel literature of the nineteenth century as well as Anglo-Italian literary and cultural relations. In addition to theCover current image: book, The Travel Writings of Marguerite Blessington, Lipska has published several articles on Marguerite Blessington’s travel accounts. www.anthempress.com Leonardo E. Stanley i Emerging Market Economies and Financial Globalization ii ANTHEM FRONTIERS OF GLOBAL POLITICAL ECONOMY The Anthem Frontiers of Global Political Economy series seeks to trigger and attract new thinking in global political economy, with particular reference to the prospects of emerging markets and developing countries. Written by renowned scholars from diff erent parts of the world, books in this series provide historical, analytical and empirical perspectives on national economic strategies and processes, the implications of global and regional economic integration, the changing nature of the development project, and the diverse global- to- local forces that drive change. Scholars featured in the series extend earlier economic insights to provide fresh interpretations that allow new understandings of contemporary economic processes. Series Editors Kevin Gallagher – Boston University, USA Jayati Ghosh – Jawaharlal Nehru University, India Editorial Board Stephanie Blankenburg – School of Oriental and African Studies (SOAS), UK Ha- Joon Chang – University of Cambridge, UK Wan- Wen Chu – RCHSS, Academia Sinica, Taiwan Alica Puyana Mutis – Facultad Latinoamericana de Ciencias Sociales (FLASCO- M é xico), Mexico L é once Ndikumana – University of Massachusetts- Amherst, USA Mat í as Vernengo – Bucknell University, USA Robert Wade – London School of Economics and Political Science (LSE), UK Yu Yongding – Chinese Academy of Social Sciences (CASS), China iii Emerging Market Economies and Financial Globalization Argentina, Brazil, China, India and South Korea Leonardo E. Stanley iv Anthem Press An imprint of Wimbledon Publishing Company www.anthempress.com This edition fi rst published in UK and USA 2018 by ANTHEM PRESS 75– 76 Blackfriars Road, London SE1 8HA, UK or PO Box 9779, London SW19 7ZG, UK and 244 Madison Ave #116, New York, NY 10016, USA © Leonardo E. Stanley 2018 The author asserts the moral right to be identifi ed as the author of this work. All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the above publisher of this book. British Library Cataloguing- in- Publication Data A catalogue record for this book is available from the British Library. Library of Congress Cataloging- in- Publication Data Names: Stanley, Leonardo E., author. Title: Emerging market economies and fi nancial globalization : argentina, brazil, china, india and south korea / Leonardo E. Stanley. Description: New York : Anthem Press, 2018. | Series: Anthem frontiers of global political economy | Includes bibliographical references and index. Identifi ers: LCCN 2018004291| ISBN 9781783086740 (hardback) | ISBN 1783086742 (hardback) Subjects: LCSH: Finance – Developing countries – Case studies. | Capital movements – Developing countries – Case studies. | Investments, Foreign – Developing countries – Case studies. | BISAC: POLITICAL SCIENCE / Economic Conditions. | BUSINESS & ECONOMICS / Economics / Comparative. | BUSINESS & ECONOMICS / International / Economics. Classifi cation: LCC HG195.S83 2018 | DDC 330.9172/4–dc23 LC record available at https://lccn.loc.gov/2018004291 ISBN- 13: 978- 1- 78308- 674- 0 (Hbk) ISBN- 10: 1- 78308- 674- 2 (Hbk) This title is also available as an e- book. v CONTENTS List of Illustrations ix Preface xi Acknowledgements xiii Chapter One Introduction 1 International Capital Flows and Macroeconomic Dilemmas 3 Financial Deepening and the New Microeconomic Dilemmas 4 A Comparative Analysis 5 A Final Message and a Caveat 8 PART 1 The Financial Globalization Journey: The General Framework Chapter Two International Capital Flows and Macroeconomic Dilemmas 13 Introduction 13 EMEs’ Exchange Rate Policy in an Open Macro Framework 17 From Fears to Market Intervention 22 Domestic Monetary Policy and ER Intervention: Sterilization 24 Capital Flows, Monetary Policy and the Global Financial Cycle 29 Chapter Three Unfettered Finance and the Persistence of Instability 33 From Financial Repression to Global and Deregulated Markets 33 Financial Globalization and the Rise of Global Banks 39 Global Banks’ Funding Practices and Legal Status 45 Derivatives, OTC and Regulation: ET Is Back 49 The Financial Trilemma: From Deregulation to Financial Re- regulation 54 International Cooperation in a Historical Perspective 56 Chapter Four Financial Globalization, Institutions and Growth 63 Introduction 63 vi vi EMERGING MARKET ECONOMIES AND FINANCIAL GLOBALIZATION Capital Controls’ Rationality 64 The Global Commons: Multilateral and Bilateral Perspectives 66 Banking Internationalization and Financial Service Deregulation under WTO– GATS 69 The Bilateral Push towards Financial Deregulation 71 The OTC Market and the US Push for ET Regulation 75 Exchange Rate Policies under (Renewed) Scrutiny 77 The Globalization Paradox and the Political Economy Perspective 82 PART 2 A Comparative Analysis Chapter Five Argentina 89 Introduction to Stop- Go Macroeconomics 89 Macro economics or Makro : From Twin Surplus to Populism 94 Back in Populism 97 Financial Markets and the Financial Trilemma 102 ‘Living La Vida Loca ’: Argentina’s Institutional Path 105 Argentina and Dani Rodrik’s Political Trilemma 108 Chapter Six Brazil 111 Macro at the Corners: Economic Policy in Stormy Waters 111 Playing at the Corners: How Sustainable Can a Fixed ER Scheme Be? 113 The End of an Aff air: Infl ation Targeting as a New Anchor 115 Brazil, the GFC and Beyond: A New Caiphirina Moment? 120 The Financial System and the Trilemma: New Actors, Renewed Constraints 124 Brazilian Capital Markets: A Brief Guide 127 The GFC and the Financial Market 129 Financial Trilemma in Brazil 130 Brazil: No Longer an Institutional Outsider? 133 Chapter Seven China 137 From Mao to the GFC: The Comrades’ Macro 137 China, the Global Financial Crisis
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