University of Michigan Press

Development and Inequality in the Market

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Development and Inequality in the Market

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International Capital Flows in Calm and Turbulent Times

The Need for New International Architecture

Stephany Griffith-Jones, Ricardo Gottschalk, and Jacques Cailloux, Editors

International Capital Flows in Calm and Turbulent Times analyzes the financial crises of the late 1990s and draws attention to the type of lenders and investors that triggered and deepened the crises. It concentrates on institutional investors and banks and provides detailed analysis of the countries most affected by the 1997-98 Asian financial crisis as well as the Czech Republic and Brazil. It also suggests necessary international financial reforms to make crises less likely. The book is unique in its scrutiny of the type of lenders and investors that triggered and deepened the crises, focusing particularly on institutional investors and banks; allocation of their assets; the criteria used in this process; and the impact of the nature of the investor on the volatility of different types of capital flow. It addresses such questions as: What determines or triggers massive changes in perceptions and sentiment by different investors and leaders? To what extent does contagion spread not just among countries but between actors? What are the policy implications of this analysis? The book concludes by examining the asymmetries in the financial architecture discussions and implementation and by offering policy proposals.

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Reinventing the State

Economic Strategy and Institutional Change in Peru

Carol Wise

The political economic history of Latin America in the post-World War II era has largely been one of underachievement and opportunities lost. This all changed with the wave of market reforms that were implemented in the 1990s. However, the precise role of these reforms as an agent of change is still hotly debated. This in-depth analysis of the Peruvian case argues for an explanation that treats institutional innovation and state reconstruction as necessary conditions for the apparent success of the market in Latin America. Exploring how state intervention has been both the cause of Latin America's economic downfall in the 1980s and the solution to its recovery, Reinventing the State analyzes three main phases of state intervention: the developmentalism that lasted until 1982, the state in retreat of the 1980s, and the streamlined state of the 1990s. Through a comprehensive examination of the Peruvian experience, the book explains the country's impressive turnaround from the standpoint of institutional modernization and internal state reform. Written for a broad academic audience, the public-policy community, and the private sector, this book is also meant as a quick primer for any journalist, consultant, or private-sector analyst in need of an overview of the region's market-reform effort and how it has played out in Peru. Carol Wise is Associate Professor, School of International Relations, University of Southern California.

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