Varieties of State Interventionism in Financial Policy in the Aftermath of the 2008 Global Crisis

Authors

Abstract

Thanks to lessons learned and reforms implemented after the financial crises of the late 1990s, most emerging market economies proved relatively resilient to the 2008 global crisis. Yet to cope with the turbulence that ensued, several interventions by monetary authorities in foreign exchange and capital markets were carried out. The literature on Latin American financial systems and central bank reform tends to emphasize international actors and pressures as key determinants of policy change. In contrast, this paper raises the hypothesis that domestic concerns were the main drivers of financial policy making after the 2008 crisis even in countries with different institutional arrangements and macroeconomic trajectories such as Brazil, Mexico and Argentina. Through a comparative case study analysis, it is concluded that indeed the three countries' approaches to exchange markets and capital controls contradicted international perceptions and even the IMF’s stance on foreign exchange policies and the management of capital flows.

Author Biography

  • Maria Antonieta Del Del Tedesco Lins, Instituto de Relações Internacionais Universidade de São Paulo
    Associate professor at the Institute of International Relations of the University of São Paulo (IRI-USP). She holds a PhD degree in Economics from the Getulio Vargas Foundation - SP, a Master’s degree in Public Administration and Government from the Getulio Vargas Foundation – São Paulo (FGV-SP), another from the Universiteit Antwerpen, Belgium and is graduated in Economics at the University of Sao Paulo. She was a postdoctoral fellow at the Center for Latin American and Latino Studies – American University, Washington DC, USA in 2012. Before joining the USP, she has taught at other Brazilian universities and was a consultant at FGV Projects. Main research interests in International Political Economy are particularly on issues related to international finance, international financial governance, emerging and financial system, macroeconomic coordination, and multilateral institutions

Published

2022-04-01

Issue

Vol. 29 No. 2 (2020): Economia e Sociedade

Section

Articles

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