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Opening the floodgates: Explaining financial market opening in developing countries.

机译:打开闸门:解释发展中国家金融市场的开放。

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摘要

This dissertation seeks to explain the timing, pace, and style of financial market opening in the developing countries. The major contention of the dissertation is that existing explanations of financial market opening have failed to reach consensus because they improperly aggregate the financial market opening process into a single action. This dissertation separates the part of the process into its timing, pace and style. The guiding hypothesis is that the factors specified in earlier literature influence different parts of the process. International capital mobility has the strongest influence on the general timing of opening. Executive initiative explains the specific timing of opening. Domestic political arrangements, specifically, the bargaining power of important social groups relative to the government and international actors, has the strongest influence on the pace and style of opening. General economic conditions, including the health of the domestic economy and the need to attract external capital do not directly influence the timing, pace, or style. However, economic variables play an important role through their indirect effect on the relative bargaining power of important social groups. This dissertation seeks to provide support for its hypotheses using two methodologies. The first is a quantitative study of opening style using panel data from twenty-five developing countries. The second is an in-depth case study of Mexico's financial market opening and briefer reviews of opening in Thailand and Chile.
机译:本文试图解释发展中国家金融市场开放的时间,步伐和方式。本文的主要论点是,现有的关于金融市场开放的解释未能达成共识,因为它们不恰当地将金融市场开放过程整合为一个行动。本文将过程的一部分分为时间,步调和风格。指导性假设是,早期文献中指定的因素会影响过程的不同部分。国际资本流动对总体开放时间的影响最大。行政举措说明了开放的具体时间。国内政治安排,特别是重要社会群体相对于政府和国际参与者的议价能力,对开放的速度和方式具有最大的影响。总体经济条件,包括国内经济的健康状况和吸引外部资本的需求,并不直接影响时间,步伐或方式。但是,经济变量通过间接影响重要社会群体的相对议价能力而发挥重要作用。本文试图通过两种方法为其假设提供支持。首先是使用来自25个发展中国家的面板数据对开放风格的定量研究。第二个是对墨西哥金融市场开放的深入案例研究,以及对泰国和智利开放的简要回顾。

著录项

  • 作者

    Minushkin, Susan.;

  • 作者单位

    Columbia University.;

  • 授予单位 Columbia University.;
  • 学科 Political Science General.; Economics Finance.
  • 学位 Ph.D.
  • 年度 2001
  • 页码 389 p.
  • 总页数 389
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 政治理论;财政、金融;
  • 关键词

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