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Globalization and government short-term room to maneuver in economic policy: an empirical analysis of reactions to currency crises

Sattler, Thomas and Walter, Stefanie (2009) Globalization and government short-term room to maneuver in economic policy: an empirical analysis of reactions to currency crises. World Political Science Review, 5 (1). ISSN 1935-6226

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Abstract

This article assesses the popular view that currency crises represent a prime example of the constraints that globalization imposes on government room to maneuver. We show that governments in fact have the possibility to respond to speculative pressure in different ways. Whether or not policymakers succumb to this pressure is not solely determined by economic factors but also a question of political considerations. Political preferences, institutions, and events significantly affect policy responses to currency crises. Our results suggest that national governments retain substantial short-run policy autonomy even in highly internationalized policy areas such as monetary and exchange rate policy.

Item Type: Article
Official URL: http://www.degruyter.com/view/j/wpsr
Additional Information: © 2009 De Gruyter
Library of Congress subject classification: J Political Science > JA Political science (General)
Journal of Economic Literature Classification System: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook
Sets: Departments > International Relations
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 18 Apr 2012 13:51
URL: http://eprints.lse.ac.uk/41844/

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