Definancialization, financial repression and policy continuity in East-Central Europe
| Autor: | Cornel Ban, Dorothee Bohle |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Financial repression
Hungary Economics and Econometrics Sociology and Political Science Romania 05 social sciences Financial system Obsolescing bargains Latvia Definancialization 050601 international relations 0506 political science Central banking East-Central Europe Political science Political Science and International Relations Financial crisis 050602 political science & public administration Financial nationalism Business state power |
| Zdroj: | Review of International Political Economy. 28:874-897 |
| ISSN: | 1466-4526 0969-2290 |
| DOI: | 10.1080/09692290.2020.1799841 |
| Popis: | First published online: 18 August 2020 The Great Financial Crisis ushered unorthodox financial policies that would have been unfathomable before 2008. Perhaps unexpectedly, some of the boldest measures on this unorthodox spectrum were adopted in semi-peripheral and therefore theoretically vulnerable countries such as some of the European Union’s new member states from East-Central Europe. Why did policy makers in some of these countries (Hungary, Romania) embarked on rolling back financialization and resort to financial repression in ways that targeted foreign banks in contexts in which this seemed a very risky strategy? Why did such bold moves generally re-established state-finance relations in some countries (Hungary) while comparably milder ones left them generally unaltered in others (Romania)? Finally, why have some countries refrained altogether from such forms of financial unorthodoxy (Latvia)? The paper explains the varieties of policy responses in these countries, with three factors: the role of finance in the national growth model, the capacity of the state to protect itself against adverse bond market reactions and international constraints and opportunities. |
| Databáze: | OpenAIRE |
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