Institutions Partisanship And Credibility In Global Financial Markets

Increasingly integrated global financial markets have been shaken by a series of severe shocks in recent decades, from Mexico’s Tequila crisis to the upheavals in the Eurozone. These crises have demonstrated that signs of uncertain local economic and political conditions can result in market fluctuations which in turn cause economic, social, and political instability. Such instability is particularly severe for developing countries that rely heavily on international financial markets for their financial needs. Building credibility in these markets is therefore important for national governments who wish to prevent market panic and capital flight and, ultimately, to achieve stable economic growth. Earlier studies have argued that institutional arrangements that constrain governments and commit them to protecting private property rights and market-friendly policies can send a strong positive signal to the markets about a given country’s sovereign credibility. This book argues, however, that the market perception of such credibility-building institutions is significantly contingent on which party governs the country. Formal institutions confer significant credibility-building effects on left-wing governments, whereas less or no significant effects are enjoyed by right-wing governments. And beyond that, any significant changes in a country’s institutional landscape—such as a breakdown of democracy or joining an international organization that can influence domestic politics—have particularly strong impact on the credibility of left-wing governments. This argument is supported by a quantitative analysis of sovereign credit ratings data collected from around 90 developing countries from 1980 to 2007, by case studies from South Asia, Eastern Europe and Latin America, and by face-to-face interviews with 24 financial market experts based in Hong Kong, Seoul, and Paris.

Social scientists have only recently begun to explore the link between health and political engagement. Understanding this relationship is vitally important from both a scholarly and a policy-making perspective. This book is the first to offer a comprehensive account of health and political engagement. Using both individual-level and country-level data drawn from the European Social Survey, World Values Survey and new Finnish survey data, it provides an extensive analysis of how health and political engagement are connected. It measures the impact of various health factors on a wide range of forms of political engagement and attitudes and helps shed light on the mechanisms behind the interaction between health and political engagement. This text is of key interest scholars, students and policy-makers in health, politics, and democracy, and more broadly in the social and health and medical sciences.

The investigation of the internal workings of interest groups opens the view on the behavioural dynamics within these organisations. By analysing their intraorganisational structures, this book explains how groups prepare to become active in the European Union and why we observe contact, conflict and cooperation of interest groups and other political actors in the European arena. The book presents four causal mechanisms which explain, on the one hand, why interest groups engage with contacts across a diverse set of political actors and, on the other hand, why some interest organisations are more actionable at the European level than others. It furthermore elaborates a typology of interest groups along intraorganisational criteria. The analysis of twelve differing case studies provides a rich empirical ground to explain how and why certain intraorganisational processes unfold within interest groups. It thereby sheds light on the behavioural organisational patterns which drive interest group agency in European multi-level politics. This book will be of key interest to students and scholars of interest groups, lobbying, European Union politics and more broadly to public policy/administration and comparative politics.

After the multidimensional financial crisis of 2008, the member states of the Eurozone imposed a set of economic policies to save their economies. Socially unpopular cuts contributed to the occurrence of violent movements that both opposed austerity policies and created animosity towards the politicians who implemented them. Combining qualitative and quantitative comparative analyses from anti-austerity movements in 14 Eurozone states from 2007 to 2015, Joanna Rak develops an original typology of patterns of a culture of political violence to explain why some anti-austerity movements turned to violence and others did not, despite having shared goals and political values. She uncovers the very nature of the differences and similarities between cultures of political violence, identifies their sources, and determines their differing results. Simultaneously, she opens a discussion on the exploratory and explanatory utility of the category of a culture of political violence in the Social Sciences. Theorizing Cultures of Political Violence in Times of Austerity casts new light on the scholarly debate on cultures of political violence and anti-austerity violent behavior, making it a compelling read for scholars of political sociology, political behavior, comparative politics, European politics, and sociology.

Why do US and EU think tanks diverge in their roles, priorities, and main constituencies? Providing the first substantive analytical comparison of think tanks in Washington and Brussels, this book explores the differences that exist and why they developed. Two principal variables are identified – institutional credibility and political culture – as a measure of comparison between the two think tank models. Supranational think tanks have an inherent credibility with the institutions of the EU, which allows them to direct their resources and efforts to activities and outputs where they hold a comparative advantage. US think tanks lack such institutional recognition and so need to prove their credibility to their main constituencies. The result is that an adversarial and individualistic political culture has informed the norms and activities of Washington think tanks while the consensus-driven and collectivist political culture of Europe has influenced supranational think tanks. Think tanks are far from newcomers to the public policy scene, but our broader understanding of their role, structure and how they assess their own achievements is not yet fully developed. By providing a framework within which to analyse this, this book will be of interest to academics, students and policy experts working within public policy, comparative politics and political science more generally.

This book takes an innovative approach to studying international climate governance by providing a critical analysis of climate leadership, pioneership and followership across the globe. The volume assesses the interactions between climate leaders, pioneers and followers, across multilevel and/or polycentric climate governance contexts. Examining the state and sub-state levels in both the Global South and Global North, as well as regional, supranational EU and international climate governance levels, the authors explore 16 countries across Asia, Australasia, Europe, and Central and North America, plus the European Union. Each chapter employs a comprehensive and consistent framework for analyzing leadership and pioneership, as well as followership. The findings provide new insights into the strategies and actions of sub-state, state-level, and supranational leaders and pioneers. This book will be of key interest to scholars, students and practitioners in environmental politics and climate change governance, as well as those interested in political elites, EU studies and, more broadly, comparative politics and international relations.

This edited volume offers a critical discussion of the trade-offs between transparency and secrecy in the actual political practice of democratic states in Europe. As such, it answers to a growing need to systematically analyse the problem of secrecy in governance in this political and geographical context. Focusing on topical cases and controversies in particular areas, the contributors reflect on the justification and limits of the use of secrecy in democratic governance, register the social, cultural, and historical factors that inform this process and explore the criteria used by European legislators and policy-makers, both at the national and supranational level, when balancing interests on the sides of transparency and secrecy, respectively. This book will be of key interest to scholars and students of security studies, political science, European politics/studies, law, history, political philosophy, public administration, intelligence studies, media and communication studies, and information technology sciences.

This book comprehensively describes the impact of modern technologies on political leadership by providing a new paradigm of the phenomenon of neo-leadership, that is political leadership oriented on creating both the image and political influence on the Internet. It examines its functioning in the new media environment and identifies the most important transforming trends, taking into account their impact on political and social relations in an era of dynamic technological development. Systematically exploring various dimensions of leadership, it presents new notions relevant in a networked world where leaders are created and conduct themselves against the backdrop of a technological revolution, including the development of AI, automation, algorithms and ultrafast networks, all of which strengthen or disrupt their impact and create a new set of virtual authorities exerting an increasing impact on society, ethical considerations and political life and requiring new methods for study. This book will be of key interest to scholars, students and practitioners of leadership and elite studies, media and communication studies, political marketing, political science, international relations; public policy, and sociology.