This paper questions when and why state governments oppose (or support) privatization programs initiated by the central government. It examines national privatization initiatives in the 1990s in India and Brazil in the fields of electricity and banking looking at the varying responses of the...

In the last decade, East Asia has engaged in constructing numerous mechanisms to enhance regional cooperation in the areas of trade and finance. However, the region's economic architecture exhibits certain idiosyncrasies such as an eclectic institutional structure and a limited level of...

This paper seeks to explain why exchange rate crises of rather similar causes and magnitudes can be so much harder for one emerging market country to absorb and bounce back from than for its neighbour. Brazil was able to recover readily from its recent forced devaluation and associated domestic...

When do political leaders in newly industrializing countries initiate needed economic reforms? This essay examines nine presidential or prime ministerial terms in Argentina, Mexico, Brazil, and India, 1982-1992. Among these cases, neither the reasonable hope of thereby improving the performance...

This paper argues that Brazil and India have pursued distinct strategies of financial statecraft despite their similarities as large emerging markets that liberalized their financial sectors after years of state-led development and financial repression. Although both countries have been...

Recent decades have seen momentous shifts in the forms and quantity of capital transfers from advanced industrial countries, net creditors as a group, to developing countries, net debtors as a group. The 1950s and 1960s were the era of foreign aid and foreign direct investment; the 1970s was the...

I argue, first, that the state interaction within East Asia is constrained by domestic politics in each of those major countries. Even bilaterally, trade cooperation between Japan and Korea is hindered by agricultural opposition, a powerful source that influences policy making in both countries,...

In the last decade, East Asia has engaged in constructing numerous mechanisms to enhance regional cooperation in the areas of trade and finance. However, the region's economic architecture exhibits certain idiosyncrasies such as an eclectic institutional structure and a limited level of...

In the last decade, East Asia has engaged in constructing numerous mechanisms to enhance regional cooperation in the areas of trade and finance. However, the region’s economic architecture exhibits certain idiosyncrasies such as an eclectic institutional structure and a limited level of...